Market Conditions in 67220>Question Details

Dave, Both Buyer and Seller in Bel Aire, KS

What is the real scoop on housing in the Wichita area? What's typical for DOM & is this a good time to sell?

Asked by Dave, Bel Aire, KS Thu Jan 31, 2008

With the talking heads on CNN, FoxNews, etc. reporting that housing is practically in a free fall, a person is left wondering what is fact vs fiction. I'm just looking for some straight talk.

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Dave,
WSU's Real Estate Forecast study for 2008 is titled "Island Of Calm". That's it in a nutshell. 2008 is projected to be the 8th straight year of growth (from memory?). The report is several pages long with many interesting graphs, stats. WSU is out of the reports...Ambrose Team has small supply left that we can mail out by request. Homes in Wichita, Bel Aire, etc will be under contract at top dollar if positioned correctly. My biased view is that the most important factor is to consult with a local super star REALTOR. There are approx. 2000 agents in the area...in 2004 24% failed to close even one transaction! I learned this yesterday from an executive staff person at the local board. The avg agent sells 8-10 yr. a great agent 70+++ I would not hire an agent that sells less than 3 homes per month consistently (absolute minimum!!) ...with the exception of really a gung-ho rookie that you have tons of faith in due to their enthusiasm, energy, etc. and they can prove that they have a true ace as a mentor that is working closely with them. from:Katherine Ambrose,ABR,CRS,GRI ambroseteam. com at Keller Williams Realty(owner-operator) 807-5079
0 votes Thank Flag Link Thu Mar 27, 2008
It's still really varied. Despite the talking heads, our market here has been relatively stable. That said, prices have started declining/stagnating in the last few months. As far as if it's a good time to sell/buy, there's two scenarios. If you're buying up, it's a good time to sell. That's because if your 100k house has dropped 5% in value (for instance), you're out 5,000. But if the 200k one you have your eye on has also dropped 5%, you're saving 10,000 on your purchase, leaving you $5,000 ahead of the game.
Now if you're selling to downsize, not a great time. you'll lose more on your house than you'll save on the new one, typically.

DOM still varies by area and condition. Houses in Hot areas like Derby, upscale areas, West-side, BelAire, Andover, typically have lower DOM - 2-3 months average. The more updated, clean, move-in ready it is, the shorter the DOM. Since buyers have so much to choose from, the cream of the crop is getting picked.

I'd be happy to sit down with you and show you recent sales and activity in your area so that you can make a more informed decision. I promise you straight talk.

Fill in some info on my site for us to contact you if you want and we'll be happy to get you some information more tailored to your area and situation.
0 votes Thank Flag Link Sat Mar 22, 2008
Here's a link to the Wichita Housing Forecast. Sunny skies ahead for Wichita!
Charlotte Patterson, Realtor 316-409-0398
0 votes Thank Flag Link Mon Feb 25, 2008
I live in Wichita, houses in our subdivision sell as quickly as they are put on the market and we are in the
$115 -$170 range - there are so many jobs here, I haven't heard of anyone having trouble selling and have several friends who have been able to sell their homes within days or a few weeks and buy new ones that they wanted to grab before someone else got them. I think if we put our house up for sale, it would be sold within a few days - things are still very good here - and prices in Wichita for housing have always been extremely reasonable - lots of new homes too - new areas fil up quickly with new buyers
0 votes Thank Flag Link Wed Feb 6, 2008
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