From what I have seen looking at house in the past month half of them are bank owned/near bank owned and the other half are short sales.

Angie, Im sure it depends on who you ask. Wichita (and surrounding areas) are not subject to what you see on the national news. Our homes have experienced a modest (but steady) increase around 5% every year. Derby is experiencing significant growth now, commercial and residential. Recently the were just sited as one of the top 5 places to raise a family. Not all home prices are ridiculous. There are still good values out there...it just depends on what you're looking for and if you have a professional Realtor working to help you find it. Hope that helps. Call or email me if I can be of further assistance. ~Charlotte

If you are looking in a specific area and the homes are SELLING at a higher price then the same home in another nearby town/city then the answer is simply the area you are looking is more desirable to more buyers. This can happen for a number of reasons. It is always best to have an expert (your favorite Realtor) do some research for you to explain pricing in detail.

Derby made it in Family Circle's Best Towns for families. It is considered a local hot spot, with a lot of growth lately and a lot of new building, with great schools. It's not that one town is better than another, but a personal preference. Derby is still fully in growth phase, and not yet experiencing the stagnation that Wichita has recently developed in prices.

You'll hear prices are going down, yes. They've recently started going down a bit. But you'll run into a lot of sellers that are upside down and can't lower the price even a dollar without owing at closing. It's a buyer's market, but it's still a hard one. There is a LOT of selection out there though, so it is still a pretty good time to buy! Sellers want to be negotiable, but many just don't have that leeway. Keep that in mind, get pre-qualified, and you should have your pick of homes!

People are stubborn, you must wait a year or so.
when the house has been on the market for several years,
people begin to "see the light" so to speak.
Wait, be patient, it is a buyers market for the next 5-6 years.

We're with Chris in Olathe! Yes it is a buyers market (generally speaking), just look at the foreclosure opportunities. But all real estate is "local", down the neighborhoood. If you have a highly sought-after area in Derby - you can expect home values to remain strong. That's not the case for every neighborhood.

Real estate is local. News is national. Check with a producing agent in your area for a realistic expectation.

A lot of sellers have not yet faced the reality that our country real estate market is solely price driven. You can ask anything for a property but will you get it?