Are 340,000.00 houses selling in Wichita?

Asked by Jmyers2276, Wichita, KS Sun Dec 12, 2010

Hello, I listed my house with a well known agent aproximately two months ago and have had only one showing. He has had two open houses that have been pretty successful with alot of the same people coming back more than once but I have yet to receive an offer. I can lower the price substantially but I am wondering if that would even help. I have already spent alot of money and time making sure the house looks great but still no bites. Is it just the time of year or is the Wichita housing market just frozen? Any advice would be greatly appreciated. Thanks

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Edith Karoli…, Agent, Winnetka, IL
Mon Dec 13, 2010
Well, not sure how to tell you, 2 months, 2 open houses, one showing in this current Buyer's market that does not sound tooooooo bad!
Remember we are in most parts of the country in a Buyers Market, i.e. more homes available in all kinds of sizes and price ranges, and not enough ready and willing buyers, which means the few buyers can cherry pick the BEST house for them at the lowest possible price!!!!! Which means yours may not be the one for THEM!
But you also need to realize, that how buyers - potential buyers look at homes as vastly changed over the last few years! I am not sure how much your Realtor advertises and markets your home on the internet, but that is where most buyers start looking, when they find a home they kind of like and are more curious about, then they will contact (most likely a Realtor they know or have worked with before or someone of their friends or family members knows) to see your home..... So all those views on the internet are actual VIRTUAL SHOWINGS!!! So ask your Realtor if he/she has information about how many potentially interested or searching buyers have looked at least on some websites at your listing.

Be patient this is a difficult market for sellers and please sit down again with your Realtor and see if there is anything else you can do.... When you want to consider your options, do not only look at homes like yours in style and size and floor plan and lot size but also look at other homes in your app. price range, so that you can see for yourself what the buying public can select from, if you and your Realtor have time, go and look at some of these homes together, THEN you will know if you NEED to reduce the price or if you just priced right!

Good Luck to you!
Edith YourRealtor4Life and Chicago Connection
Working always in the very BEST interest of her clients
2 votes
Donna Sibaai, Agent, Wichita, KS
Sun Dec 12, 2010
In fairness to your Realtor, sales have been fairly slow for the upper end bracket. An eight month inventory supply in this price range is unusual. I have been selling real estate in Wichita for over 12 years and the majority of my clients are $200K and up, mostly east Wichita and Andover. One of my listings was reduced to 5K under what my clients paid for it 5 years ago and they had put in over $40k in upgrades. This home was located on the perfect golf course, lake view lot but not many showings. I spoke with several other Realtors who had homes listed in the same subdivision, showings had been few and far between for all of them. We discussed the fact that small price reductions were not helping to sell the properties, it was a matter of too much inventory and very few buyers. Traditionally executive homes have been purchased by professionals moving in and out of Wichita and people ready to "buy up" in the market. Many people are being cautious right now and waiting to see what happens with the economy and those companies that have not been laying people off are not doing much hiring at the current time. My clients asked me to lease their property so that they could wait for a better market in which to sell. They were fortunate that they were not in the position that they had to sell their home. I am currently working with a local buyer that is in the 300 - 350k price bracket and even with their limited criteria regarding school district and bedrooms there has been plenty to look at. It really just a matter of matching the right buyer with the property. Most Realtors will tell you that Open Houses do generally not sell homes. Serious buyers in this price range are almost always already working with an agent. You will get many "window shoppers" who are go to Open Houses as a hobby, buyers who are really not qualified to buy in this price range but want to look, curious neighbors, etc. . This time of year is also traditionally the slowest time of year for sales.
If your agent is marketing your home aggressively and you have it priced right, it will sell, it may just take a while.
1 vote
Patti Butler, , Wichita, KS
Sun Dec 12, 2010
I'm a licensed Realtor, and have marketed and sold properties in the Wichita metro area for the past eight years. To answer your question, YES; $340,000 house are selling in the Wichita area. Moments ago I checked the South Central Multiple-List Service for statistical data. Thirteen single-family (re-sale) homes, in the $325,000 - $350,000 price range, have sold since September 1, 2010. The "Days On Market" for those homes ranged from 5 to 340 days. Currently, there are another 49 homes in the same price range still on the market. Forty-one of those are in the Wichita metro, with 8 are outside the Wichita area. The number of "Days On Market" for those 49 properties range from 5 to 433. As I'm sure you're aware, we're in a strong "Buyer's Market". In fact, it has been a "Buyer's Market" since the end of July. As of the end of November, there was an 8.1 month inventory of homes in the MLS. An inventory above 7 months indicates a "Buyer's Market". Five to 7 months of inventory is a "Balanced Market", and under 5 months of inventory is a "Seller's Market". On a bright note, homes that are "Priced To Sell" are still moving quickly. Last Sunday I took a new listing at $2 per square foot below the average price per square foot of the other 5 listings in the immediate area. My new listing received an offer on Friday while the other 5 homes in the area are still on "Active" status in the MLS. Buyers are expecting to find great deals right now, and they are finding them! Pricing your home below the competition is the key to receiving an offer. Talk to your Realtor, and make sure your property is priced to "WIN" the competition. And, best of luck!
1 vote
Byron Tucker, Mortgage Broker Or Lender, Wichita, KS
Sun Dec 12, 2010
Well depending on the lisitng price, having a sound financial strategy in place along with a killer Realtor marketing plan does wonders for the amount of traffic your listing gets from serious buyers. I would be more than happy to structure one for your listing. See the web reference for contact info and good luck!
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