Current housing prices in Wichita

Asked by Jerri White, Oklahoma Sun Mar 1, 2009

My husband and I are considering purchasing some properties in Wichita. We have been given appraisal values. How close are those quotes to the current market price we might offer? Of course, the seller would like to receive full amount, I'm sure, but how realistic is that in Wichita right now?

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Kerry Dunn, Agent, Wichita, KS
Sun Mar 1, 2009
I assume you are considering the purchase of investment properties in Wichita, and when you say you were given appraisals of these properties, you are referring to the county appraisals. If this is correct , I would definitely recommend having an actual market analysis done by a real estate professional before making an offer. In several cases the county appraisal for a property is usually lower than the market value of a home in good condition, however if you are talking about a distressed home, it could be quite the opposite, because I'm sure the the county appraisal was not done for the home in its current condition. I work with several investors in the area, and I've noticed that when dealing with bank owned properties, the banks are much firmer on the price of a property for the first 30 days, but again that would have to be looked at on a case-by-case basis. Also, on average, homes in Wichita sell at about 97% of the listing price, but this can very based on the condition of the property and/or the motivation of the seller. If you have properties you are interested in purchasing, visit my web site and send me the MLS #'s or property address, and I would be happy to assist you in determining the market value of a property, and more importantly, a projected market analysis of a property once repairs have been done.
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