Market Conditions - Wayne "Shorty" Short, Wichita, KS

Why own real estate in Wichita, KS?

Local real estate expert, Wayne Short, reports that Wichita was named the #1 place in the country to live the good life cheaply by Forbes

magazine. Wichita was ranked the 2nd best city under 1,000,000 residents to relocate your family too. And Wichita, KS just ranked #1 in MSN's nine best, livable cities.


And with real estate markets fluctuating across the country, The Wichita metro area is one of the few markets that is still experiencing an increase in values.

Based on ending numbers from 2007 and compared to the 1st six months data for 2008, Wichita's prices for existing homes increased on average 3% from $117,000 to over $120,000.

New homes increased 11.5 percent for the 1st six months of 2008; an increase of 11.5%.



The average days on the market were 65 for the last listing of sold properties in the 1st of 2008.

Home owners averaged 97.09% of finale list price to sales price.


But activity is down. What is causing this lower activity when Rentals are at an all-time high in occupancy levels and rental prices are higher than buying a comparable existing home?


1. New Wichita residents can not get their out-of-state homes sold


2. Appraisal requirements are stiffer.


3. Lender down payment and credit requirements are tougher


4. There are less brokers making loans


5. People were waiting on the Government's stimulus package and loan rescue plan to be approved (it was last week).


and 6. The media's constant campaign of negative news
.

For more information on the Wichita market, you can contact local expert Wayne Short.

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