IMPROVING WICHITA REAL ESTATE PULSE 10/4/17
It's Wednesday October 4th 2017 and I am here to deliver what's going on in, and around, the Wichita Metro - Real Estate Related. Most real estate news is generally a few months behind & I want to provide my fellow Wichitans with up to date real estate news.
Well, it's official...the Seller's Market that Wichita has been experiencing over the last year has finally come to an end. Just 6 months ago properties on the market were getting multiple offers and selling within days of being listed. Fast forward to October...homes are still selling...just not as fast, or for as much. Seller's need to be more realistic on pricing their homes and keeping them in line with current comparable sales. However, it is October which typically tends to be a slower month for real estate.
Inventory in Wichita is still low, but our Real Estate Team feels a correction in the market happening right now. It's still a good time to sell, but an even a BETTER TIME TO BUY! Inventory is increasing but there aren't as many buyer's (competition) as there was 6 months ago. Rates continue to be at an all time low, but more importantly there is 1st-Time Home Buyer Cash Assistance (from multiple local lenders) available right now, but only for a limited time. So when people ask me when is the best time to buy...it could very easily be RIGHT NOW!
Most people in Wichita that have the dream of financial security through home ownership have already bought a home, but there are still a lot out there that probably think they can't buy. Either due to their credit score or the money it costs to buy a home. However right now with our local lender's loosening up credit standards, and helping with money down-cash-assistance could be the perfect storm to grab your slice of the real estate pie😋
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