Mortgage interest rates dropped to their lowest levels since April. 30 year fixed rate loans fell from 7% to 6.25%. 3-Year adjustable rates were in the low 5% range. Jumbo loans up to $862,000 were 6% with no points.
Data from the 2005 NAR member survey about The Nations Realtors showed that 65% of all agents are part time (all Lead agents at RE/MAX Realty Professionals are Full-time.) In addition 58% of all agents have been in the business less than 5 years and 83% have been Realtors less than 15 years. (Shorty has been a Realtor since 1981). The data also showed that the average RE/MAX agent sold 3 times as many homes as the average NAR (National Asociation of Realtors) agent.
The Center for Real Estate at Wichita State University has said the average home in the Wichita metro area saw a 3.7% increase in value per year for the last 5 years. This along with the steady job growth in the area is why the local real estate market has been very stable. In fact, sales are up 4% + YTD for the 1st seven months of 2006. The 1st of September area employers were questioned about future hiring in the local area. 57% said they would hire more emplyees, no one said there would be a reduction and the rest were stable. Good news for Wichita. This along with the 23% reduction in gas prices will keep the local economy growing.
New Market Sqare at 21st and Maize road in NW Wichita just announced another large expansion to the center plus many out parcals. Total sq ft of the main area will grow to 900,000 Sq Ft. Reason for the expansion was all the new developments built and on the drawing boards for the area.
The WaterFront has finally got the city to finish the infrastructure for the area. One large theme restaurant and the New Wichita Board of Realtors building are slated to start soon. 3 other buildings are on the drawing boards.
The downtown area will be getting a new Loft project downtown at Exchange Place. RE/MAX will be handling the marketing of this project along with the close out of the Lofts at St. Francis. Call me for pricing information.
Locally RE/MAX Realty Professionals closed 1560 transactions in 2005, about 1/2 of what the #1 and #2 offices did but with only 1/5th the number of agents. They lead the city in units sold per agent for the 10th year. RE/MAX is #1 in the US, #1 in North America and #1 in the world in real estate sales.
http://www.talkrealty.com/wayneshort is a link to a real estate Podcast I do. Click here to listen to this month's information or previous months.
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