Wichita real estate update for 2008

Real Estate Update for 2008

2003 thru 2007, Wichita‘s average increase in home values rose 15.2%. 2008 values rose 3+% the first half of the year and were stable the second half. The Wichita, Kansas metro area was only one of 5 to 6 areas out of the top 100 metro areas that showed an increase in home values for 2008. There were areas in Florida, Arizona and Nevada that showed as much as a 30% drop in values during the same period.

Wichita real estate sales were down roughly 18% in 2008 compared to 2007 but a similar reduction in listing for sale tempered the reduction and created a balanced market for the metro area. 2008 sales were similar to 2003 sales which at that time was a record for the metro area.

The national unemployment rate has passed 7.2% and is projected to go close to 10% before the stimulus packages before congress take effect. Wichita's rate is 2/3^rd's the national rate even with the latest round of lay offs in the aviation sector.

Interest rates have reached a 37 year low the end of 2008 and January, 2009. 30 year fixed rate mortgages can be found in the 4.875 to 5% range with no points or origination fees. Now is an excellent time to refinance your home or possibly buy that new home.

Below is an example of what these lower rates mean to you:

Original loan of $150,000 at 6.75% shows a P&I payment of $972.90.

Refinance at 4.875% the same $150,000 loan and get a $793.81 payment.

That's almost a $175 monthly savings you can apply to the principal, pay off high interest rate credit cards or for the same original payment, buy a $33,500 higher priced home.

Final sales results have come in for 2008 and all the RE/MAX brokers in Wichita were again #1 in Listings sold for 2008 and #2 for total sales. RE/MAX Realty Professionals two offices were #1 in units sold per agent of the top 5 companies in total sales. All the RE/MAX Realtors were #1 in units sold per agent of all real estate brands. The two offices of RE/MAX Realty Professionals were #5 in the city in total sales last year and did this with 48 agents. The 4 companies who out produced us averaged 188 agents.