About Sedgwick County, KS

July, 2009 MLS & Economic Report

Wichita, KS

July, 2009 Home sales figures:

Existing home sales decreased 4.5% from June, 2009 totals. June sales had been up 20% over last May's dismal figures. YTD home sales in the metro area are down 24% from 2008 totals as of the end of July. July, 2009 sales were down 16% compared to July 2008. #'s of new listing rose 3% in June compared to last year but were still down 5% YTD.

The number of existing homes on the market was slightly up compared to last month but was stable compared to a year ago.

New home sales were down 20% compared to June, 2009. New home inventories were slightly lower than a month ago and 14.9% lower than a year ago.

Over all inventory levels were 4.6 months. Lower priced homes tended to sell faster and for a high % of list price than more expensive homes.

Example of time on the market:

$119,000 and lower homes had 3.97 months of inventory based on July, 2009 sales #'s.

$160,000 to $179,999 homes had 4.8 months of inventory.

$200,000 to $249,999 homes had 6.71 months of inventory

$300,000 to $399,999 homes had 10.3 months of inventory

$500,000 to $749,999 homes had 13.6 months of inventory

Unemployment levels continue to climb in the metro area based on the slow down in the aviation sector. Sedgwick County had an unemployment rate of 10.2% in August, the metro area was 9.9% and this compared to a national rate of 9.4%. Last November, the area rate was 4.7%. Improvement in this area is not expected for 15-18 months.

So far there's been no promise from the government to extend the first-time homebuyer tax credit, much less increase it as was earlier rumored. If nothing is done, the deadline for the original credit is still the end of November!

That means your home must CLOSE by December 1st. Closed, done, completed. Not under contract, not in process, but all the way done.

With loans currently taking around 45 days to complete, this means you'll need to be under contract on a home by mid-October, in order to close by the end of November.

If you're picky, you'll want to be looking for a home by mid-September, yes - that's next month!

We fully expect a minor-rush as we near the deadline for the credit. This means more homes going faster and with multiple offers as you beat against some of your fellow first-timers to secure. Already we're seeing certain price ranges getting multiple offers. The last deal I put in was one of 6 offers, 2 went over-asking!

So if you're looking to cash in on that tax credit, don't be waiting till the last minute. Go ahead and get pre-qualified and start looking (with me of course!) so that you have time to get the home you want and close in time!

You can start your home search here at My Website ! or just catch me directly and let me know what you're looking for in a home.

Don't put this off any longer if you're wanting to get in on the tax credit!

---

Sheree Wilkerson

Realty World Alliance

316-461-0575 call/txt

sheree@rwwichita.com

http://www.KansasHomeBuzz.com

You have saved your money, planned, made a list of all you want, and had plans drawn up. The new home you have always dreamed of is now ready to be built. Next task is finding a builder.

Do your research throughly. The best way to find a builder is through referrals. Find other people who have built with them and ask questions. If you already have found a good Realtor, get them to help. It can not be stressed enough the importance of finding a good and reputable builder.

There are good builders and bad ones. The one constant is that they are in it for a profit and are looking out first for their own best interest. Sure they may do quality work, maybe even be honest and ethical, but the fact remains that in their minds they come first.

When times are good every one and his brother wants to be a builder. It's amazing the number of small building companies that pop up. A lot of these are questionable operations and if a downturn in the economy comes along you may just get stuck with a half built home and a lot of wasted money. After the market does some weeding most of the companies left are good ones with a solid financial foundation. Even these reputable companies need to cut costs and find ways to save money and if their working on your house....well.

That leaves you, as the future homeowner pretty much at their mercy. You can read books, watch HG TV and it seems every new homeowner has done some “remodeling”. Nothing can prepare you for the actual construction of your home. You can't be there 24/7 to make sure it's being done right and to your standards. It's not the builder that does the work, but subcontractors. It's not the subcontractors that do the work for the most part, but their employees and those employees don't really care much about you and your dream home. Mostly they care about quitting time and the weekend.

Having spent nearly 20 years in the construction business, 10 of that in management, I saw a lot of what goes on. We were the people that watched over your house as it was being built and while we genuinely cared for the interest of our clients, the builders interests is always number one. Loyalty to the company and whatever policies it may have is key to collecting your paycheck.

That is why it is essential to have someone knowledgeable in the industry watching out for you and your interest. That is why you must have a Realtor. A Realtor will know their way around the local building scene. He or she will be able to recommend builders that maybe they have worked with or have some knowledge of. Having help to negotiate tricky building contracts always favoring the builder is a must for success on your project. When the time comes for the several different walk throughs that building a home requires, you will have someone watching out for your best interests. Last is the final walk through to make sure everything is done right and complete. It will be just you, the builder and his staff. That's when you need a Realtor most. Their there to watch the Builder for you. At the closing table his/her job is to make certain no surprises appear and that your building and closing experience are a good one. That will give you piece of mind and the insurance that your dream home is built to your dream standards.

Now you and your family can live happily ever after.

Wichita was just rated the #2 metro area out of the top 90 in the U.S. for the least commute time for residents and least traffic delays.

McConnell AFB has added 15 air refueling tankers to the 31 tankers already based in Wichita. By October, 48 tankers will be based in the "Air Capital". With the additional people, and projects being completed to support the new planes there will be a $500 million dollar a year impact for the metro area. The KC-135 tankers arrived from bases in North Dakota, California and Georgia. Wichita is now home to one of the largest tanker bases in the USAF.

Cessna has formally cancelled the Columbus Wide Body Business jet. They are paying back $10 million in bonds already given to them by the city and the county. Cessna will revisit the concept once the Business jet market returns.

There have been approximately 12,000 lay offs announced or completed in the last year in the Aviation sector in Wichita since last summer. These lay offs are projected to last 15-18 months before call backs start.

The new 15,000 seat downtown arena is being completed faster than planned. It may be finished 3 months a head of schedule. The arena was fully paid for by a 30 month 1/2 cent increase to the local sales tax.