The Ocober WAAR (Wichita Area Association of Realtors) statistical report is out and those who have been watching a little too much TV news might be surprised. The Wichita market area is in a SELLER's Market with only 4.5 months of existing home inventory. 6 is considered a balance market, and more than 6 months is a Buyer's Market. Totally different from what you hear on tv, isn't it?
Just like last months' report, you'll notice in the breakdown below that over 75% of all area sales were in the price range of $159,999 and under. Less than a quarter of all sales were over that! I would definitely say that the Under $160k homes are in a Seller's Market with less inventory, more sales, more competition among buyers. And yet again, as last month, the price range with the most sells is that coveted $120,000 - $139,999 range. That's our market's Sweet Spot!
| Old Credit - must close by Dec 1, 2009 | New Credit - Must be under contract by 4/30/2010, close by 7/1/2010 |
| First-time buyers receive 10% of the purchase value, UP TO $8,000 | This stays the same |
| Buyers who have owned a home within last 3 years cannot claim credit. | Buyers who have owned a home for 5 consecutive years of the last 8 years are eligible for a $6500 credit. |
| Income limit for singles: $75,000 Income limit for marrieds: $125,000 $20,000 additional phase-out |
Income limit for singles: $125,000 Income limit for marrieds: $225,000 $20,000 additional phase-out |
| No limit on purchase price | $800,000 limit on purchase price |
| No documentation needed to file for credit | Must provide documentation of actual purchase on the tax return |
having a very difficult time selling. The only homes
performing worse right now are NEW built homes over $159,999.
There is so much inventory on the market that if you're
looking in this range, you're going to have your choice of homes!
While most note the value to be found in buying a resale, or
"used", home - there's definitely the option to be a home's FIRST
owner, maybe still have the chance to pick out your colors, flooring,
appliances, or even to build from scratch. "The city has put in place credits ranging from $2,000 to $6,000 on city water and sewer bills, but developers and builders say they will match that, said Deputy City Administrator Rebecca Bouska.
In effect, she said, homebuyers could get up to $6,000 off a lot, up to $6,000 off a house and up to $6,000 off their utilities for a house valued at over $500,000."
To read the full article about the credits, you can read it here at the Wichita Eagle's website or pick up your local copy of today's paper!
New WAAR report shows that our market has been a Seller's Market for a bit and although inventory has increased slightly, it's still leaning towards more of a Seller's Market. Totally different from what you hear on tv, isn't it?
I agree with WAAR - it's a Seller's Market here... IN SOME PRICE RANGES. 
For instance, this chart was pulled from the marketing report and shows the breakdown of sales in price ranges for September.
You can see that out of 816 sales for the month, 584 or 72% of them were for homes under $159,999. That's the ones bracketed in Red for you. The ones in Green are what I call the "sweet spot" - 35% of ALL sales were between $100,000 and $159,999!
I'd say 100% that anything in the sweet spot is a Seller's Market, and pretty surely anything under $159,999.
However, I'd say with the very low number of sales above that, the over $160,000 market is still a Buyer's Market, with very long days-on-market and tons of inventory.
So if you're a buyer looking in the $160,000 and under range, better turn that tv off - it's a fight out there to get what you want. If you're selling, you should be able to line up buyers.
If you're wanting to buy over the $160,000 mark, the ball's in your court and there's plenty of choices. Selling? Make sure you're home is the best of the best for the price, easy to show, and ready to go!
For more information about the market report and how it relates to your situation, drop me a line!
Sheree and Kelly Wilkerson in Wichita, Goddard, Maize Kansas Residential Real Estate! We operate on the Golden Rule principle to make your dreams come true in home-ownership!
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