Bidding wars raising home prices in Wichita market

Judith Zeng

WICHITA, Kan. (KWCH) – Would-be home owners are opting to shell out sellers more than their asking value in hopes of edging out rival prospective buyers. Heightened competitiveness for a number of properties in Wichita has commenced bidding wars in the metropolis.

Susan Wood, her partner and their five children are in the approach of relocating from Fort Riley to Wichita. With today’s market place and couple of households for sale, the loved ones hasn’t identified its new house in Wichita.

“Because of the housing sector, the prices have skyrocketed. It is not occurring. Properties are like priced out of our selling price vary, or, if they’re not priced out, they are heading tremendous quick,” Wood claimed.

The Countrywide Affiliation of Realtors shows the median countrywide residence selling price jumped 15.4 p.c in contrast to a year back.

Accredited real estate agent Lance Ferguson with Far better Houses and Gardens True Estate Alliance explained that bidding wars have prompted a vicious and high-priced housing marketplace in Wichita and bordering parts.

“Currently in Sedgwick County, there is just over 200 pre-existing properties that are readily available for sale,” he stated. “In Butler County, it’s just below 50 pre-current households. So, there is not a whole lot of stock for purchasers to select from.”

He said which is what is driving selling prices up and a big rationale for this cycle is supply chain shortages that happened during the COVID-19 pandemic. The aftermath has caused a seller’s market.

Ferguson stated the most effective detail for all those searching to purchase a residence can do is teach by themselves and rely on their realtor.

“If you’re a purchaser, really don’t let this current market scare you mainly because there are means that we can get you in or get your give recognized,” he said. “You may perhaps have to publish numerous features, but we will get your give approved.”

Ferguson reported he doesn’t see the market shifting at any time quickly but it will over time when there are extra sellers. If there is an elevated inventory, price ranges will fall. He also stressed that when publishing an give, it is not generally about value. Other issues are the conditions of your offer, including when you are closing, what form of loan you have, how considerably earnest cash you will have to set ahead and no matter whether you are purchasing the property as is.

Eyewitness News also spoke with Wichita State College Middle of Economic Enhancement and Company Research Director Jeremy Hill who went into extra depth on the financial reasoning for the increased dwelling prices.

“The housing current market is in fact less than this restricted provide issue. We can only build so a great deal,” Hill explained. “And we went as a result of a period where by incomes are coming up, people’s options of wherever they wanted to are living modified. So, we all experienced this demand from customers out there with not enough supplies. And that is what actually drives rates up in the Wichita region and in distinct regions of the housing industry.”

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