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|  2007 AND 2008 HISTORICAL MARKET STATICSTICS FROM THE WICHITA MLS - Click Here | What is a Buyer's vs Sellers Market? | Buyer's Market In a buyer’s market, there is an abundance of inventory – many houses to choose from. Buyers have more selection and are typically in a better negotiating position. In a buyer’s market, there are few multiple-offer situations and it’s not necessary to pay more than the listed price. |
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| Seller's Market In a seller’s market, there is a shortage of inventory – very few houses to choose from. Buyers have a limited selection and find themselves in a tough negotiating position, where multiple-offer situations are the norm and it’s important to expect to sometimes pay more than the listed price if you want to get the home. |
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What kind of market are we in? Why? | The Wichita area housing market is experiencing a healthy, balanced market. Buying activity
has been very strong and consistent. No major interest rate increases are predicted.
(We have no crystal ball of course)
- If you are a Buyer: There are still plenty of homes to choose from so you are sure to find a great home at very reasonable prices. However, they are not lasting long. Don't wait. The home you want to see tomorrow, might be sold by then. Homes have continued to appreciate at modest levels of 3-5% per year. Buying a home at this time should allow you to in buy a nice home, at a good price, at favorable interest rates and enjoy consistent appreciation of value.
If you are a Seller: You must be resonable on price, terms and condition. This doesn't mean you should take a "loss" on the property or sell for below market value. It does mean that there are still plenty of homes for the buyer to pick from, there will likely be another home similar to yours that offers stiff competition. Remember, there are no points for second place in this game. Don't be the home that sells another; be the one that gets picked. The seller can "win" by having a nice home at a reasonable price. "Starting high" isn't the pricing strategy to have. Since we can not predict future interest rates with certainty, we do recommend it as a good time to sell because of the strong market activity. Sellers are getting roughly 98% of asking price when they sell.
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| Wichita is in a better housing market than the national market!
The national market may be in a slump, but that doesn't apply to Wichita!
ALL real estate markets are LOCAL! | | | Whether you are buying or selling, let the Mike Grbic Team help navigate the real estate process for you and take the stress out of your next transaction. |
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