Is it still a buyer’s market today in Wichita?
As experts in the Wichita real estate market, we get asked this question a lot.
The answer isn’t as simple as yes or no.
First off, it really depends on the property type and location.
Single-family homes in great locations that are priced well have been flying off the market. There’s a lot of demand for certain areas and price ranges, while others can seem like ghost towns.
Buyers are often looking for the same thing – good neighborhoods, access to transportation, shopping, good schools, close to work, etc. Properties that deliver these amenities are definitely a hot commodity. Sellers with a highly desirable property are in control of the market.
But for condos and townhouses – especially those a little off the beaten path, or with some funky features – it can be quite a different story. There’s a lot of new development in certain areas of Wichita, and the rental market is heating up.
Investment properties are in demand. The massive amounts of cash flooding in to invest in real estate have impacted the market in unique ways.
Overall, those in a position to pay cash for properties have been picking up the good deals in the marketplace.
Financing is still a major obstacle for some buyers. Banks are being incredibly strict, requiring lots of money down and even changing their terms at the last minute. It’s not uncommon for approved buyers to get their loans pulled right before closing escrow, although it’s getting better.
Overall the markets remain incredibly polarized – there is a lot of action at the very top and the very bottom, with the biggest challenges in the middle.
Sound confusing? It is. But We Can Help.
There’s a lot of shakeup in the US economy still taking place, and the markets are moving fast in lots of directions at once.
We’re investing in Wichita because we believe in the community and the people here.
If you need to sell a property near Wichita, we can help you.
We buy properties like yours from people who need to sell fast.