The tale of Wichita’s residential real estate market, one we’ve been telling for months, made the pages of USA Today Tuesday.
The national account is accurate: The market is relatively solid, with steady inventories of about four and a half months. Home values are appreciating, albeit slowly. Interest rates are low.
In fact, it is a good time to buy a house in Wichita. There’s money to be borrowed for homes, as long as you can handle some old-fashioned terms and you’re willing to bring some skin to the game. The no-money-down home loan is gone.
The problem is, it’s not such a great time to sell one. Buyers are skittish as layoffs gain steam around the area. Plus, the uncertainty and political wrangling around President Obama’s economic recovery plan don’t ease anyone’s concern.
Buyers and sellers both are on the sidelines, waiting for better days.