Who would of thought?

Today, its a new day! Where did I hear that before? Well, it sure is a new day for me as I begin my new blog. For a not so sharp techie I'm hoping to do a good job of sharing information on the local real estate market and how real estate affects ( some would say runs) my life. I hear so many different news stories about the sorry state of the market and how families everywhere are losing their homes to the lenders who made them very questionable loans that I just had to comment on the difference between the National market trends and the actual Local market.

Believe it or not all real estate markets are local. What happens in California or Nevada does not necessarily reflect what is going on in Kansas. To hear the nightly news one would think that home prices are falling here in our area and the poor consumer just can't find a loan to purchase the home of their dreams. I've spoken to several lenders over the last few months and all seem to have the same take on the local lending outlook. Yes, the guide lines have tightened up on credit purchases but a good buyer with a decent credit score is still able to obtain a loan with a very good interest rate. From what I've been told the rates are now around 5% for a 15 yr. fixed rate mortgage and 6% for a 30 yr. fixed rate.

I've been watching the houses for sale in my area and while I do see a large number of homes on the market right now I also see that homes which are priced correctly (within the existing market value) and are maintained in a top notch manner are selling within about a 4 month time frame. Does that mean that sellers are getting top dollar? Not every time. Anytime the market is overloaded with inventory prices tend to go down to an adjusted market value. Its the old supply and demand adjustment. With the local market more than holding its own we can look forward to a solid selling market once the usual spring "pick up" season begins. I for one am grateful that Kansas has not had the 15 or 20 % appreciation rates for homes these past years. One more GREAT reason to live right here in the heartland!