Tough Market

In case you haven't noticed the real estate market in Sedgwick County is SLOW, SLOW, SLOW! No use trying to deny it, there are lots of homes on the market and few buyers ready to deal. It appears to me that if you are a buyer you have a real opportunity to find a great home at a good price. Interest rates are at their lowest levels in many years and while lending rules have tightened up there is money available for responsible buyers. My friend Lisa is a lender and she says that if your credit score is at least 620 and you have a down payment you can buy a home. The money is there waiting for you.

I've talked to a lot of realtor friends recently and the buzz is all the same. Where are the buyers? Some think that everyone who wanted to buy probably did so before the tax credit expired in April. I find that hard to believe as couples are still getting married, babies are still being born (families are growing) and kids are still going away to college and leaving parents at home with to much house for just the 2 of them. Some agents think that the unemployment rate is to blame. Yes, we have about an 8% unemployment rate in the area but that still leaves 92% of folks employed. I think the main culprit is FEAR. Fear of job loss, fear of not being able to get a loan, fear of making a commitment in a time of uncertainty. The truth of the matter is that real estate is still a great investment, much more stable than the stock market, you could lose your job tomorrow but you could also get a promotion tomorrow and climb that corporate ladder, and if you've been diligent in your finances you can get a loan. It is often said "The only thing to fear is fear itself". Lets hope that rational thinking wins out and fear does not continue to rule in our community.

Remember, all real estate is local and what we are hearing on the nightly news out of California, Florida and New York is not necessarily what is happening here in Wichita.