Shortage of homes in Wichita leads to more competition and higher prices

WICHITA, Kan. (KWCH) Finding a home that meets all your needs can be hard enough, but if you're shopping for a home in Wichita, you may find a lack of inventory.

"We are in what's called a sellers market, we have a lot more buyers out there looking for homes than we have for sale," said Emily Base, a buyer specialist at The Roy Group real estate says.

But Emily adds this shortage of homes isn't all bad news,the latest report from Wichita state's center for real estate predicts the shortage will help drive home prices up by 4.7 % in 2018, "It typically benefits the seller, they have the upper hand because they have competition over their homes, they are getting the best terms and best price."

One of the biggest contributing reasons to the increasing home prices is the low supply of homes priced between $100,000 and $250,000 Homes that when listed receive multiple offers and are sold quickly.

"This last summer was very competitive where properties within a matter of days had multiple offers, its a matter of what the buyer is looking for, the time they are able to get in the property and the position they are financially to get the property," said Emily.

Although it may take longer than normal for a buyer to find a home Emily encourages them to continue trying, "In the future you're going to see higher interest rates and not be able to see as much house for the same price."