Significant housing shortage seen in Wichita, surrounding area
WICHITA, Kan. (KWCH) - If you’re in the market for a new home in Wichita, you’ve likely learned by now how competitive it is to get the house you want. Currently there are only 590 homes on the market and 284 more homes have sold this year compared to last year at this time.
There is a significant housing shortage in Wichita and the surrounding area. Broker Stephanie McCurdy said an average house in the area is on the market for 29 days, a time she said, is short when it comes to buying and selling a home. She low interest rates are playing a big part in the current situation.
McCurdy has been in real estate for about 20 years and she said what she’s seeing now is unlike anything she’d previously experienced.
“We have never had a market that is mimicking just what we are having right now,” she said. “Even when we had the crash n 2009 to 2011, we didn’t see this tight of a market.”
McCurdy said a big challenge she’s facing with her buyers is that they go on sites like Zillow and fall in love with a house that looks like it’s available, but it’s not. She said homes that are on the market are selling so fast that apps and websites are struggling to keep up.
“We look it up and it is already either pending or it is already sold and closed, or it is just outdated data. And that is becoming very frustrating for them,” McCurdy said.
If you want to buy a home, she said there’s at least one thing you can do to get ahead.
“So, the first step of buying a home is getting a pre-qualified lender,” McCurdy said. “Make sure you are interviewing lenders and finding what their rates are and what their closing fees are, then being able to sue that to purchase a home. So then, when you are looking at homes, you have your lender chosen, you know what your costs are going to be. It makes it easier for you and your agent to get the best opportunity to purchase that house even in a multiple-offer situation.”
She added that if you find a home you love on the market, don’t hesitate.
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