Are Wichita home prices cooling?

Local

WICHITA, Kan. (KSNW) – Home sales are still hot in Wichita and the surrounding area as are the prices.

“This one is the first I’ve seen where the price points are accelerating so quickly,” said Amanda Rempe, team leader at Keller Williams Hometown Partners.

Rempe says recently there have been some price reductions for homes on the market, but the market remains hot.

“We have people who have bought homes without looking at them,” said Rempe. “And appraisals aren’t always an issue because people are paying the difference when it doesn’t appraise.”

Kent and Melody Hoffman are making an offer on an investment home they want to buy.

“It’s been pretty difficult,” said Melody. “This is probably our sixth contract that we’ve written. We’ve had a lot of people come in with cash and so the buyer prefers cash instead of waiting another couple of weeks for a conventional loan.”

Home inspections are remaining at a brisk pace.

“The market’s been very busy so far this year. I’ve been pretty well booked out compared to last year,” said Josh Counce, owner of Bright Light Inspections LLC. “Buyers might be skipping inspections to try and sweeten the deal, we don’t recommend that at all.”

Counce says it’s best to spend a little to potentially save a lot.

Meanwhile, Rempe says the average sale price for Wichita homes is now more than $200,000. But with some price reductions on what may be aggressively priced homes, the market could cool.

“It’s a wait and see,” said Rempe.

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