WICHITA, Kan. (KSNW) – The real estate market is booming. If you are looking for a home in Wichita, you better act fast. If you have ever thought about selling your home, there’s never been a better time. Real estate brokers said homes are selling fast as buyers are rushing to make offers quickly.
“We were floored. We had no idea that would happen,” said Chris Cassidy.
Cassidy’s two story five bedroom home sold in about two days after putting it on the Wichita market in May.
“It really sold in one day, but we just got so many offers we had to consider them for a day and a half. So four offers in one day,” said Cassidy.
Wichita real estate broker Greg Fox said since March pre-existing homes in the $100,000 to $250,000 range are selling fast unlike anything he’s seen in over 20 years.
“You know when we had a run on toilet paper? Boy everybody ran to get toilet paper. It’s like right now we’ve got a run on houses. Everybody’s running out to get houses,” said Fox, broker and owner of Better Homes and Gardens Real Estate.
He believes the selling trend has less to do with the pandemic and more because of low supply and affordable housing. Historically, Fox said the Wichita housing market carries about an average of 3,000 active listings, but now there’s only about 1,000. He said listings have been trending down for almost two years.
“You’d also think with the interest rates low and I live in that sweet spot house, and I want to move up now would be the time to move and we’re not, we’re holding back,” said Fox.
Fox said Wichita has always had a well-balanced market but right now the pendulum is to the seller’s side. Now is the time to sell your home.
“It will go so fast. It’ll make your head spin,” said Fox.