WICHITA, Kan. (KSNW) – Low mortgage rates, pent-up demand, and low inventory are making for a hot real estate market, both locally and nationally.
Sandy McRae, president of Realtors of South Central Kansas, said 2020 started out with a “phenomenal first quarter” before everything came to a crashing halt with coronavirus and the economic impact thereof. Since then, the market is up in sales and the days houses spend in markets are down.
“Be prepared when a home comes on the market to move quickly,” McRae said.
Being pre-approved is something realtors always encourage, but McRae is now classifying the pre-approval letter from banks or lenders as a must. She says locally and nationally, people are typically looking at three houses before putting an offer on one.
Mortgage rates hit record lows last week, inspiring some buyers to pull the trigger.
On the selling side, McRae says houses have to be in mint condition with stellar photos online. People are looking at homes and taking virtual tours on the internet before they ever step foot in the home.
“For sellers, I would encourage you to look at the current market and realize the inventory is so incredibly low and they have a distinct advantage at this time. So now’s the time to act,” McRae said.
Moving forward, McRae says this year will change the way realtors do their jobs.