home sales slow and look bad for the future (Wichita: for sale, real estate)

[upandrunning]

Builders around Wichita, Kan., Worried by Construction Slowdown.(Originated from The Wichita Eagle, Kan.) | Knight Ridder/Tribune Business News | Find Articles at BNET

I ran across this article. I saw this starting to happen when I visited my brother in Sept. I was seeing more homes for sale. It happened this way in Michigan when I left. People did not see it coming until it was to late. I was told I sold to cheap and now it looks like I cased out on top. Todays bad price is tomorrows over priced home.

[luzianne]

I know homes in my suburb (in Johnson County) used to be bought soon after they went up for sale. Now there are so many more houses for sale and they sit unsold. My husband is in the construction business in a way and he says there are brand new homes sitting empty all over Kansas City.

[GraniteStater]

Most of the newer construction is cookie cutter and ultra cheap looking as well. Stucco needs to stay in the desert where it belongs and T-111 siding needs to go by the wayside.

[upandrunning]

This is a great time to make an offer I think. My problem is that I can not sell my home where I am. I am also not so sure that I would be able to find work. Things are getting very hard all over. I think we may see depression type times before it gets better.

[Houseslinger]

mmmm... October was my best month EVER. Wrote $295,000 and closed $200,500 of it already. The other $95,000 will close in early December, I have 2 new qualified buyers and am looking to get a contract on a listing tonight.

Please don't tell the folks here in Topeka that homes aren't selling.....;o)

[upandrunning]

This is anecdotal evidence, You would have to show you are selling homes at rates that are at least above 2% of last years prices, From Candice Krunkels mouth, I was told that homes are only selling if they are priced under value. dollar amount of sales does not matter. If you sell one Mcmansion for 2 million but last year it was priced at 4 million that is not a sign of how good things are. In fact it is the opposite. What you are doing can be put in a nut shell, there are lies, dammed lies, and statistics.

[Houseslinger]

I only have to show that I'm selling homes.

The $200,500 home sold OVER list price, there was a bidding war. At least three times a week I have to tell a caller that the home they are interested in is already under contract. Homes ARE selling if they are priced right.

"If you sell one Mcmansion for 2 million but last year it was priced at 4 million that is a sign" --- that it was WAY over priced.

The housing market is adjusting. As it should. People went crazy and now everything has to get back in line. Flippers and speculators tried to take control and got burned. Others took advantage of loose banking practices and mortagaged their homes for vacations and new cars. They too are feeling the heat.

I don't know who Candice Krunkel is or how what comes out of her mouth affects me, other than she seems to be trying to keep the market depressed as do you, with negative attacks. I choose not to listen to people like her and you and just keep doing my job and serving my clients.

I'm not sure why you would call me a liar, but I agree there are lies, dammed lies, and statistics. Which are you spreading?

[athfo]

Ok, here's some evidence that the Wichita housing market will be getting stronger:


http://nl.newsbank.com/nl-search/we/Archives?p_action=search&s_search_type=keyword&p_p roduct=WE&p_theme=we&s_site=kansas&p_maxdocs=200&s _dispstring=wichita%20housing%20market&p_text_adva nced-0=(wichita%20housing%20market)

Unfortunately, the Wichita Eagle requires you to pay for archived stories, but you can preview the story. Here's that text:

"Look for a dramatic rally in Wichita-area home sales in 2009. That's the big headline from the Wichita State University Center for Real Estate's 2009 Housing Market Forecast, which will be released this afternoon. Existing-home sales should rise 6.5 percent - 555 units - beginning in the second quarter of 2009, according to the forecast. New-home sales should rise by 15 units in 2009. That's in stark contrast to this year, where existing-home sales will... "

From http://webfiles.wichita.edu/cedbr/2009ForecastFINAL.pdf (if you care to read it, it's 22 pages long):

"While nationally the housing and mortgage markets are faltering, the WSU Center for
Real Estate’s 2009 Wichita Housing Market Forecast shows Wichita’s housing market
continuing to enjoy consistent appreciation in home values. Regionally, sales of both
existing and new homes are expected to be lower in 2008, but forecasted to increase in
2009."

Also, check out this:

Look for home sales to rebound in 2009, forecast says - Wichita Business Journal:

Finally, the Center for Real Estate information:

Center for Real Estate at WSU

and the 2009 Housing Market Forecast (fyi: it's a big file):

http://realestate.wichita.edu/draft/...t/Forecast.pdf

[upandrunning]

Your first article is Three arrested in Robery. Yep that helps. The review and outlook is crystal ball talk. Future reterns based on past preformance is never a good thing. And it was produced before the meltdown. Not a good thing to go by. Your third article is saying there is a housing problem and they hope it will be over by 2009 sometime. My home city of Detorit has been saying the same thing for 5 years now. I would not give you a plug nickel for any of your crystal ball predictions.

[athfo]

I'm not sure if you know this upandrunning, but your article in the first post is from 1995. I'd rather trust a study done by a major university released a few months ago than your article.