Wichita home prices (Topeka, Derby, Andover: countertops, appliances, houses)
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From every thing I have heard from agents, homes are all selling slower than they were a year ago. Homes from 75k to 150k are moving better than homes priced above 150k which are sitting on the market longer than they have been. Unemploymet is still fairly low but catching up. Last I saw it was at around 6.5% and rising. I had a relitive sell a home on the west side in Turkey creek and he paid 93 for it 3 years ago, he put it on the market at 99 and it did sell for asking but he had to pay the closing cost of 8k and after he paid for his costs and comission he lost money. The price made it show a lot, but mostly he got negative comments. People wanted more, they did not like the lawn, thought the shingles were inexpensive, he also had to pay for guttering as it was an FHA loan and they require it. So he got 84k out of the house after 3 years. He lost 8k and all the interest and taxes he paid for 3 years, I figured it out to be around 25k, so if he would have rented a nice home for around 800 a month 28k for 3 years and 5k in a MUT fund. Personally I would rent for a year and get to know the area before dumping money on a home. I bet next months rent that prices go down in that time anyway
Sorry but he did not "have to" to pay the $8K closing costs. Many buyers request that but the seller doesn't have to agree to those terms! And BTW, $8K worth of closing costs on a home selling at $99K is waaaaaaay to high for typical closing costs.
The cc's on my both houses I've 'owned' have been between $1500 and $2500 (not talking about the money that I put down or earnest money...just fees and such).
Well he certainly got taken for a ride there! Too bad, as FHA does NOT presently require guttering. Stupid stipulations by individuals who don't understand the program created this non-factual 'requirement'... which USED to be correct as part of FHA funding. FHA threw the baby out with the bathwater a few years ago and many idjits on the sales and appraising end of things haven't yet caught up with the new reality.
Little things like cracked windows? OOK fine with FHA. If it isn't actively leaking water or gas, and there are no presently bare wires or other factual health hazards, FHA 'requirements' are pretty minimal - about the only thing left of the former die hard can't break the rooles "FHA required repairs" is if there is ANY peeling paint on a pre 1976 constructed home, it must be corrected, and in theory must be corrected 'properly' according to EPA lead paint regs.
For new and near new construction Wichita has held its value a lot longer and better than many other areas even in the fairly stable Midwest .... Wichita was also one of the top 10 'best' places nationally to live, as recently as last year. If you are seeking new construction, and have kids, might want to look at Maize and Goddard areas... <shrug> as for holding value in these troubled times? Probably one of your better bets... just make sure you understand the difference between affordable monthly payments and VALUE.
On new builds FHA does have some requirements for insulation (must be a certain grade or something) and termite prevention treatments...
But AFAIK there isn't anything about guttering in there.
I think the point was more that people are asking for the moon even when the price is low. So things are not jumping off the shelf anymore. When you are the lowest price for the product and they still want to cut to the bone the market is not that good. I have seen it both ways. I have seen it where the buyer has to add money to asking price to get the home, and I have seen in like it is now where the seller has to make consession after consession to sell.
1 mile east of Kellogg and Andover Rd, there was 5 houses for sell mid-May. 3 have sold. Price range.... 135,000(needed outside work) to the highest of 160,000. One across the street went on the market in May. Realtor said houses are on market for 90 days vs 45 days.
When built these houses sold for 80,000. My house was the last to be built in 2002.
We do not have SPECIALS in our area(one of the few). This is a HUGE selling point. It does make a difference where you buy a house. Andover and Maize and Goddard are the place to buy.
90 days on the market is nothing...even if that's an average. When we had to sell our house in Fort Worth last year a LOT of houses in our area were sitting on the market in excess of 6 months.
Mostly because of the schools.. they are the best districts.
However, 45th and Hillside has Falcon Falls. New oconstruction with AWESOME floor plans. Can build for 130-150K and up.. depending on the options you choose.
Fiber to the house. Digital TV, internet etc... fast.
Benton aand Towanda has some new houses and that is in Circle School district. ( My son went there and to Andover... I liked Circle better.
I may take a job in the Topeka/Lawrence area.. (if the money is right.. it would be a state transfer.)
Then my house will go on the market for 155,000. If not, still might put it on the market and build at 45th and Hillside.
Mostly because of the schools.. they are the best districts.
However, 45th and Hillside has Falcon Falls. New oconstruction with AWESOME floor plans. Can build for 130-150K and up.. depending on the options you choose.
Fiber to the house. Digital TV, internet etc... fast.
Benton aand Towanda has some new houses and that is in Circle School district. ( My son went there and to Andover... I liked Circle better.
I may take a job in the Topeka/Lawrence area.. (if the money is right.. it would be a state transfer.)
Then my house will go on the market for 155,000. If not, still might put it on the market and build at 45th and Hillside.
What neighborhood do you live in? I haven't found any neighborhoods that do not have specials, especially in Andover. Are you still thinking about listing your house? I'm moving into the area this fall and am ready to buy. Send me pics and info if you don't mind.
We live in The Highlands, 3rd edition. 1 mile east of Kellogg and Andover Rd. House built in 2000. I did get the job transfer to Topeka.
The house is listed now on the market for 149,500. It says 3 bd 2.5 bath but we have a very large room 12x24 that we use as a bedroom downstairs. The half bath has the drain for a large tile shower or tub enclosure. We wanted to put in a tile shower (fits 2) with multiple shower heads. So ultimately this is a 4 bedroom - 3 bath house.
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Last edited by GraniteStater; 07-27-2009 at 07:59 AM..
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Mostly because of the schools.. they are the best districts.
Why are they the best?
When we were shopping for a home we were pretty open minded. We looked at all the places you mention solely based on reputation. And honestly we didn't think they were exactly head and shoulders above like we had heard. Certainly not impressed enough to spend the premium to get a home in Andover.
Also wondering why Derby doesn't seem to make it into that group whenever this sort of discussion comes up. We have been really impressed with the town and school system.
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