Wichita, KS Real Estate News

By Joel Weihe, Helping you to use your VA home loan benefits
(Realty World Alliance)
PLEASE SHARE THIS WITH  EVERYONE YOU KNOWAND ENCOURAGE YOUR COMPANY TO PARTICIPATE!!!It's our second year River Festival Event!!! Here's YOUR chance to participate in ServiceMaster Quality Cleaning's  "Mayhem in the Moat"  R/C boat races at Exploration PlaceDon't have the time, money, or manpower to commit to creating a bathtub racer or parade float?Want to participate in a second year River Festival Event? Or how about benefitting Big Brothers and Big Sisters? Then THIS is the event for you!!You'll have a blast racing these boats in the moat at Exploration Place, on Thursday, May 15.  And you'll have the chance to win a trophy if you're the best racer!But, its not just about the racing!  Trophies will also be awarded for best decoration of the boats as well!  Yes, we are back for a sec...
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By Joel Weihe, Helping you to use your VA home loan benefits
(Realty World Alliance)
The market sucks, right?  We hear it day in day out right now, on TV, newspaper, online, everywhere you look.  Okay, yes, we'll admit it.... the market isn't GREAT here, it's not hopping and bopping with prices doubling every time you look - but it was never that GREAT here.  And so it also isn't that BAD here.  Prices haven't halved, people aren't being constantly foreclosed upon.  Our market is what we'd term "Ho-Hum."  To sell your house in a Ho-Hum market - here's a few tips! When buyers have all they can want to choose from at pretty level prices, guess what they're going to pick?  The cream of the crop, you got it! All houses sell eventually, right?  Right!  But of course, you want yours to go the fastest! Here's how it's going down right now:  Say you have 4 houses on the market ...
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By Joel Weihe, Helping you to use your VA home loan benefits
(Realty World Alliance)
Yes that's right, I'm going on Vacation! Time to go back home and see the family.  We're talking a good ole-fashioned 16 hour car drive with 3 children.  Sounds like fun, right? Don't you wanna join me?  I will be available via email - my life wouldn't be complete without an internet connection!  So if you have questions, concerns, or needs that can be addressed via email, please feel free to ask.      For those that are currently working with me on a deal, if you  have anything you need answered immediately, please feel free to call my backup - Brenda Noffert.  She is our team leader and absolutely excellent!  She will be able to take care of anything that may come up and will be keeping tabs on everything while I'm gone. You can reach Brenda at 316-260-3300 or you can email cbnoffert@...
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By Joel Weihe, Helping you to use your VA home loan benefits
(Realty World Alliance)
 Happy Easter, my fine feathered friends!  (and my featherless friends too) As we settle in for egg hunts (with a 4 year old obsessed with pink eggs), lots of chocolate, and the good ole Easter ham, here's some thoughts or other useless information to file away.  Break it out tomorrow to either impress or let on that you have waaaaay too much free time to google stuff up. :) Some Trivia for you:Do you realize how early Easter is this year? As you may know, Easter is always the 1st Sunday after the 1st full moon after the Spring Equinox (which is March 20).  This dating of Easter is based on the lunar calendar that Hebrew people used to identify Passover, which is why it moves around on our Roman calendar.This year is the earliest Easter any of us will ever see the rest of our lives!  On...
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By Joel Weihe, Helping you to use your VA home loan benefits
(Realty World Alliance)
 If you simply drive Kellogg past downtown, you can't help but notice the giant LOFTS FOR SALE signs going up.  A relatively recent phenomenon to Wichita, Lofts are gaining hugely in popularity.  The one pictured here is in downtown Wichita, at Exchange Place.  Their similar cousins, Condo's, are also gaining ground.  The ones pictured here are townhouse style, near McArthur and West Street. There are many styles and floorplans, in many areas of town.  But how do YOU know if a Condo or Loft is right for you?A condo/loft may be right for you if: You do not want the responsibility of exterior maintenance such as painting, roofing, gutters, etc.You want some amenities available such as a clubhouse, pool, playground, tennis courts, etc.You don't mind close neighbors (similar to an apartment...
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By Joel Weihe, Helping you to use your VA home loan benefits
(Realty World Alliance)
I bought my first home when I was 23.  People thought I was crazy.  But it made great sense - financially and for family reasons.  I bought a typical starter home.  I LOVE helping young people get into homes!  Think of the humongous savings and investment potential from getting started in real estate so young!  I've sold homes to people who couldn't even drink yet!  It's wonderful!   However, I have noticed a trend lately in what these young people want.  And I'm sure part of it is due to the last few years of easy mortgage money.  They all seem to want Something for Nothing.  Admirable - yes, I wish we could all get something for nothing, honestly!  But this is when Reality needs to kick in.  The days of "Something for Nothing" mortgages are over.  They created a huge mess and they're ...
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By Joel Weihe, Helping you to use your VA home loan benefits
(Realty World Alliance)
It's that time again. Sedgwick County recently mailed its tax valuation notices.  This important little piece of paper tells you what the county thinks your home could sell for as of December 31, 2007. This value is derived from the past 2 years of comparable sales in your area.  An increase in value simply means that homes like yours are selling for that percent more, not that you've made that much more in improvements. Increasing property values are generally good for everyone! It means your property is increasing in value, so your investment is growing.  However, it does hit your pocketbook tax-wise.From that Appraised Value, a small percentage (11 1/2% for Residential) results in your Assessed Value (the amount they base taxes off of).   That value is then multiplied by the mill lev...
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By Joel Weihe, Helping you to use your VA home loan benefits
(Realty World Alliance)
I'm shocked! Did you think I'd let the holiday slip by without noticing!  But when I came upon this treat, it reminded me.  So here's a cupcake for you!  May your 2008 be filled with luck and blessed by all!    And if it's a new home that will bless your family, by golly, I can certainly help you there!             I'm the lucky charm you need to get your home sold in this market! 
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By Joel Weihe, Helping you to use your VA home loan benefits
(Realty World Alliance)
As I sit here in my PJ's perusing the local market offerings, I thought I'd share the current stats so all my midnight oil-burners know what the market is doing right now. Currently we have: 5258 listings on the market in our MLS Zone. 3945 are Residential properties2840 are in Sedgwick County1216 listings are Pending (Under contract) right now in our MLS Zone1152 are Residential873 are in Sedgwick CountyIn the last 24 Hours:76 Properties have SOLD (Closed)61 Properties have LISTED7 Have expiredI love that our MLS keeps us updated like this!  I can tell you what has happened in the last 24 hours whenever you ask!  How does this help you?  This means I am on top of what's going on and get a play-by-play awareness of the market.  It also means that I can alert you to a property you love a...
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By Joel Weihe, Helping you to use your VA home loan benefits
(Realty World Alliance)
With all the gloom and doom on CNN about the availability and types of loans out there, I asked my buddy Sam Lines with Legacy Bank for his skinny.  Here's the localized scoop."Honestly, everyone is on a pretty level playing field...pretty much the cream of the crop for conventional.  We still have one MI company that will insure a 100% loan, but the credit score has to be 680 or higher....and, they're not even sure how long that'll last.  Some MI companies will not go greater than 97% LTV.With your first-timers, FHA is really going to make a strong come back.  From what I've heard, it doesn't sound like there will be any Conventional Bond money for the foreseeable future...so, we're left with FHA."Now here, the Conventional Bond gave the buyer 4% to use towards closing costs, prepaids,...
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By Joel Weihe, Helping you to use your VA home loan benefits
(Realty World Alliance)
ANTIQUES ROADSHOW ANNOUNCES SUMMER 2008 TOUR PBS SERIES SEEKS 80,000 HIDDEN TREASURES ON LUCKY THIRTEENTH PRODUCTION SWING ACROSS AMERICA BOSTON, MA, January 7, 2008 - ANTIQUES ROADSHOW, PBS's most-watched primetime series has announced its summer 2008 Tour destinations: Palm Springs, California; Dallas, Texas; Wichita, Kansas; Chattanooga, Tennessee; Grand Rapids, Michigan; and Hartford, Connecticut. Programs taped in those locations will make up ROADSHOW's thirteenth broadcast season on PBS, airing in 2009. ANTIQUES ROADSHOW's 2008 Tour features a series of local events at which top appraisers offer the public free evaluations of antiques and collectibles-revealing the often surprising history and value of these items. ANTIQUES ROADSHOW 2008 will stop in Wichita, KS. on July 12, 2008....
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By Joel Weihe, Helping you to use your VA home loan benefits
(Realty World Alliance)
Now then, I don't know how many of you might have small troublesome children... But myself, I have 3 children, but one in particular.... We'll call him Jamie (well because that's his name!).  Jamie is 2 1/2.  Yeah, now you know where I'm going with this.   Jamie's on the Right, Emerson (4) on the left.We have some beautiful black and white Pergo laminate tile flooring in our kitchen and dining room.  Nice stuff.  Except Jamie got up before us this morning.  And well.  Found a hi-liter.  or four.  And now my lovely kitchen has black and HOT PINK tiles.  And the usual baby wipe didn't clean it (works for markers! And crayons!), Mr. Clean's scrubby cleaning wipes didn't touch it. My husband was all ready to throw in the towel and charge the kid to replace the flooring, but I pulled out my ...
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By Joel Weihe, Helping you to use your VA home loan benefits
(Realty World Alliance)
Most of my clients are aware that we work hard to support charitable organizations and to always give back to others.  It's good karma!  If you're not yet a client, here's the scoop! For every home that we (my husband and I) sell, we donate $100 of the proceeds to the charity of the seller's choice.  If you don't have a cause you care a lot about, we'll pick one for you! Our personal choices: Autism Society of America - Our 4 1/2 year old son is autistic and the lack of resources is shocking!March of Dimes - 2 of our children were born prematurely.Habitat for Humanity - We're in the business of homes, what can we say!United States Humane Society - we have a weakness for cute furry things! The charity donation is made in your name!Thanks for using us for your move and Thanks for helping ...
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By Wayne Short
(The Wichita Home Team with KW Signature Partners)
West Wichita sales data for 2007 Reflection Ridge and Fossil Rim:The average SOLD price was $312,358 with 43 sales and 89 avg. DOM (day on the market)The high sales price was $890,000 (Fossil Rim) and $479,900 in Reflection Ridge Tyler's Landing:The average SOLD price was $180,447 with 44 sales and 98 avg. DOM.The high sales price was $251,534 and low price was $128,000 Oakridge:The average SOLD price was $201,280 with 10 sales and 50 avg. DOMThe high sales price was $256,000 and the low price was $157.000 Forest Lakes:The average SOLD price was $208,641 with 20 sales and 49 avg. DOMThe high sales price was $279,900 and the low price was $159,900 
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By Wayne Short
(The Wichita Home Team with KW Signature Partners)
All Real Estate is Local! Thank goodness I sell real estate in the Wichita, KS metro area.While real estate values are down 5% -10%-15% in other markets, the Stable Wichita market showed a 5.7% gain from Nov., 2006 to Nov., 2007.Wichita's real estate market after 7 years of increased units sold finally slowed down a little bit in 2007 (-3.2%).  2007 was still the 3rd best real estate market we have ever had.   Wichita, unlike other cities, had a decrease in new residential listings in 2007 (6.2%).  This kept our prices from falling.  Total homes left on the market at the end of 2007 was basically the same as 2006 and lower than 2004 and 2005.  Available new home inventories were up slightly last year but only by 7 homes. The average sales price for an existing home in 2007 was $117,766....
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By Wayne Short
(The Wichita Home Team with KW Signature Partners)
Wichita, KS economic updateJanuary, 2008 News for the Wichita, KS area is still very good compared to the rest of the country.  While the national unemployment rate rose to 5%, the number for December in Wichita, KS was 3.6%.   Interest rates for housing were 5.875% for a 30 year, fixed rate loan and 5.375% for a 15 year term.  These rates are great but probably will get better.  Expect the FED to drop the discount rate another .5% at their Jan. 30th meeting.  There is even a chance they may do this before the meeting. The new Sedgwick County Arena being built in down town Wichita has sold the naming right to the arena to Intrust Bank with additional naming rights to the interior and concourses to Cessna and Spirit Aerospace for $14.5 million. Beech Hawker aircraft company has announced...
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By Todd Fox
(Coldwell Banker Stucky & Associates)
Realtors spend a great deal of time traveling through residential areas where they live and work.  Far too many homes become just deals, potential deals, lost deals or a good comparable for a current deal.  But sometimes a home catches your eye and it makes you stop and look with a different eye.  Recently I meet my wife for lunch and then we went to visit the Wichita Symphony Showhouse - an amazing charity event for the Wichita Symphony.  After leaving the show house I traveled north on Roosevelt and noticed a cool piece of Wichita real estate - an original Frank Lloyd Wright home.   I knew Wichita was home to a couple of Frank Lloyd Wright houses but this was the first time I had found one.  This one was built in 1915 by Frank Lloyd Wright for Henry and Elsie Allen.  The home is curre...
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By Todd Fox
(Coldwell Banker Stucky & Associates)
If you read the head lines and listen to the TV you must believe that the proverbial real estate sky is falling and home foreclosures are spreading faster than a California wild fire.  Well, I'm hear to tell you the sky above my world is not falling and we have no out of control wild fires.  The doom and gloom headlines just don't apply to the Wichita real estate market.  Let's take a look at home foreclosures.  Recent data on 3rd quarter foreclosures reported by RealtyTrac indicates that home foreclosures have doubled for 3rd quarter 2007 vs. 3rd quarter 2006.  Fortunately, real estate is local and the good people of Wichita and south-central Kansas are not dealing with the problems that come with high foreclosure rates.  Thru July, 2007 year to date foreclosures are down 12.2% in Sedg...
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By Melissa Schnieders
(Melissa Schnieders Photography)
                                                                                                                                                                  I recently discovered a wonderful resource for Staging Furniture in the Wichita Area.  Furniture Options is a store that will rent furntiure and accessories in various packages for very reasonably rates.If you are considering selling your empty home, I would strongly encourage you to consider staging your home with furniture and accessories.  Even just a few pieces can bring warmth to an empty home. Here's a list of the 18 piece package for $129 a month:1 Sofa1 Chair1 Cocktail Table2 End Tables 2 Lamps1 Dining Table and 4 Chairs1 Dresser & Mirror1 Night Stand1 Lamp1 Headboard1 Full BedFor $169 a month, you'll get the above item...
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By Melissa Schnieders
(Melissa Schnieders Photography)
Earlier this evening, I got a call from an investor client.  Another agent had alerted him to a new listing that's "coming soon" and he asked me to run some comps to determine if it would be a good flip project.This is a question I hear almost daily.  Is this property a good deal?It's not an easy question to answer as there are many variables to consider.(1) Cost to purchase - not just the purchase price, but the taxes, insurance, loan costs and closing costs.(2) Condition of the property & cost to bring it up to current market standards.(3) Cost of maintaining the property while it's being remodeled including lawn care, utilities, insurance and interest on the loan.(4) Cost to ready the home to market i.e. staging.(5) Holding costs while property is on the market until closing.(6) Clos...
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