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The Day After Election Day and Wichita Real Estate

2016 election means to Wichita Real Estate

What the Outcome of the Election Means to Wichita’s Real Estate Market

WICHITA, KS:  (wichitaksrealty.news)  As a follow up to yesterday’s article, what does the election outcome have in store for the local Wichita real estate market?  Well, the answer is in the short term, more uncertainty.  Markets in general like certainty, whether it’s the stock and bond markets, or real estate.  Why, you ask?  Because PEOPLE like certainty and people ARE the markets.  As an example, the markets swung wildly this morning with deep declines pre-market and subdued trading when it opened.

Owning real estate means holding a tangible asset.  It’s an investment.  Not only financial but in time and commitment.  We have seen almost a decade of extremely low interest rates, low to no inflation and stagnated income.  We have become accustomed to this.  It is the new norm, so we make our decisions based on this.  But will these things, and others, change?  Will we see interest rates and/or inflation rise, thereby affecting affordability of housing?  Will we see wage rates stay the same  or increase in a more long term normalized pattern?

By having an “outside the beltway” president will there be disruption in the status quo?  Not saying we should or we should not, just asking.. will we?   And to answer.  Probably.  Needless to say, though, that this new norm might take a while to get used to.

So, to answer the main question, we are moving in to a seasonally slow time for real estate sales.  My bet is that the election will have a minimal short term effect.  We will revisit this topic in the spring, once we have the chance to see the direction we are headed.

Election Day and Wichita Real Estate

election cycle impact on wichita real estate

What November 8th means for Wichita real estate

 

 

WICHITA,KS:  (wichitaksrealty.news)

Can you believe Election Day is finally here? It seems like we’ve been playing this back-and-forth doomsday game for over a year now. The candidates are picked, the race is tighter than ever, and Election Day has just about everyone holding their breath and praying for the country. It couldn’t be a more divided election if it tried, and the result is a pretty irritated, scared, and unhappy populace with whatever the outcome may be. No matter who wins – half of the country is going to be mad as hell, and it’s not going to amazing for American markets.

So what does that mean for Wichita real estate and foreseeable real estate transactions? Well, Wichita, like other major U.S. cities, is going to be in the dark for a few weeks after the decision is laid down. The stock market is already coming to a halt, and no one wants to spend thousands of dollars when they don’t even know what the country is going to look like tomorrow. It’s a natural reaction to the election, and home sellers, as well as buyers, should be aware that it’s not a terrible sign. The market is going to undoubtedly slow in November from the uncertainty, and stay that way through the holidays. We’re looking at January for an uptick in activity, and people feeling hopeful enough again to write a check for an apartment or house.

It’s important through the uncertain election times to stay modest and level-headed about your real estate transaction. Whether you’re looking for a home, or selling one, continue to work hard, keep the house looking nice, and keep your head up even if it seems no one is biting. If you’re a seller, there are buyers out there. They just may slip into the shadows for a few weeks until this all blows over.

Freddys Expanding in Derby KS

Freddys in Derby KS

Freddy’s Frozen Custard & Steakburgers in Derby set to expand

DERBY, KS:  (Wichita KS Realty News)

Freddy’s Frozen Custard & Steakburgers is planning to expand this month to accommodate for their growing consumer base. The beloved restaurant is adding 1,000 square feet to their entity, just after recently moving to a vacated space next door. Freddy’s is located at 2100 N. Rock Road in the Derby Marketplace development.

Chief operating officer at Freddy’s, Scott Redler, says the project is planned to add 20 seats to the dining area as well as a second cook line in the kitchen. He stated that the project is expected to take about 2 months to completion, and shouldn’t disrupt any usual business at the food joint.

Freddy’s is almost 8 years old now, opening back in 2009 to service families and residents of the Derby community. The Derby location remains one of the chains smaller facilities, but business is still performing well, said Redler.

“These enhancements will contribute to the experience of both dine-in and drive-thru guests,” Redler says.

Freddy’s also has made improvements at two of its Wichita locations: 310 N. Rock Road near Central and Rock; and 11525 E. 13th Street North in the Plazzio Development near 13th and Greenwich. Redler says the motivation behind both of those case studies was to improve the flow of the restaurant to better accommodate customers.

2017 Wichita Housing Prices Projected Up

National Home Prices Recovered

Wichita housing market to have a good year in 2017

WICHITA,KS:  (wichitaksrealty.news)

After many of years of swinging too far left or too far right as critics are concerned with a proper real estate market, analysts have predicted the perfect housing market for Wichita in 2017. Wichita home sales will rise 5.1 percent and home prices 3.5 percent in 2017, according to the 2017 Wichita Housing Forecast published by the Wichita State University Center for Real Estate. It will be the sixth straight year of growth, following the housing bubble and the housing bust of 2008.

It has taken close to 6 years for the region to finally balance itself out, but Wichita is on track for sustainable, healthy growth in 2017.

While there has been good demand for houses, there is a dramatic shortage of houses for buyers to buy in Wichita, even as new construction and downtown building renovations continue at a historically fast clip. This past August, half of the houses on the market sold in less than 22 days. A balanced market witnesses close to 180 days for a home sale to close. A trend common in other Midwestern cities this year, the community supply simply can’t meet the demand as millennials look to settle down in affordable cities.

As a result, prices are expected to rise 5.8 percent this year, and slightly more than half of that next year.

Investing In Real Estate Series Coming Soon

investing in real estate wichita ks

THINKING ABOUT INVESTING IN REAL ESTATE?

WICHITA, KS:  (wichitaksrealty.news)

Are you an active real estate investor?  Or, are you someone that is just getting started?   Are you looking for income in your retirement years away from the traditional stocks, bonds, and CD’s?  If you have ever thought of investing in the Greater Wichita real estate market, we have some great news for you.  Wichitaksrealty.news will be offering a series of articles authored by local real estate professionals with extensive backgrounds in local real estate and real estate investing.  These articles will try to leverage their experiences and knowledge in a way to help you better prepare yourself when buying real estate as an investment and also be a tremendous reference source going forward.

The topics will range from the following;

  1. Understanding the basics of investing in real estate
  2. Locating and analyzing possible properties to buy
  3. Traditional and non-traditional financing limitations, options, and sources to explore
  4. Budgeting for repairs and upkeep.
  5. How to price rents and rent to owns.
  6. Structuring real estate holdings and exchanges to fully benefit from tax laws and individual needs
  7. Current and pending tax laws and how they may affect real estate holdings.

Also, if you have specific questions you think would make a great “question and answer” read, you can submit them in the comments section or on any of our social media platforms like our Facebook page here.  We will do our best to get the questions answered and published by someone that is “in the know”.

Consider Carpet on your Next Remodel Project

consider carpet on your next remodel wichita ks realty news

WICHITA, KS:  (wichitaksrealty.news)

When looking into remodeling your home, there are a number of decisions you need to make in regarding such things as budget, style, design, but one of the easier decisions is to include carpeting in your home. Carpeting adds styling options, value, and much more.

1. Design Options

Carpet offers options in color, style, and appearance that can accent the overall design theme of your remodel and provide an overall comfort feel, softening your space and make it feel welcoming.

2. Cost-Effective Flooring

Carpet is one of the most economical flooring options around with many price points and design options.

3. Cost-Effective Maintenance

Simple cleaning is another major benefit carpet can have over other flooring options. Some hard floor surfaces may require expensive cleaning throughout the life of the floor. With carpet regularly scheduled vacuuming and an annual deep-cleaning are usually all that is necessary to keep carpet looking great and lasting for its intended life.

4. Indoor Air Quality

Yes, air quality. We are spending more and more time inside, an estimated 90% of our time by some reports. Carpets have been shown in some studies to actually trap dust and allergans which can then be removed during vacuuming. There are also conflicting thoughts on this topic, too. We can see how each opinion has its own merits and deserve consideration. Many carpet manufacturers are also very interested in providing low volatile organic compounds, or VOCs in the manufacturing process.

Overall, carpet can be a great flooring option. Its benefits are well known and can add to the value, comfort, and health of your home.

Rick Sparks, Rick’s Professional Carpet Cleaning

wichitacarpet.cleaning

West Wichita New Breakfast Options Coming

West Wichita near Sam's Club

West Wichita at 29th and Maize Road about to get two new breakfast options.

WICHITA,KS:  (wichitaksrealty.news)

All Wichita west-siders are about to have expanded breakfast munching options in upcoming months. IHOP franchisee Ali Issa plans to open a new IHOP next to the Sam’s Club at 29th and Maize Road sometime in 2017. This location also happens to be directly across the road from where a yet-to-be-named full-service breakfast restaurant is gong to open at the NewMarket North development that’s now under construction. This mystery restaurant is set to open in spring 2017.

The IHOP, a bit behind the mystery breakfast joint, will break ground in February or March and open by summer.

Brad Saville of Landmark Commercial Real Estate and Christian Ablah of Classic Real Estate handled the deal. Saville also has Eastside Investments, which is a partner in the eight acres where IHOP will go. The restaurant, which will be facing Sam’s Club in its upcoming location, will be approximately 5,000 square feet. It will technically be a new IHOP prototype, which is similar to the one Issa opened at the Southfork development at the southwest corner of 47th Street South and I-135 earlier this year.

Unlike the old building, the new IHOP will have 2,400 square feet of retail attached.

“It’ll be kind of a unique building,” Saville says.

Pick of Parade Homes on Openhouses-Wichita.com

Ribbon Pick of the Parade

WICHITA,KS:  (wichitaksrealty.news)  Openhouses-wichita.com has mapped out the winners of the Wichita Area Builders Association Fall Parade of Homes Pick of the Parade.  These 21 featured properties are the parades picks based on their price points in increments of $50,000.  Starting at the $150,000 to $200,000 price point and ranging to well over $1 million each price point with properties is represented by at least one pick of the parade.  Many price points reflect two winners, one for the stand alone property and another for patio home design.  Being a Pick of the Parade winner is a great honor for builders and area reps alike and also provides great bragging rights.

The open-houses website provides their location on an interactive map.  Clicking on a property opens the page with a link to the builders or developers website to find out more information about the property.  And if the actual address is listed in Google maps, a street view is also made available.  The open houses site will also continue to list other properties like existing home open houses, auctions, and events related to the real estate industry.

To visit the open houses site, it has permanent residence on our menu bar but can also be accessed by clicking here.

And remember, this is the last weekend for the Parade of Homes and to see these wonderful properties.  For a comprehensive list of the overall and individual design winners you can visit the Wichita Area Builders Association website, wabahome.com.

Mortgage Applications Drop 6% Week Over Week

mortgage applications rise graphic

WICHITA,KS:  (wichitaksrealty.news) According to the Mortgage Banker’s Association weekly survey, nationwide week over week mortgage applications declined 6 percent.  This decrease was for both seasonally adjusted and non-adjusted figures.

Average 30 year mortgage rates clicked up to 3.68 percent from 3.62 with a marginal increase in closing points on top of those figures.  The average 15 year rates went up to 2.97 percent from 2.93 percent and the average 5/1 ARM stayed the same at 2.92 percent.  All the listed figures above are for 80 percent loan to value conforming loans.

The share of activity related to refinance fell to 62.4 percent of all applications with the adjustable rate mortgage share falling to 4.1 percent of this activity.

With the slight increase in rates, it is not uncommon to see adjustable rate mortgages be replaced or not used for refinancing.  Couple that with political unknowns and even the election cycle itself and these changes seem minimal.  And to top all that off, the markets seem to be wondering how long the federal reserve will maintain their accommodating monetary policy even though it seems to have run out of stream.

Local Retail Market Still Evolving

derby ks local retail shops

WICHITA, KS:  (wichitaksrealty.news)

Wichita and Derby’s local retail real estate market evolving

With more people shopping online today than ever before, investing in the retail real estate industry can be an iffy undertaking. Most brick and mortar retail locations have taken a hit as Amazon and other juggernaut online stores expand their hold on consumerism, but what does that mean specifically for the Wichita and Derby region? Experts report that retail real estate is not bad, though it’s changing, said Patrick Ahern, a commercial real estate adviser with NAI Martens.

“Retail is pretty healthy here,” Ahern said. “That said, I do think retailers have to ask themselves what their business model will be in five years.

“How much will be online and how much will be brick-and-mortar?”

Studies disagree, showing that retail space vacancies have been increasing in the area, despite the sustained growth rate in the retail real estate market. David Leyh, a broker with Landmark Commercial Real Estate who specializes in retail, said part of the reason vacancies persist is because fewer people are bold enough to go into business for themselves after the recession.

“Overall, retail is doing well,” Leyh said. “There’s a lot of growth in northeast and northwest Wichita, and a lot of it is national tenant- and regional tenant-based growth. They’re stronger than the local operators.”