Activity for the several weeks leading up to Labor Day was strong, though the ratio of sales taking place to the amount of shopping was still weaker than we'd like. Labor Day usually marks something of a market turning point, shifting from more families with children moving over the summer to a demographic including more singles/empty nesters/retirees for the fall/winter. The early post-Labor Day activity has been slower than the pre-Labor Day activity seemed to portend for fall. Buyers this year have deliberated decisions long and hard, often exhibiting insecurity about their own gut feelings, and many times have hesitated to act until someone else has validated their own attraction to a property by buying it before they've decided. It makes for a choppy environment for appraisers since a relative few properties wind up selling for premium price due to multiple offers, while some of the more usually suitable properties that would have been desired by someone sooner in more normal times are passed by for just long enough to sell for prices that probably should be looked at as under market. The most notable factor slowing the Wichita area market this year is the lack of buyers relocting to here from a distance. Our oasis characterization of last year hasn't just vanished, but people who would be coming are too often stranded where they're unable to unload their current homes.
About Phil Brumbaugh:
25+ yrs full-time residential sales experience in the Wichita, KS metro area. Current service on Wichita Area Association of Realtors Professional Standards and Professional Development committees. Certified Residential Specialist, Accredited Buyer Representative, Graduate Realtors Institute, e-PRO.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
