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Randy Vickers
Randy Vickers is the owner of Priority Mortgage Corp of Wichita, which opened in Jan. 1989, is the oldest locally owned mortgage company in Wichita. Randy has been in the real state business since 1983 and is a licensed real estate broker as well as a licensed mortgage broker. Priority Mortgage Corp of Wichita KS Lic #1996-0122. Randy can be reached at 316-721-7700
Real Estate
2008-04-01 12:10:00
Real estate forecast for 2008 in Wichita
Answer: The year ahead for Wichita and the surrounding areas looks surprisingly good. As I have mentioned before real estate is a very local market. In this case, national trends do have an effect on our market, but we are not experiencing the market declines of many areas. Veros, which is a national consulting firm, has actually named Wichita as the top market for 2008. Veros uses 50 factors to analyze local and national trends to determine the strongest and weakest markets. Wichita is rated #1 ahead of Raleigh NC, Fargo ND, and Tulsa OK. They use many of the factors we have spoken about before, such as unemployment rates, inflation, current housing inventory, and interest rates, to forecast the coming expected trends. While Wichita is not untouched by the national mortgage and real estate problems, we are protected from some of the major forces. Our local employment situation is very strong, and expectations are good for the near and medium term future. Although the price of gas has a negative effect on everybody, Wichita also benefits from the strong economy produced by the production and refining of oil. The strong local economy has supported our local real estate. 2007 numbers show that sales are consistent and steady. Sales of new and existing homes was close to the record set in 2006, and most expect 2008 to be similar in units sold, with price appreciation in the 3-5% range. Another plus for the Wichita area is that housing is still very affordable. The average sales price for an existing home is our area is a very reasonable $117,766. This is way below the national average, and helps to make home ownership possible for everyone. Wichita has also not had the huge climb in foreclosures that has hit many markets. We have had an increase and there are some people facing challenges with mortgage payments, but not to the extent that we hear about on the national news. In my area, the mortgage market is still active, but many changes have taken place. The loans available are still very attractive and affordable, but the 100% loans to borrowers with lower credit scores have gone away. These borrowers will need to spend more time preparing for home purchase. It is more important for them to get in contact with a mortgage specialist and work out any problems ahead of when they want to purchase a home. We are fortunate that there are still low down payment programs available for first time home buyers and FHA and VA are still a valuable pathway for those with less to put down on a home purchase. Interest rates have remained at attractive levels and I expect them to stay in the 6% range. Anything in the 6% range is very affordable, and adds stability and energy to the real estate market. Theses lower rates will also help all the commercial activity in the area. You can look in any direction in Wichita and see commercial growth and development. Much of this is possible because national companies see Wichita as a strong and growing market. The office and retail market is pretty active, vacancy rates are at a pretty low level, and some new development will continue. The future also looks promising as the Arena, Waterwalk and various casino projects continue to move along.It ‘ll be great in 2008!
 
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