The annual Kansas Housing Markets Forecast predicts Wichita home values will finish 2023 up 4.2% and will rise another 3.4% next year. Meanwhile, local home sales are expected to close this year down more than 10%, with a slight dip ahead in 2024.

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WSU Housing Forecast: Seller’s Market Continues Despite Rate Impacts on Demand

Wichita Home Values and Sales

Home Values Expected to Rise

The annual Kansas Housing Markets Forecast predicts that Wichita home values will finish 2023 with a 4.2% increase and will rise another 3.4% in 2024.

Local Home Sales Decline

Meanwhile, local home sales are expected to close this year down more than 10%, with a slight dip ahead in 2024.

Expert Insights from Realtor Jessica Fulk

Understanding the Seller’s Market

Realtor Jessica Fulk shares her thoughts on the current state of the real estate market: “Despite the impact of rates on demand, it’s still a seller’s market. Homeowners looking to sell their homes can still expect a favorable market with rising home values.”

Advice for Buyers and Sellers

When asked about what potential buyers and sellers should consider in this market, Jessica Fulk advises, “For sellers, it’s important to price your home competitively and be prepared for multiple offers. For buyers, be prepared to act quickly and consider working with a knowledgeable Realtor to navigate the competitive market.”

In conclusion, the WSU housing forecast indicates that despite the impact of rates on demand, the seller’s market will continue in Wichita. Home values are expected to rise, while local home sales may experience a decline. Realtor Jessica Fulk’s insights emphasize the importance of working with an experienced real estate professional to navigate the competitive market, whether you’re buying or selling a home.

Orginal article: Link To Article – provided by Kansas City Realtors