Wichita’s housing market is still hot, but what about future sales — and appraisals?

Nationally, the housing market may be experiencing a correction, but in Wichita, there’s still a boom on. That’s because the greater Wichita area is still seriously short of houses, so it comes down to supply and demand. “It’s economics 101,” said John McKenzie, president and CEO of Coldwell Banker Plaza Real Estate, who is in his 50th year in real estate. He said the past 24 months — particularly the past 12 months — are like nothing he’s seen before. That includes potential buyers “crawling all over each other other” at a home with 18 showings in a day and, in some cases, houses selling for double their asking prices. McKenzie said some two-bedroom, one-bath houses that used to be in the mid $70,000 to low $80,000 range have been selling for $140,00 to $150,000. “It’s just absolutely nutty,” he said. “Until we get inventory up, we’re going to continue to see the market that we’re in.”
Source: Wichita Eagle