The housing market in Topeka closely mirrored national real estate trends during the first half of 2023, with both plagued by low inventory, high home prices and rising interest rates. … Developers have been cautious since the housing crash of 2008, a problem that has contributed to the inventory issues plaguing the country today. Meanwhile, homeowners who bought before interest rates rose are staying put, making the shortage worse. Topeka Area Building Association CEO Katy Nelson said she’s seeing higher demand for new construction in Shawnee County and the surrounding areas. … Would-be homebuilders still face some challenges, including financing difficulties. “When COVID hit, we lost a lot of smaller companies and the sub-producers that came with that, or they raised their prices a lot,” said Nelson. “Clients are needing to get requalified through their banks more often than before, and this seems to be a challenge for some people that are on the edge of moving forward or holding off.” A lack of available lots in Topeka and Shawnee County has also deterred some people, who wouldn’t hesitate otherwise. “In Topeka city limits, lots are limited. There is more availability in the county for the desirable lots,” said Nelson. “There are many people that feel this plays a big part in all building decisions.”
Source: CJonline
