How do I see homes for sale, or listings, in the greater Wichita area?

Servicing the greater Wichita area: Wichita, Derby, Bel Aire, Colwich, Maize, Andover, Goddard, Haysville, Valley Center, Park City, Kechi, College Hill, Mulvane, Wellington, & more.

How to a buy a home or what is the home buying process?

10 Steps to PATH TO HOMEOWNERSHIP

1. Save for your Down Payment

2. Know your credit score

3. Find a Real Estate Agent

4. Get Pre-Approved

5. Find a Home

6. Make an Offer

7. Have a Home Inspection

8. Get a Home appraisal

9. Schedule a closing date

10. Schedule a final walk-through. Move In.

How long does it take to buy a home?

From start (searching online) to finish (closing escrow), buying a home takes about 10 to 12 weeks. Once a home is selected and the offer is accepted, the average time to complete the escrow period is 30 to 45 days, under normal market conditions. However, well-prepared home buyers who pay cash have been known to purchase properties more quickly than others.

Market conditions are a significant factor in how fast homes are sold. In hot markets with high sales activity, buying a home may take a little longer than usual. That’s because several parties involved in the transaction fall behind when business suddenly picks up. For example, a spike in home sales increases the demand for property appraisals and home inspections; however, there will be no corresponding increase in the number of appraisers and inspectors available to perform the work. Lender turnaround times for loan underwriting can also slow down. If each party involved in a deal takes a day or two longer to complete their work, the entire process is extended.

What is a seller’s market?

In sellers’ markets, increasing demand for homes drives up prices. Here are the common drivers of demand:

• Economic factors – the local labor market heats up, bringing an inflow of new residents and pushing up home prices before new construction homes can be built.

• Interest rates trending downward – improves home affordability, creating more buyer interest, particularly for first-time homebuyers who can afford bigger homes as the cost of money decreases.

• A short-term spike in interest rates - may compel “on the fence” buyers to purchase if they believe the upward trend will continue. Buyers want to make a move before their purchasing power, the amount they can borrow, is eroded.

• Low inventory - fewer homes on the market because of a lack of new construction. Prices for existing homes may go up because there are fewer units available.

What is a buyer’s market?

Declining home prices and reduced demand characterize a buyer’s market. Several factors may affect long-term and short-term buyer demand.

• Interest rates trending higher – the amount of money people can borrow to buy a home is reduced because the cost of money is higher, thus reducing the total number of potential buyers in the market. Home prices drop to meet the level of demand, and buyers find better deals.

• Short-term drop in interest rates – can give borrowers a temporary edge with more purchasing power before home prices can react to the recent interest rate changes.

• High inventory – a new subdivision can create downward pressure on prices of older homes nearby, particularly if they lack highly desirable features (modern appliances, etc)

• Natural disasters - a recent earthquake or flooding can tank property values in the neighborhood where those disruptions occurred.

What type of credit score is required to purchase a home?

Most loan programs require a FICO score of 620 or better. Borrowers with higher credit scores represent less risk to the lender, often resulting in a lower down payment requirement and a better interest rate. Conversely, home shoppers with lower credit scores may need to bring more money to the table (or accept a higher interest rate) to offset the lender’s risk. See how YOUR CREDIT score stacks up.

How much do I need for a down payment?

The national average for down payments is 11%. While the average down payment is 11%, first-time homebuyers typically put down only 3% to 5% on a home. That’s because several first-time homebuyer programs don’t require large down payments. A longtime favorite, the FHA loan requires a 3.5% down payment.

Some programs require even less. VA loans and USDA loans can be obtained with zero down payment. However, these programs are more restrictive. VA loans are only made to former or current military servicemembers. USDA loans are only available to low to middle-income buyers in USDA-eligible rural areas.

For many years, conventional loans required a 20% down payment. These types of loans were typically taken out by repeat buyers who could use equity from their existing home as a source of down payment funds. However, some newer conventional loan programs are available with 3% down if the borrower carries private mortgage insurance (PMI).

How can a buyer make their offer stand out?

Every situation and offer will be unique. Your real estate agent is there to guide you and help you determine the best way to construct your offer, taking into account all relevant variables. Your real estate agent will know your story, build a strong rapport with the other real estate agent involved, and be able to present you, their client, in the best possible light.

Should I sell my current home before buying a new one?

If the built-up equity in your current home will be applied to the down payment on the new home, it will naturally need to be sold first.

Some homebuyers decide to turn their current home into an investment property by renting it out. In that case, the current home will not need to be sold. However, your loan advisor will still need to evaluate your risk profile and credit history to determine whether making a loan on a new home is feasible while retaining title to the old home.

Buyers often have a short timeframe to sell their current home when relocating to a new city due to a job transfer. If you are moving but taking a position with the same employer, check to see if they offer relocation assistance to help offset some of the costs.

Do I need to do a final walk-through?

Final Walk-Throughs are strongly suggested. This allows buyers the opportunity to verify that nothing has changed since their initial visit. If repairs are requested, as part of the offer, a follow-up visit ensures that everything is in order, as expected, according to the contract terms.

What is escrow, and how does the process go?

Escrow is the actual process wherein the buyer and the seller deposit funds and relevant documentation with a neutral third party, which holds them in trust until all the conditions of the sale are fulfilled. This allows for a more seamless sale and minimizes risk for both parties. Escrow opens once both parties have signed the purchase agreement and delivered it to their escrow holder along with the escrow instructions. A good-faith deposit (also known as earnest money) or initial down payment is typically made at the same time. The escrow holder will then process the escrow according to instructions.

Are home listings’ pricing negotiable?

The list price of a home is always negotiable. Before you jump into the negotiation process, however, you should do your research first of the local market, the seller’s particular circumstances, and so on. A good real estate agent will accomplish this and more for you.

How much are my closing costs going to be?

The average closing costs are around 3 percent of the loan amount. There are one-time fees and recurring fees, and the details will be outlined in the Good Faith Estimate you get from the lender when you first apply for a loan. Since it’s an estimate, however, the amounts at the actual closing may change.

How is the home’s selling price determined?

The list price is a figure that the seller and their listing agent agree on based on the prices of comparable recently sold properties in the same area, the current inventory, prevailing market trends, and several other property and area-specific factors.

There are several methods that real estate agents use to determine the value of a home.  The most common method for determining a home’s value is by completing a comparative market analysis.  A comparative market analysis is an in-depth evaluation of recently sold “comparable” houses in the past 6-12 months.  A comparative market analysis, also known as a “CMA,” allows the real estate agent to provide a price range.

A professionally completed “CMA” will take into account many features of not only a home, but also the local area and neighborhood.  Considerations that a professionally completed “CMA” includes, but is not limited to:

1. Square footage

2. Number of bedrooms

3. Number of bathrooms

4. Upgrades to the kitchen

5. Window quality

6. Roof age

7. Lot features

8. Location: Primary or Neighborhood Street?

9. Style of residence

10. Flooring type

Why is my home’s assessed value different from the market value?

Your home's assessed value and market value are each determined by different factors.

Professional appraisers calculate the assessed value, whereas buyers and sellers affect the market value of a home. In a seller’s market, your home’s market value may be higher than its assessed value. That’s because buyers are willing to pay more than the home is technically worth because of low inventory.  In a buyer’s market, buyers face intense competition from other sellers, allowing them to submit offers lower than the home’s assessed value.

What if my offer is rejected?

Sellers have the ability to accept or reject an initial offer. However, what is most common, sellers initiate a counteroffer. Remember this: a deal isn’t dead until it’s dead. So, if the seller proffers a counteroffer, you’re still in the game. You and your agent need to review it and determine whether the counteroffer is acceptable. If so, then approving it closes the deal immediately. Keep in mind that offers and counteroffers can go back and forth many times; this is not unusual, and negotiations are a part of what real estate agents do as a matter of routine. Each revision should bring both parties closer together on the terms of the deal.

What’s the biggest mistake people make when trying to sell their home?

The biggest mistake a seller can make when preparing their property for the market is misjudging the amount of time and effort required to do it adequately. Oftentimes, people think that selling a house is nothing more than putting a few pictures on the MLS. They look at their neighbors who might have sold for a high price, and don’t realize the amount of effort that it took to achieve that result. Sellers must view their properties with a critical eye and try to imagine their home as a potential buyer would. As you get ready to sell your house, add the SELLING CHECKLIST to your to-do list. Your agent will also provide you with other helpful tips tailored to your specific situation.

What is the easiest, quickest, and cheapest activity sellers can do to their home that will have the most significant impact?

Decluttering the home has an immediate psychological reward for both the seller and prospective buyers. Use decluttering as an opportunity to pack and purge. Suggestions include removing personal effects, family photos, and unnecessary decor. Furniture may have to be removed to make a space appear bigger and brighter. If possible, invest in a professional cleaning service to come through right before the home hits the market. A clean and well-organized house goes a long way with a potential buyer. Additional details in Kimmy’s BLOG!

What are the top three questions buyers should ask about a home they are interested in?

Have there ever been any floods or water damage in the home?

Have there been any significant improvements or repairs to the home, and if so, were professionals used, and do you have the proper permitting?

What is the age of the mechanical systems? Additional details in Kimmy’s BLOG!

What are your top tips for helping a buyer negotiate the best price?

Use an experienced real estate agent! A REALTOR® has access to information and has the required skill set necessary for you to make an informed decision and protect your best interests when negotiating the best price.

Are there any trusted professional businesses you recommend in Wichita?

An experienced agent should be able to recommend a local trusted NETWORK of professionals. These professionals may include an attorney specializing in real estate, a mortgage advisor, a general contractor or handyman, moving companies, professional home stagers, and cleaning services. Being part of the real estate industry means utilizing your extensive network to support your clients. Please visit my website to learn about my trusted and recommended network.