March 16, 2011
They're invading the front yards of South Central Kansas -- "For Sale" signs. And experts say they're a symbol of what's going on in the market.
"Right now I would say if you're looking for a house, there's lots of things going on that are going to be in your favor," said home seller Larrell Cook.
Cook would know, he's both a buyer and a seller in this market. He and his wife bought their ideal home in the country last year, so they've been working hard for the past five months to sell their previous house.
"When we sold our house in western Kansas we had it on the market for three days. So this is different," said Cook.
It's a sign of the times, according to the latest numbers released this week. The MLS report includes a home inventory for South Central Kansas. In a balanced market, there's a five to six month supply of houses. But right now, there's a 10 month supply of existing homes in the region, and for new homes, that number jumps up to a 15.7 month supply.
When you factor in historically low interest rates, you have a huge advantage for the buyer. But that may have sellers paying the difference.
"Buyers are confident in asking a seller to pay for closing costs, loan costs, to help out with specials, things like that," said Real Estate Agent Linda Nugent.
Realtors also say the buyer's market means price reductions on homes. Overall, the MLS report shows the median sales price of existing homes is down 6.3% as compared to the same time last year.
"Take advantage of these interest rates, take advantage of it being a buyers market, get out there and start looking," said Nugent.
Because experts say this buyer's market won't last forever.
"I think it's going to get better, and I think we've got more people coming into town now, and we're looking forward to those buyers," said Nugent.