The Federal Reserve Wednesday lowered interest rates by another quarter point.  That's good news for those looking to make large purchases like a home.  But, in Wichita, that could make an already hot market even harder to maneuever.

"It is great, low maintenance."

Laura Gaddy  is ready to close on her new home.  So her walk through of a new build home with KAKE News was just for fun.

"Hey, do you like this house?" she asked her infant son.  "Yeah?"

But reaching this point wasn't easy.

"We are unde contract right now.  We close Friday," Gaddy said. 

"How much of a relief is that at this point?" asked KAKE's Pilar Pedraza. 

"Oh my goodness!  It'll be very nice," she laughed.  "We've had some sleepless nights!"

When Gaddy started looking last July, she knew what she wanted and quickly found a home, only to lose it to a higher bidder.

She's not alone.

"I have been in situations in the listing side where I've had eight to ten offers, or more, on the house," said realtor Shana Wurth with Keller Williams.  "I've had handfulls of buyers in the last couple of years that have been in multiple offer situations.  It is tough because you may have a great offer, you may have a great buyer that is qualified.  However you just didn't get the house.  And it's disappointing."

Wurth says three just aren't enough homes in the $100,000 to $200,000 price range, where most first time homebuyers are looking, available in Wichita right now.  And it's been like that for about three years.

Trent Barney, also with Keller Williams, added that  there aren't enough new homes being built in that price range at the same time that a good job market in Wichita has more people wanting to buy.

Add lower interest rates?

"Buyers are going to be more apt to purchase a home. I mean these are almost all time lows in interest rates.  So right now is the right time to buy," Barney said.

Both agree that if you're looking to buy, you should begin by speaking with someone who knows the market well, sit down and talk over what to expect with them and adjust your expectations for what your money can buy in the Wichita area.  They also say it's vital to get pre-approved for a loan.

"It's frustrating. on both sides," Wurth said.  "It is incredibly vital to have that pre-approval letter in hand.  I tell any buyer I meet with that we can't go look at houses until you have that."

That's because sometimes a lower bid from a buyer with pre-approval will win out over a higher bid without the pre-approval.

Gaddy, almost done with the homebuying process now, also advises patience.  

"I think the biggest thing is be patient. There's always another house,"said Gaddy.  "If one falls through, there's something better coming."

In Gaddy's case, that was the same house.  The buyer who outbid her had the contract fall through.  The sellers asked if she still wanted the house.

"And what' smeant to be will happen, just like with us," Gaddy smiled.