The inventory of Homes For Sale has been declining since 2010 per the graph above provided by Dr. Stanley Longhofer, Director of Wichita State University’s Center for Real Estate. While this is a Kansas statewide chart, Rob Lang with At Home Kansas has been sharing about this decline since June 2007 at the peak of the extreme buyers' market when there were 1,620 single family houses for sale in Lawrence Kansas. As of the writing of this blog there are only 154 single family houses for sale in Lawrence Kansas. There is a steady year after year demand for about 1000 single family houses. This means about 7 different buyers are fighting for every house that comes on the market on average.
These 7 buyers fighting for the same house creates the fierce competition that is being experienced right now where multiple offers are submitted, houses are SOLD the day they come out on the market, and for full price or higher.
The most desirable $100,000 to $250,000 houses have only two and a half months worth of inventory. If you are considering selling your house, you should go here to find out how much your home is worth.
In 2011-2014 homes were selling faster than ever before with 15.6% of all homes being SOLD in less than 10 days on market.
In 2015 homes were again selling faster than ever before with 23.7% of all homes being SOLD in less than 10 days on market.
In 2016 homes were yet again selling faster than ever before with 28.4% of all homes being SOLD in less than 10 days on market.
In 2017 homes are still selling faster than ever before with 33.4% of all homes being SOLD in less than 10 days on market with many of those houses selling the first day.
How do you prepare for 1/3 of homes going under contract in less than 10 days? 1) Get your pre-approval letter or proof of funds letter to Rob Lang in advance of going to see a house for sale because if you wait until after, the house will likely be under contract with someone else who already had their pre-approval letter or proof of funds letter, 2) Have Rob Lang pre-write (but do not sign) your offer to purchase docs as it can take 45 minutes to 2 hours to complete all the offer documents, 3) If you are out of town, have Rob Lang FaceTime, Skype, Marco Polo, etc. a walk through of the house with you.
Home Price Appreciation Forecast shows 2016 Kansas house values appreciating 5.3%, 2017 Kansas house values appreciating 5.1%, and is forecasting 2018 Kansas house values appreciating 5.2%. You've got to love being a property owner. If you aren't a property owner, ask Rob Lang At Home Kansas 785-393-2274 how to become one.
2017 Kansas Home Sales shows just under 2016's home sales numbers but 2018 Kansas Home Sales Forecast shows a 3.3% increase in homes getting SOLD next year.
2018 Kansas Home Construction Forecast shows a slight dip in new home starts for 2018 after a large number of new construction homes starts in 2017.
The Kansas 2018 Major Market Forecast shows 1,560 Lawrence houses SOLD or a 4% increase, 250 new construction units or a 5.7% decrease, and a home appreciation forecast for Lawrence of 4.4%.
Watch the complete Fierce Competition -- 2018 Housing Forecast Lawrence Kansas and State of Kansas video from Dr. Stanley Longhofer, Director of Wichita State University’s Center for Real Estate below. As always, text/call Rob Lang, At Home Kansas, 785-393-2274 for how to be put first in line when a new house comes out on the market.