Housing market starting to settle following summer surge

WICHITA, Kan. (KWCH) - Buying or selling a home in today’s market can be intimidating if you’re not prepared, but now could also be seen as an ideal time to test the waters in either role.

“Interest rates are up, but they are still very low in comparison to previous years. But it is definitely a good time to be a buyer or seller in today’s market,” said Lange Real Estate realtor and team leader, Rachel Lange.

Lange said she’s seen the market shift, but adds the summer surge in building and costs of labor was unique.

“The market over time just starts to stabilize a little bit and I think that is what we are starting to see. And things aren’t as hot and crazy as they were, All of those times have to come to an end,” she said.

Lange said currently, the market is in a good spot despite lower inventories, and recent months have shown improvement. While the COVID-19 pandemic has created new opportunities for buyers and sellers, it’s also changed how some people are going about those transactions.

“Online auctions seem to be more popular than ever,” Lange said. “You are able to sit behind a computer and purchase the home of your dreams without even having to leave,” Lange said.

Virtual options aren’t just helping those in the area. Lange said the Midwest has become a destination for buyers from other polices. She said about 25 to 30 percent of people she has recently helped have come from outside the market. Factors that have recently drawn a lot of interest include cost of living and access to purchasing land.

Without actually being able to see into the future, Lange said she expects the market to continue to improve. She said those who may be open to buying or selling should do so with the right guidance.

“I don’t think it is going to take a strong dip in the opposite direction in the next six months,” she said. “I hope to se and believe that it will continue to remain pretty strong.”