Selling a home in Wichita Kansas
The market is HOT! Well, in the right price range.
Buyer's Market or Seller's Market?
People say this is a Seller's Market - and on Average, it is! The problem is, houses aren't average, you sell your home for an exact price. Those prices will define if you are a Buyer's Market or Seller's Market.
MSI = Month Supply of Inventory
MSI means how many months it should take us to sell all the active listings on the market. We get that number by finding out how many listings are on the market, and divide by how many sold in that month. 5-6 months to sell is considered Balanced. Less than 5 months is a Seller's Market, More than 6 months is a Buyer's market.
Which Price Range?
In the Wichita MLS, Everything below $300,000 is a Seller's Market. BUT, below $80,000 is less so that above $100,000. $100,000 to $200,000 is around 2 MSI, and is VERY competitive. $300,000 and up is very much a Buyer's market with 6-14 MSI. Listing your home in that price range is a bit more challenging.
So What do I do now?
Listen to your REALTOR, they can guide you on what to list your home for, and give you realistic expectations on how long it will take to sell your home.