Michelle Briggs

Owner/Agent

My Blog

SHRED-IT Event at RE/MAX

4/22/2014

November Newsletter

11/11/2013

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October Newsletter

10/14/2013

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End Of Year Review

1/4/2012

Wichita, KS economic and real estate, End of Year Report

The last month was good economic news for Wichita, KS.

The unemployment rate in November, 2011 dropped to 8.6% nationally and dropped to 7.2% for the Wichita metro area and 6.7% for Kansas. Jobless claims the middle of December, 2011 dropped to 366,000.  A sustained rate of 375,000 or below shows a economic recovery in place. 

Americans are gaining faith that the economy is on the upswing.

An improving job outlook helped the Consumer Confidence Index soar to the highest level since April and near a post-recession peak, according to a monthly survey by The Conference Board.

The second straight monthly surge coincided with a decent holiday shopping season for retailers, though stores had to heavily discount to attract shoppers.

The rise in confidence jibes with a better outlook for the overall economy. An Associated Press poll of three dozen private, corporate and academic economists projects U.S. economic growth will speed up in 2012, if it isn't derailed by upheavals in Europe.

Last week the average 30 year, fixed rate mortgage dropped to 3.94% matching the all time low in October, 2011.  In Wichita you could get a 3.75%, 30 year, fixed rate loan which would cost you only $463.12 a month for every $100,000 you borrow.  This is an ALL Time” low in interest rates.  If you have been waiting to buy that new home, give me a call at 316-554-2831

Employment in the aircraft sector should increase significantly in early 2012,  Spirit Aerospace who builds parts for every Boeing built aircraft and builds the entire fuselage-nose-tail cone of the B737 aircraft has received three record orders over the last month, each one breaking the record of the order before.

Emirates Airlines ordered 50 B777 aircraft November, 14; Indonesia Airlines ordered 230 Boeing planes November 18.  Many of these planes were the B737 model and December 14 Southwest Airlines ordered 208 B737 aircraft plus FedEx ordered 27 new B737 freighter aircraft.  Spirit Aerospace, who is now working at almost full capacity, will have to hire many workers to help Boeing Seattle keep up with this increased demand.  Look for a hiring announcement after the 1st of the year.  Thats my guess!

The only negative news is Boeing thinking about moving their Military division out of Wichita, no B767 Tanker business and 2,100 jobs up in the air.  Jan.4 update:  Boeing has decided to pull out of Wichita, KS. By the end of 2013.   This may not be as bad as it seems since Spirit Aerospace is looking to hire many more workers in 2012 and is in need of space to expand.

2011 Sales Update

1/4/2012

The South Central Kansas MLS releases November, 2011 area home sales figures.

Existing home sales decreased 3.6% between October and November, 2011 according to the latest figures, but increased 2.6% on a year over year basis.  The median sales price of homes sold in November decreased 2.1% compared to October and decreased 4.4% on a year over year basis. This does not mean that any one particular home decreased or increased from last year.

Existing home inventory this month decreased to 3,607 homes in inventory compared to 3,911 last month.  The existing home inventory this month is 6.4% lower than a year ago when it was 3,854 units.

Months-of-inventory for existing homes was 7.2 months in November.  A balanced market is a 3-5 month supply of homes.

Again in October, 29% of all sales were cash.  36% were conventional loans and about 20% were FHA loans.

Inventories of New homes continue to drop as builders are not replacing sold inventory and banks are reluctant to loan on spec homes.  YTD inventory is down 30% and down 58% from the end of 2008.

The average price of existing homes YTD for 2011 is $124,800.  The average price of new homes increased to $255, 405.

A total of 6,839 new and existing homes have sold in the 1st 11 months of 2011 with a total of 11,753 homes being listed for sale.  Average list to sales price was 95.86% with the highest list to sale price in the city being the far west side at 97.01%.  The highest list to sale in Sedgwick County was the SE area including Derby.

Personally my inventory of homes is of what it was one year ago.  Quality homes, staged and well priced are selling.  We are seeing many more investors enter the market because of the greater returns due to competitive prices and low-low interest rates

October Market Update

10/20/2011

October 2011 Market Update

Despite some pessimism pertaining to the global and domestic economies, the U.S. housing sector continues to show promising signs of stability and growth. Low levels of new home construction and gaining sales volume fueled by an inventory of affordable housing since Richard Nixon was president have reduced the number of homes on the market. This means home prices may begin to appreciate again.

While there are many factors that can be barriers to buying a home, such as the tightening of mortgage lending rules by banks, consumer confidence in the job market is among one of the top obstacles to home ownership. In the 2011 Housing Pulse Survey conducted by the National Association of Realtors, 80% of respondents cited job security as their primary concern when deciding to buy.

For only the fourth time since the beginning of 2010, home sales in August were up both year-over-year and month-over-month, posting an 18.6% gain from last year, with first-time home buyers accounting for nearly a third of all homes purchased. These indications of strength in the housing market may help to add to consumer confidence, which is an integral part of sustained growth. Even though there is still a long road to recovery ahead of us, there are opportunities to be had for both home buyers and sellers

4/13/2011
TAKE CHARGE OF YOUR CREDIT........ For years, this computer generated number has tightly been guarded secret, which reflects dozens of areas in one's financial history but is now being useful to many. Take charge of your credit , it is an ongoing process in our credit-driven society. • Score 700-850 - Smooth loan process; best interest rates. • Score 550-699 - Medium risk; higher interest rates. • Score 300-549 - Sorry, no loans or credit cards. • WHAT HELPS: • Pay all bills - and pay on time. • Maintain 2-4 credit cards. • Close unused credit or store cards. • Keep balance well below the limit. • Pay more than the minimums. • Establish long-term credit history. • WHAT HURTS: • Too many credit cards or zero cards. • High non -mortgage debt. • Delinquent accounts. • Frequent job or address changes. • Charges offs. (bills marked noncollectable) • Bankruptcy. --

2011 Home Maintenance Tips!

1/5/2011
January 2011...NEW YEAR, FRESH START!!



Instead of making resolutions, make a list of projects you want to complete this year.  Post the list somewhere you will see it everyday!



Be careful when taking down holiday decorations. pack&label the boxes, invest in some Christmas light reels to keep those strands tidy&take some time to cull out any broken ornaments or decorations you don't care for.



For additional tips or questions on how to get your home ready for market, give me a call today!

Market Review

11/17/2010

The South Central Kansas MLS releases the October Wichita-area home sales figures.

Existing home sales decreased 8.9% between September and October according to the latest figures released by the South

Central Kansas MLS. Existing homes sales in October totaled 501, down from 550 units in September. The median sales

price of existing homes in October increased 0.6% compared to September, but decreased 3.2% on a year over year basis.

New home sales decreased in October to 46 units, which represents a 17.9% decrease compared to September. The

October median sale price of new homes increased to $191,510 from $187,899 in September and is 16% higher than one

year ago.

Existing home inventory this month was down 5.6% with 4,078 homes in inventory compared to 4,318 last month. The

existing home inventory this month is 22.6% higher than it was a year ago when the existing home inventory was 3,327.

New home inventory decreased this month with 464 homes in inventory compared to 497 new homes on the market last

month. The new home inventory is 22% lower than it was a year ago at this time when there were 595 new homes on the

market.

New and existing home inventory combined was 4,542 homes this month compared to 4,815 last month representing a

5.7% decrease in the past month. One year ago the combined inventory was 3,922 which represents 15.8% increase in

total inventory over the past year.

Months of Inventory is determined by taking the inventory and dividing it by the number of sales. A balanced market is

considered to be a 5-6 month supply. If the supply exceeds 6 months, the market begins to favor buyers. When the

supply is less than 5 months, the market tends to favor sellers. Months of inventory for existing homes increased to 8.1 in

October compared to 7.9 last month. This number indicates a buyers market. Months of inventory for new homes

increased this month to 10.1 months of inventory compared to 8.9 last month.

Today's Rates!

9/7/2010
Residential Mortgage Rates September 7, 2010

Product Rate** Points APR**
30 YR. Fixed1 4.375% 0 4.424%1
20 YR. Fixed2 4.250% 0 4.329%2
15 YR. Fixed3 3.750% 0 3.835%3
3/1 ARM 3.500% 0 3.254%
FHA 30 YR. Fixed 4.250% 0 4.850%
VA Financing 4.500% 0 4.690%
Rural Development 4.500% 0 4.752%

1 For Example: Repayment terms 360 monthly payments of $4.99 per $1000 borrowed. 2 For Example: Repayment terms 240 monthly payments of $6.19 per $1000 borrowed. 3 For Example: Repayment terms 180 monthly payments of $7.27 per $1000 borrowed. **Based on loan amount of $100,000 to $417,000 and a CREDIT SCORE OF 740 OR GREATER.
Please contact a representative for rate quotes on loan amounts under $100,000 and CONSTRUCTION loans.
Rates apply to owner occupied loans only. Rates are based on a 30-day lock and are subject to change.
This is not a commitment to lend.

Thank you.
Member FDIC
Thanks, Jan Wetta AVP / Mortgage Lending Legacy Bank 7555 W 21st St N Wichita, KS 67205 Ph (316) 260-3741 Fx (316) 866-1170 janw@legacy-bank.com
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