Interest rates continue to be a main topic of conversation as we move into the 2nd quarter of 2024. Rates have always fluctuated, but on average have hovered in the 5 to10% range for the past three decades. As of right now, industry experts are reporting that rates could potentially fall to around 6% by the end of 2024.
The supply and demand scenario we are seeing nationwide has been 10 years in the making, so the likelihood of waiting another 6 to12 months will make your purchase more affordable is very slim. If you do find a home you like, and you can afford the payment, our best advice is to buy it.
Bottom line…Buyers should be prepared for a competitive market in the $250,000 and below range over the summer months. Upper price points will continue to see a leveling out on pricing as well as longer days on market. Appreciation values are still going up year after year in the Wichita market so there is no downside to homeownership. Plus, Forbes magazine recently named Wichita as one of the top 5 cities to live in!