selling

Wichita’s most expensive homes are selling fast. Here’s why.

The most expensive homes in the Wichita area are selling fast and the number of them available has fallen to levels not seen since before the Great Recession, according to a real estate analyst at Wichita State University.

Stan Longhofer, director of WSU’s Center for Real Estate, said the demand for homes that cost more than $500,000 and a limited supply of them were standouts of the 2021 Kansas Housing Markets Forecast, an annual report released this week. The change comes despite a pandemic and global recession that hasn’t yet negatively impacted home sales but could catch up in the next couple of years, Longhofer said.

For now, the housing market is booming, often causing “bidding wars.”

During the pandemic, labor and service sector jobs have seen bigger layoffs than office jobs that have more flexibility, he said. And people in those more flexible, usually higher-paid roles have been driving the demand for higher-end homes.

“It’s just sharpened and made even more extreme the separation between those in very fortunate economic situations with those who are not, “ he said. “And it’s those that are in the fortunate situation that are driving the housing market.”

Historically low interest rates and the economic environment of the fortunate people have dropped the supply of higher-end homes for sale to under six months, Longhofer said. It’s the first time the supply has been this low since the 2007-2009 recession, he said.

Shortage of homes

The housing market is considered balanced when there’s a four to six month supply of homes. The supply is calculated by dividing available homes by average homes sold each month.

For example, if 1,000 homes are available and on average 200 homes a month are selling over a year’s time, 1,000 divided by 200 equals a five-month supply —

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Hawaii real estate agents report selling more homes sight-unseen than ever before

As a real estate agent, Catherine Pennell is used to taking a lot of phone calls. But since April, her phone has been ringing more often than during a typical year — she’s fielding two to three phone calls every day from people looking to move from the mainland U.S. to Hawaii.

“I think people are saying, ‘Life is short.’ It’s a lot of talk because they’re not here yet and they can’t get here yet, but I’ve done more sight-unseen sales than I’ve ever done during the pandemic,” said Pennell, who represents Kauai for KW Kauai Keller Williams. “I’ve done three in the last three months.”

Julie Peters, an agent with Island Boutique Realty on the island of Hawaii, said when wildfire season began in August, she was fielding at least one call each day from California residents wanting to escape the area due to smoke and fire danger. “One person wanted to come over immediately and rent in the meantime because she was so done with smoke,” Peters said. “The last five closings I did were sight-unseen. I had rarely done that before.”

Peters said many of her buyers this year were from the Bay Area and the bulk of them hail from the West Coast. From January to June 2020, California residents bought $587.6 million worth of Hawaii property, making up 41% of total sales during that period coming from the U.S., according to Title Guaranty, which owns and maintains the largest real estate database in Hawaii.

“Demand for Hawaii is always there. Everyone wants to invest, retire or vacation here, but it’s just grown exponentially this year,” Peters said. “A lot of people that were already looking toward retirement here sped it up, or people found out they could work from home. We got a rush

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With Archway Homes, selling your home ‘as is’ never felt so good.

When it comes to buying and selling homes, husband and wife team Jon and Stacy Bichelmeyer with Archway Homes can buy your property in as little as three days or the date of your choice.

When it comes to buying and selling homes, husband and wife team Jon and Stacy Bichelmeyer with Archway Homes can buy your property in as little as three days or the date of your choice.

Today we are in a social and economic climate like none ever experienced before. Our priorities and needs are changing day by day. At Archway Homes, we realize that the almost instant upheaval in our lives may be leading us to make decisions we might not have considered last month or even last week. Archway Homes can help sellers who want or need to sell a home without going through the often drawn out and sometimes painful traditional selling process. Real estate investors Jon and Stacy Bichelmeyer, owners of Archway Homes, buy homes in any condition. They have been buying and selling properties in the greater Kansas City area for over 20 years, striving to make the difficult process of selling a home as stress-free as possible. With more years of experience than the majority of home buyers, Archway is in a strong position to weather the storms and continue to help those wanting to sell properties.

“We have been buying and selling homes for over 20 years. We’ve seen some great times, we lived through the real estate crash in 2008-2010 and have come through the other side. We plan to be working with sellers during these uncertain times and after the world and economy is back on its feet again,” said Jon. “I know people are being cautious and careful and think there is no way to sell their home, but we are using smart technology and every health precaution to be able to proceed through this “new normal.”

Sellers may have homes under contract, but due to market uncertainty or

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Solidcore Owner Anne Mahlum Is Selling Her DC-Area Homes

Photo courtesy of Solidcore.

Anne Mahlum, owner of popular boutique fitness chain Solidcore, announced on her Facebook page that she is selling two Washington-area homes. On Monday, she listed her waterfront property in Royal Oak, on Maryland’s Eastern Shore, for $1,795,000. Her Adams Morgan condo hit the market on Thursday for $1,600,000.

In a Facebook post about the Eastern Shore house, dated September 25, Mahlum writes: “I love this house so much, but it’s time to start making some moves on the next chapter to build some new memories in new places.”

It’s been a tough seven months for Solidcore, as Covid-19 has devastated much of the fitness industry. In March, Mahlum announced that she had laid off 98 percent of her employees. In July, as instructors slowly began to return to her studios, Washingtonian reported that many of them felt Solidcore wasn’t doing enough to keep them safe from the virus. Then, in August, BuzzFeed News published an in-depth story about an alleged culture of toxicity and sexual harassment within the company.

Though Solidcore was founded here—and counts Michelle Obama among its fans—it now has studios across the country. It’s unclear whether Mahlum is selling the houses because she plans to leave DC altogether. (She has not yet responded to an email from Washingtonian asking for more details.)

In a September 26 post about the Adams Morgan condo, Mahlum emphasizes its “incredible views of the monument and capital.” Indeed, both homes appear to be lovely. The condo has 2,000 square feet of living space among three levels, a dramatic staircase, and a high-end kitchen. The Eastern Shore house sits on more than two acres, with a pool, 12-person hot tub, outdoor kitchen, and a private dock. The full listings, which Mahlum also shared on Facebook, are available here and

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So many homes are selling that we could run out of new houses in months



a house with a mountain in the background: A house is the most desirable get amid the coronavirus pandemic, but the US is barreling toward an inventory shortage and affordability crisis that'll make homeownership unattainable. John M Lund/Getty Images


© Provided by Business Insider
A house is the most desirable get amid the coronavirus pandemic, but the US is barreling toward an inventory shortage and affordability crisis that’ll make homeownership unattainable. John M Lund/Getty Images

  • The hottest pandemic purchase is a house, as more and more Americans take advantage of low mortgage rates to attain spacious backyards and more comfortable work-from-home locales.
  • Existing home sales, which have trended upward for the last 3 months since the housing market reopened from shutdown, soared to a 14-year high in August. New home sales are also up.
  • Home prices are soaring, too, recording the highest two-month appreciation between May and July — at 2% — in 30 years of record-keeping.
  • But not enough new houses are being built to keep up with demand, a trend that actually goes back a decade.
  • Homebuying, in all its trendy glory, only projects to get more expensive, if not impossible. If homes keep selling at this rate, Bloomberg estimates the inventory of new homes could actually run out in just a few months.
  • Visit Business Insider’s homepage for more stories.

 

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Is your Instagram feed littered with captions reading “Surprise! We bought a house!” underneath photos of couples posing with sets of keys and whimsically colored front doors? Have you seen unbearably long lines for open houses in your own neighborhood?

If it seems like the hottest pandemic purchase is a home, well, it’s not just your hunch telling you that.

A shocking volume of homes are selling rapidly, according to new data. The National Association of Realtors (NAR) released a report on Tuesday finding that existing home sales reached a 14-year high in August. In fact, Bloomberg reported that if homes continue to sell at

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