Incentives and record low interest rates are – very slowly – driving more new home sales, said Wess Galyon, president of the Wichita Area Builders Association.
And potential buyers have a good chance this month to check out what’s available. Area builders will have 112 homes on display at the annual Fall Parade of Homes. The three-weekend event runs from noon to 6 p.m. beginning Saturday.
Homes range from $100,000 to more than $1.5 million and are in Wichita, in the county and in surrounding cities.
“We are seeing some momentum build that we think will mean an uptick in new home sales by the end of the year,” Galyon said.
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Galyon said buyers have put contracts on 223 new homes so far this year, compared to 200 for all of last year. By the end of the year, he estimates homes sales will be up 35 to 50 percent.
The incentives range from a five-year property tax rebate in Wichita to credits on utility bills or cash grants in other cities. Developers and builders also are offering incentives; some paying a portion of the specials and others are throwing in additional features for free.
The parade comes at a time when interest rates are hitting record lows. Capitol Federal Savings, for instance, is offering a 30-year-fixed rate loan at 3.5 percent with no points, and its 15-year fixed rate loan at 2.75 percent with no points.
Still, new home sales remain 60 percent to 70 percent below the busiest years of the last decade, Galyon said.
Details about the incentives can be found on the websites of the various cities and from those staffing the homes on the parade.
Listings and maps of the parade are available in the Fall Parade of Homes Magazine available at area grocery stores or online at www.wabahome.com.