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While interest rates remain at historic lows, buyers of Topeka real estate continue to remain cautiously optomistic. There are great real estate deals to be had in the current Topeka market. However, the uncertainty of the economy clearly has many people opting to stay put in their present housing situations and deciding to adopt a wait and see attitude.
Sellers have seen property devaluation in many cases by as much as 30% over the past three years as the economy stalls or grows slowly out of the worst recession in many of our lifetimes.
While unemployment in Topeka continues to remain well below the national average, a conservative approach to buying and selling real estate continues to dominate the market philosophy here.
Buyer federal government tax incentives stabilized the market in the 1st and 2nd quarter locally but the market has fallen off since.
Topeka is still very much a buyer market with more than 1,400 homes listed (17 year high), in the Topeka MLS as of mid September.
Foreclosure properties are at an all time high in this market and are competing with well maintained and presented traditional offerings. Lenders and banks are rethinking the approach to their distressed property holdings. If you are nearing distress on your property or if you've had a job loss or change of income, please contact your lender or myself immediately for institutions are more willing than ever to work with you and establish plans to help.
As a first time buyer, there are great bargains to be had in this market condition. For a FREE list of recommended bargain hunter homes, please contact me.
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