The chaos and uncertainty rattling Wall Street and the problems altering the national financial landscape seem to have missed Kansas so far, according to an informal survey of realtors and brokers across the state.

Realtors and brokers in Lawrence, Hays and Wichita told Kansas Liberty the housing and business markets in Kansas are doing well in comparison to the rest of the country.

Realtors in all three cities agree the news isn't bleak for homeowners who are trying to sell houses, despite the pressures on the mortgage market.

However, realtors say that although sellers in those areas can expect reasonable returns for those looking to buy homes, good credit scores and the ability to put money down on a house have become increasingly important.

“People are really not losing value, and we are projecting that by the end of this year the overall average of residential real estate will go up 4 percent, so we are very fortunate in Wichita,” said Tim Holt, real-estate broker and CEO of Realty Executives of Wichita.

“Really, if you are living in the Midwest you should be okay, but the days of having marginal credit and providing no money down are gone," he said, adding that veterans are an exception, as they can still get 100 percent financing.

Rob Lang, a Lawrence realtor, said the amount the seller is receiving from their asking price for residential properties has gone up in Douglas County, from 89.3 percent in June 2007 to 98.3 percent of their asking price currently. Over the same period, the number of properties available in Douglas County has decreased from 1,600 to 650.

“If you listen to the media, it sounds like we are going down the tubes," Lang said. "But if you look at the actual numbers, we are actually getting a higher price for the sellers in real estate."

Cora Schumacher, real estate agent for Landmark Realty in Hays, said she thought the housing market in her community was also doing well.

“We are not experiencing having to lower prices like some places,” she said.

Schumacher said the main difference she has noticed in Hays has been lenders expecting better credit scores and the ability to put money down - generally from 10 to 20 percent. 

The business climate also seems to be a healthy one, despite the headlines from New York and Washington. Darrell Seibel, financial advisor for Edward Jones in Hays, said he thought the easy accessibility of Interstate 70 has helped Hays’ businesses remain strong.

“We have very good prosperity in agriculture, oil and the service agencies so business is good,” he said.

Jeff Breault, a stock broker and partner at Carey, Thomas, Hoover & Breault in Wichita, told Kansas Liberty that although the current volatile state of investing is unsettling for some, he doesn’t think anyone in Kansas is changing their day-to-day activities, or business activities as a result of it.

“Bad news always sells better than good news," Breault said. "The coming of the apocalypse sells better in the book than a great economic boom."

- Holly Smith

The Week in Review