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Economy

With tax credit deadline past, real estate agents catch breath

Bill Wilson - Wichita Eagle

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May 01, 2010 04:51 PM

Fridays are always busy in the residential real estate business. But it will be awhile before there's another Friday like the last day in April.

Agents and brokers across the city were scrambling Friday to get buyers and sellers together before the homebuyer tax credit deadline at midnight.

For many, it was a wild day on the road handling closings, working leads and putting out the inevitable fires in the complicated paper-heavy homebuying process.

"Honestly, the last two weeks have been insane," said Kelly Kemnitz, a J.P. Weigand agent out of the firm's East Harry office. "I've not gotten home until after 9 p.m. many of those nights, and that doesn't take into account the time I spend on the computer after my kids have gone to bed."

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The story's the same in many Wichita brokerages, as customers flood the market — for the $8,000 first-timer deal, the $6,500 break for current homeowners or the lure of low interest rates.

"Our agents are going crazy," said Penny Johnson of Keller Williams Signature Partners in Wichita. "I have a lot of agents, and I talk to a lot of agents from other companies, and we're all doing business, but we do have business working that doesn't have to do with the credit."

Kemnitz's frantic Friday had her rushing east to list one house, then dashing to a title company to help a young couple close on a house.

"The spring is always a crazy time, but it's just been compounded right now," she said.

"It's a combination of factors. The units are up in Wichita in March and April over the past several years. The average price isn't, because we're dealing with lower-end buyers, but absolutely the tax credit is driving part of the market."

Read more of this story at Kansas.com

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