Despite a troubled economy, some Topekans are still selling homes
7:23 p.m. Sunday, October 5, 2008
The House decided on Friday to vote "yes" to a $700 billion bailout bill, and the president immediately signed it into law. The government is buying up bad loans, which have caused many corporations to go under.
But 49 News found out not everyone here in Topeka is worried about the housing market.
Driving around Topeka, 49 News crews saw many houses for sale, including three houses on one block. One man selling his house says he's not afraid of the market.
"I think mostly you just have to take the bull by the horns, and what we've done with our house is a super clean over," homeowner John Ramsey said.
Ramsey is selling his house and looking to buy another.
"There's quite a few houses out there, and quite a few keep coming on the market," he said. "We keep an eye out on the Internet."
Ramsey says he thinks the market in Topeka is pretty safe.
"I think it's going to level itself out selling versus buying because I may get a little less for mine, but what I buy will be a little cheaper I'm hoping," Ramsey said.
Prices of homes in the Capital City are declining, according to recent reports by the Topeka Area Association of Realtors.
Mary Froese says there are fewer houses on the market than last year.
"The number of investors that are buying in the market now, and swooping up the foreclosure houses in order to turn around and use them as rental properties is definitely more abundant than it used to be," Froese said.
There has also been a rise in foreclosure rates in Shawnee County according to TAAR, but despite the market some homeowners are still trying to sell their homes.
"What sellers are doing now is they are offering, often times they are offering incentives to buyers," Realtor Peter Lindner said.
The government is also offering a $7,500 tax incentive to first-time home buyers.
Many Realtors we say they are hoping first-time buyers are capitalizing on the incentive.
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