{"id":2642,"date":"2021-11-12T21:58:22","date_gmt":"2021-11-12T21:58:22","guid":{"rendered":"https:\/\/www.realtrends.com\/blog\/2021\/11\/12\/topeka-lures-out-of-state-buyers-with-charm-financial-incentives\/"},"modified":"2025-03-13T02:39:33","modified_gmt":"2025-03-13T02:39:33","slug":"topeka-lures-out-of-state-buyers-with-charm-financial-incentives","status":"publish","type":"post","link":"https:\/\/www.realtrends.com\/blog\/2021\/11\/12\/topeka-lures-out-of-state-buyers-with-charm-financial-incentives\/","title":{"rendered":"Topeka lures out-of-state buyers with charm, financial incentives"},"content":{"rendered":"\n

Topeka, Kansas, the sunflower state\u2019s capital city, is not quite as bustling and metropolitan as some of the state\u2019s larger cities, namely Kansas City and Wichita. But according to local Prestige Real Estate<\/strong> agent Kylie Edington, that’s the selling point.<\/p>\n\n\n\n

\u201cYou get a small town feel here,\u201d Edington said. \u201cEveryone says that the people are super friendly and it\u2019s such a centralized location because we are still close to Kansas City and Lawrence and Emporia. You can get to the bigger areas within an hour. But we have all the shopping and restaurants you need here and we\u2019ve had a lot of downtown revitalization.\u201d<\/p>\n\n\n\n

The attraction of Topeka\u2019s big city amenities and small town vibe has driven up demand in the city, catapulting it to eighth place on Realtor.com<\/strong>\u2019s list of the hottest housing markets in September<\/a>.<\/p>\n\n\n\n

While home prices in the city remain very affordable, especially compared to other popular metros, September\u2019s median list price of $159,900 represents a 12.2% year-over-year increase, according to Realtor.com<\/a>.<\/p>\n\n\n\n

Agents told Realtrends<\/strong> that it’s a mix of local and out-of-state buyers driving the strong demand.<\/p>\n\n\n\n

\u201cWe are seeing a lot of local first-time homebuyers and a lot of move-up buyers,\u201d local eXp <\/strong>agent Karey Brown said. \u201cWe are also getting a lot of people from California. Most of our relocations are coming from California, but we are also seeing people from other places.\u201d<\/p>\n\n\n\n

Edington has seen similar trends with most of her out of state buyers coming from California, but she has also worked with several buyers from Las Vegas, Colorado and the East Coast.<\/p>\n\n\n\n

The low home prices are certainly one factor driving interest from out of state buyers, but the city\u2019s Choose Topeka<\/strong> program<\/a>, which provides monetary incentives for homebuyers who relocate to the area, is another.<\/p>\n\n\n\n

The applications to the program are open to both on site and remote workers who move to the area and 60 candidates will be selected each year for up $15,000 in incentive pay.<\/p>\n\n\n\n

\u201cI send the Choose Topeka program to all of my out of state buyers,\u201d Edington said. \u201cThey are basically paying people to move here.\u201d<\/p>\n\n\n\n

Although the market in Topeka has let up a bit since its peak in the spring, local agents said it is still running strong.<\/p>\n\n\n\n

\u201cWe are still having some homes get multiple offers, but we are actually starting to get to the point where a few homes are on the market long enough that we can actually hold an open house,\u201d Brown said. \u201cSo it is definitely slowing down a little. Before you would just put it on the market in the morning and by evening you\u2019d have 12 offers come in.\u201d<\/p>\n\n\n\n

Edington attributed the slowdown to typical seasonal patterns, but she said that for her, things have sped back up in the past few weeks. \u201cNovember is shaping up to be my busiest month this year,\u201d she said.<\/p>\n\n\n\n

As the market has cooled the number of bidding wars has also dropped, slowing the rapid price increases.<\/p>\n\n\n\n

\u201cEarlier in the year I had a client put in an offer for $40,000 over asking and they still didn\u2019t get it,\u201d Edington said. \u201cBut now we are seeing things go for full list price or a little over.\u201d<\/p>\n\n\n\n

Like countless other metros nationwide, inventory is low in Topeka. According the Kansas Association of Realtors, statewide, in the month of September<\/a>, the number of active listings was down 17.7% year over year.<\/p>\n\n\n\n

\u201cInventory was a problem even before COVID,\u201d Brown said. \u201cBut it became really pronounced when COVID happened and it has just been getting worse. I think lately, though we are seeing a few more listings as we are seeing some homes sit on the market for a few days.\u201d<\/p>\n\n\n\n

Due to low the inventory and continued strong demand, homes are not sitting on the market for very long.<\/p>\n\n\n\n

\u201cOur average days on market right now is about 13 and our median days on market is even lower,\u201d Amanda Lewis, a local Coldwell Banker Griffith & Blair American Home<\/strong> agent said.<\/p>\n\n\n\n

Looking to the future, agents expect the hot market conditions to continue into next spring.<\/p>\n\n\n\n

\u201cAs long as nothing drastic happens with the fed raising rates overnight or something like that, I think we will stay steady at where we are at,\u201d Lewis said.<\/p>\n","protected":false},"excerpt":{"rendered":"

Topeka, Kansas is one of the country’s hottest housing markets. And the city government is giving homebuyers plenty of incentive to move \u2013\u00a0$15,000 worth.<\/p>\n","protected":false},"author":34740,"featured_media":4822,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3255],"tags":[],"coauthors":[1760],"class_list":["post-2642","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-archive"],"acf":[],"yoast_head":"\nTopeka lures out-of-state buyers with charm, financial incentives - RealTrends - Blog<\/title>\n<meta name=\"description\" content=\"Topeka, Kansas is one of the country's hottest housing markets. 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