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October
27
27
Best Time to Buy? Bottom of a Recession!
We're there! Most economists are saying the economy has bottomed out. Seize the opportunity while interest rates are at a 50 year low. (Today, as I write this article, October 12th, interest rates are at 4.125% for a 30-year loan with no points and at 3.75% for a 15-year loan with no points. And for smart people who refinance from a 30-year loan to a 15-year loan, borrowers can pay about 60% less interest over the life of the loan and build their equity faster.) With what we know today, how many times have you kicked yourself because you could have bought a property in the past? I just told my CFO these rates and heard him say he's considering refinancing his house at 3.75% to buy a rental property. This is an opportunity not to be missed. The Next Six Months – Sellers Must Have Compelling Pricing The next six months will be challenging for sellers and Realtors, but will present the best opportunities for buyers and investors. By next spring we anticipate the economy will stabilize, consumer confidence will be bolstered by job increases, and prices hopefully will have bottomed out and turned upward in some markets and price ranges. Most of our markets are buyer's markets, which is defined as a market in which there is more than six months of inventory. Prices tend to fall if there is too much inventory. If there are 0 - 3 months of inventory, that is a seller's market and homes are appreciating, while 4 – 6 months of inventory is considered a balanced market and prices are stable. Here is a sampling of our markets' months of inventory, also referred to as absorption rates: Market Months of Inventory Cedar Rapids 8.8 months Clinton/Camanche/Fulton 9.8 months Dubuque 7.8 months Iowa City 16.6 months Iowa Quad Cities 6 months Illinois Quad Cities 8 months Muscatine/Wilton 8.5 months Each market also varies significantly based on price range, new construction versus existing properties, neighborhoods, condos versus single family homes, etc. Sellers and buyers need to work with their Realtors to make educated pricing decisions based on months of inventory in their niche markets. In Order For a Property to Sell, It Must Have Compelling (not Competitive) Pricing Compelling pricing has a powerful and irresistible effect; it commands attention, admiration and respect. It is convincing, persuasive and undeniable, which makes it "the pick of the litter." Competitive pricing is a reasonable, viable and good price. But it's also in line with the price of many other properties with similar features, which makes it part of the "sea of sameness." Sellers must ask their Realtors how to make their price a compelling price that buyers won't be able to resist. Be Prepared for More Negative Media Be prepared for more negative media reports on the housing market, and do not take the headlines and stories at face value. Sales in the past 18 months have been totally manipulated by tax credits. So the media will compare unseasonably great sales last year in September, October and November – just prior to the expiration of the tax credit on November 30, 2009 – to this year's fall sales, which will be more "normal." They will make it sound awful, when in fact last fall's numbers were inflated. Likewise, because of the 2010 tax credit that required deals be written by April 30th and closed by June 30th, many sales were accelerated into the first half of 2010, reducing the number of sales in the fall. Responsible media must do their homework and provide the necessary interpretation of the data. Realtors can help the public make good, data driven decisions. A family-owned company since 1862, Ruhl&Ruhl REALTORS annually sells nearly 3,800 homes in eastern Iowa, western Illinois and southwestern Wisconsin. Caroline Ruhl is the President and owner of Ruhl&Ruhl REALTORS, and is the fourth generation of the Ruhl family to lead the residential brokerage and home services company. Headquartered in Davenport, Iowa, the company has 250 sales associates and 50 employees based in sales offices located in Bettendorf, Cedar Rapids, Clinton, Coralville, Davenport, DeWitt, Dubuque, Maquoketa, and Muscatine, in Iowa, and in Moline, Illinois. In addition to residential sales, Ruhl&Ruhl offers services in relocation, new home sales, farm sales, senior services, real estate investment, property management and mortgage services through 1862 Mortgage. For more information on Ruhl&Ruhl, visit their website at www.RuhlHomes.com. 
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