Posts from September 2017
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27
Why Are So Few Homes for Sale?
There is no doubt that the largest challenge in today's housing market is a lack of housing inventory for sale. This challenge has been defined as an "overwhelming lack of supply," and even a "straight up inventory crisis." First American just released the results of a survey which sheds light on the reasons for the current lack of supply. The survey asked title agents and real estate professionals to identify what they believe are the top reasons for this lack of inventory in their markets. Here are the results of the survey:
- 47% - existing homeowners are worried that they will not be able to find a home to buy
- 26.5% - first-time buyer demand is absorbing a large share of available h...
19
5 Reasons to Sell This Fall
Here are five reasons listing your home for sale this fall makes sense from Keeping Current Matters.
1. Demand Is Strong
The latest Buyer Traffic Report from the National Association of Realtors(NAR) shows that buyer demand remains very strong throughout the vast majority of the country. These buyers are ready, willing, and able to purchase… and are in the market right now! More often than not, multiple buyers are competing with each other to buy a home.
Take advantage of the buyer activity currently in the market.
14
Tight Inventory Continues to Lead to Increases in Home Price Appreciation
Five-year home appreciation in our region was between 8.13% and 14.74% with all of our regional Metropolitan Statistical Areas experiencing a positive gain.
"U.S. house prices rose in nearly every state during the second quarter," said FHFA senior economist William Doerner. "The tight inventory is a major explanation for why house prices have been increasing every quarter over the last six years."
In the past year, home prices are up: 3.64% in Dubuque; 2.83% in Iowa City; 3.64% in the Quad Cities and 2.78% in Cedar Rapids. This compares to other cities: Des Moines up 5.24% and Chicago, IL up 5.34%. This data is provided by the FHFA for the second quarter of 2017 (see chart and website below). Of course, there is considerable variation based on price range and location of properties, with more affordable properties appreciating more.
|
Metropolitan Statistical Areas (MSAs) |
Percent Change in House Prices |
|
|
|
1 Year |
5 Year |
|
Cedar Rapids, IA |
+ 2.78% |
+ 8.13% |
|
Davenport-Moline-Rock Island, IA-IL |
|
+ 12.15% |
|
Des Moines-West Des Moines, IA |
+ 5.24% |
+ 20.56% |
|
Dubuque, IA |
+ 3.64% |
+ 12.47% |
|
Iowa City, IA |
+ 2.83% |
+ 14.74% |
|
USA |
+ 6.64% |
+ 34.24% |
Information courtesy of the Federal Housing Finance Agency (FHFA) for the second quarter of 2017. FHFA stats always run one quarter behind. Their full report is available at www.fhfa.gov. *Rankings based on annual percentage change in house prices.
"Tight inventory continues in the affordable price ranges to be the story of our local markets," said Caroline Ruhl, President of Ruhl&Ruhl Realtors, "Tight inventory means there are fewer homes for sale than we normally see in comparison to the number of buyers looking. Although it varies by price range and neighborhood, we are still seeing a strong seller's market in many areas of our region. Even if you are considering selling in the next year, now is a good time to start the process and to get a free market analysis from a Ruhl&Ruhl Realtor."
