Despite what outside sources may suggest, the real estate market slowdown was predicted by many in the industry months before it occurred. As expected, the housing market needed to come down from its pandemic high. What we are experiencing today is what Chris Beason, president of Ruhl&Ruhl Realtors said needed to occur to have a healthy, neutral market. In a July interview with Brian Sullivan of CNBC’s Worldwide Exchange, Beason stated, “ It needs to slow down, it’s been artificially stimulated for a while, and it’s going to be great if we can get back to 2018-2019 numbers, which is much more normalized. And in the long term that’s going to be healthy for everyone involved.” And indeed, it is healthier for all including real estate professionals, homebuyers, and home sellers. “We’re turning it back into a healthy market,” said Kendra Mulcahy, REALTOR® at the Ruhl&Ruhl Davenport office and current Board of Directors President at QCARA. A market that doesn’t stress buyers and sellers with competition and overstimulation.
End of Summer Snap-Shot
Ruhl&Ruhl experienced one of its best Augusts on record, with 22.7% more in sales volume than the previous year. Listings were also up 12.2% compared to last year at this time with 310 new properties listed over 275 in 2021.
September also is turning out to be a promising month with more listings available for potential buyers compared to last year. And as the summer heat dies down and the crisp air creeps in, the market also follows a similar cadence every year.
Naturally, the fall months experience slower activity with the start of the busy holiday season just around the corner. However, for buyers who continue the search during the fall, this season can be a great time to search for a home, as you tend to experience a less crazed market. You also tend to have more flexibility with scheduling and vendor appointments.
Assemble Your Trusted Team
It’s vital to be informed and receive information in a way you understand it from people you know, like, and trust! No one has their pulse on local housing market trends more than your Realtor and your preferred mortgage lender. If you are looking to purchase a home now or in the near future, get your trusted professionals lined up so you know you are getting accurate and timely information when you need it most.
If you are not yet connected with a real estate professional, Ruhl&Ruhl has over 300 agents throughout eastern Iowa, western Illinois, and southwest Wisconsin. We have residential sales offices in Bettendorf, Burlington, Cedar Rapids, Clinton, Davenport, DeWitt, Dubuque, Iowa City, Muscatine, Iowa; and Galena and Moline, Illinois.