Central Iowa Market Update.
The Spring market came earlier than expected in Central Iowa; many buyers are looking for homes and need more housing inventory!
If you have been thinking about selling, this may be your sign…
We are experiencing a housing supply shortage, meaning we're in a seller's market. When there is less than six months' worth of housing inventory, it is officially a seller's market.
What does this mean for sellers?
Fewer days your home is on the market; I even see hours now.
Typically see multiple offer situations, meaning buyers compete to submit their highest and best offer, with conditions more favorable to the seller.
Sellers working with an agent see high foot traffic and pre-approved buyers ready to gamble.
Backup offers are becoming increasingly popular.
If it's a seller's market, won't the house sell itself?
Well, great question: a house will still sit on the market if it's overpriced, even in a hot market!
When you don't sell your home with an agent, you miss out on the experience, knowledge, and attention to detail a Realtor® takes to sell your home and maximize your profits.
Let me ask you this question, how many homes have you sold before?
My team and I sold over 125 homes last year; that's just on the listing side.
The bottom line is that I understand and know what buyers look for, and yes, this insight and all the listing experience, tactics, and strategies make a difference!
I know we are all tempted to do things ourselves, but let's be honest, WebMD makes things worse!
What does this market update mean for buyers?
If buyers truly want to purchase, they need a pre-approval before searching and looking for homes.
A buyer's consultation is more important than ever to discuss what buying in a competitive market looks like.
Buyers must be flexible and tour homes as they become active.
Don't get too emotionally attached to the bidding wars; the right home for you will come!
What are some National market statistics for February?
First-time home buyers were responsible for 27% of sales in February.
Individual investors purchased 18% of homes.
All-cash sales accounted for 28% of transactions; Distressed sales represented 2%.
Properties typically remained on the market for 34 days.
