What’s The Real Estate Market Doing?

Do you ever wonder how our real estate market is here in Des Moines? Unfortunately, we spend a lot of time listening to how rough things are in other cities around the country, but too often we don’t really consider what our real estate climate is like.

I’m a fan of having as much information available before I take action on any big decisions. I don’t know about you, but I think buying or selling a home is a pretty big deal.

As a blogger and mortgage professional, when I receive good information – I pass it on. Home listings and sales are an interesting set of information most of us don’t have super easy access to. Thankfully, I have a Realtor that hammers me with e-mails (Just kidding, I don’t mind them) on market updates and her opinion on where things are at.

Do YOU Need Help?

As a mortgage professional, I cannot sell real estate.  I can however help you connect with a Realtor.  If you are looking for some answers, I’d be happy to introduce you to someone who can help!  No question is silly or too off the wall.

I can also reach out to my connections throughout the country if you’re looking for real estate outside of Iowa.  So please, feel free to contact us, we’d love to help!

Why Should You Care About Statistics?

Whether you’re looking to purchase, sell or refinance a home – this stuff matters. These statistics are compiled from the Multiple Listing Service and cover the Des Moines, Iowa residential real estate market.

With her permission, I post the facts here so you can come up with your very own market opinion. Here’s this week’s market commentary:

“We’ve had an interesting few weeks discussing the extension of the home buyer tax credit, will it pass, won’t it pass etc.  With the news here that the tax credit is here to stay for the next 6 months and now move up buyers are included, leads me to question what will be the result of this credit here in Des Moines?  Naturally we are going to see increased sales especially in the months that we typically don’t see a ton of activity (December, January), however I don’t think people are going to be running out to buy a home in those months unless they really need to.  There are a lot of distractions this time of year with the holidays and for many, April 30th seems like along ways away.  What I think we will see (and what I highly recommend to sellers) is an increase in listings here in the next few months.  The group that qualifies for the “move up buyer” credit will most likely have a house to sell, they are probably a little more in tune to the market so they are getting their house ready for to be put on the market.  I think we will really see the buyers getting out there in force after January 1st. 

So what is going to happen to sale prices?  Tough to predict, but a report that I read yesterday had the Chief Economist for the national association of Realtors indicating that not only would home sales increase, but sale prices would increase as well.  Its not all positive news when it comes to an increase in sales prices though as many economists believe those increases are just temporary inflation’s and we are only postponing that pain that we will be seen later on in the year.  Here is Des Moines we haven’t seen huge price increases, in fact in October of 2009 the average sale price was $156,813 down about 4%.  In reality to remains to be see the exact effects of this credit, but if I can offer any words of advice they are this.  If you are thinking about selling your house in order for you to take advantage of this tax credit, get your house on the market now.  Price it right, use a home stager and a photographer and make sur e it shows well.  If you wait until March to get your home on the market you are going to be competing with MANY more houses.  If you have any questions on what you think your home is worth, just call or email me and I can help you out!”

–Heather Barglof, RE/MAX Real Estate Concepts

What Does This Report Cover?

I really enjoy this chart because it gives a breakdown of:

• Days on the Market
• Price Per Square Foot
• Number of New Listings
• Number of Expired Listings
• Number of Price Reductions
• Pending Home Sales (by price)
• New Home Sales (by price)
• All Active Home Sales (by price)
• Best of all, it compares this week vs. last week and last year!

This is a great chart.  I’m not a Realtor and would never try to take the place of one.  If you’re looking for statistics in your specific neighborhood (because your neighborhood is the only one that matters when you’re selling), I can help connect you with the right Realtor for the job!

We Love Great Information and Love to Give Great Information!

If you’re a super cool person and have any market statistics you think our readers would find valuable, please feel free to contact me. If it’s relevant, It’ll show up here!

If you’re looking for my professional opinion or looking for a comment (press related), please contact me here.

Tagged as: first time home buyer tax credit, move up buyer tax credit, national association of realtors