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:

“So we have the tax credit extended and we have low interest rates, what does this mean for 2010 and the real estate market?  Recently I was reading an article that shed some light onto what forecasters believe will happen in 2010 (remember these are predictions, and real estate is local). 
 
1. The residential housing market will dip again in mid 2010 before settling into a recovery in the back half of the year.   This one makes alot of sense to me.  We have the extension of the tax credit that goes through the end of April (must close by the end of June).  The timing of the end of the tax credit most likely create a slowdown in a time that would typically be the peak of the season. 
 
2. No more historic lows on the 30 year fixed.  Rates are low right now and no one really knows how long they will stay where they are at.  I think it is the opinion though of most real estate and mortgage professionals though that rates are headed back up and if you are waiting around for the perfect deal it is important to note that your rate could be quite a bit higher down the road.  An interesting point I learned this week is that for each point in an interest rate increase it is equivalent to a 10% increase in price. For example, lets say that you purchase a home today for $200,000 at 5% interest rate, to achieve the same payment at 6% interest rate you could only purchase a $180,000 home so it goes to show you that the cost of money is a big factor into the amount of home you can afford. 
 
3. Foreclosure inventory will increase
Many banks still have homes that they have taken back that have not hit the market yet.  As these homes enter the active inventory, it is my professional opinion that it will have a large effect on the housing market ultimately driving prices down.”

–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, Mortgage Rates, move up buyer tax credit