Facts & Trends Ruhl&Ruhl Realtors
Spring Market Exploding Affordable Inventory Needed!
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Record breaking cold and snowfall slowed housing sales in the region during the ďŹ rst quarter of 2019. Across all of our markets, 5% fewer homes sold than last year. But there was considerable variation from market to market, as shown on our regional activity chart on page 2. Warm April weather has opened the ďŹ‚oodgates, releasing pent up buyer demand. Unfortunately, affordable inventory isnâ€™t coming onto the market as quickly as the buyers, so we have frustrated ďŹ rst time buyers with competing offers for lower priced homes. This is great news for sellers we just need more of them!
Mortgage Rates Lower than Last Year IN THIS ISSUE: page 4 Iowa Cropland Values Show Continued Stability
page 4 Home Price Appreciation Remains Steady
page 6 Ruhl&Ruhl Realtors Ranks as Iowaâ€™s Largest Independently Owned Brokerage
Mortgage rates are actually lower than they were at this time last year. This was a pleasant surprise. As of April 15, mortgage rates with no points were: 15-year Conventional Fixed........3.750% 30-year Conventional Fixed......4.125% FHA/VA 30-year Fixed.................4.125% 5/1 ARM (Adjustable Rate Mortgage).....4.000% We also have excellent ďŹ rst time homebuyer programs with down payment assistance available in both Iowa and Illinois. ReďŹ nancing is once again a good option for borrowers seeking lower payments, or seeking cash to pay for home improvements or other needs, such as buying a rental property.
Buyerâ€™s or Sellerâ€™s Market? We consider a buyerâ€™s market to be more than 6 months of inventory and a sellerâ€™s market to be 3 months or less of inventory. Four to six months is a balanced market, favoring neither buyer nor seller. Location, price range, and buyer demand impact months of inventory. Market
Months of Inventory
Cedar Rapids Area
Illinois Quad Cities Area
Iowa Quad Cities Area
Iowa City Area
We continue to have a bifurcated market, with a sellerâ€™s market in the affordable price ranges and a buyerâ€™s market in the upper price ranges, which vary by market. This bifurcation presents a great opportunity for move up buyers. They can sell in a sellerâ€™s market and buy in a buyerâ€™s market.