Page 1

Real Estate

Facts & Trends Ruhl&Ruhl Realtors

Spring 2019

Spring Market Exploding Affordable Inventory Needed!

'DQ 'H3RUWHU Realtor

0ROLQH2IILFH  QG$YHQXH 0ROLQH,/   GDQGHSRUWHU#UXKOKRPHVFRP GDQGHSRUWHUUXKOKRPHVFRP

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 oodgates, releasing pent up buyer demand. Unfortunately, affordable inventory isn’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 Iowa’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.

Buyer’s or Seller’s Market? We consider a buyer’s market to be more than 6 months of inventory and a seller’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

Price

Months of Inventory

Cedar Rapids Area

< $400,000

2.0 months

> $400,000

7.3 months

Dubuque Area

< $350,000

2.3 months

> $350,000

9.8 months

Illinois Quad Cities Area

< $300,000

2.6 months

> $300,000

10.0 months

Iowa Quad Cities Area

< $450,000

1.6 months

> $450,000

8.1 months

Iowa City Area

< $300,000

5.1 months

> $300,000

9.2 months

We continue to have a bifurcated market, with a sellerâ&#x20AC;&#x2122;s market in the affordable price ranges and a buyerâ&#x20AC;&#x2122;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&#x20AC;&#x2122;s market and buy in a buyerâ&#x20AC;&#x2122;s market.

Profile for Ruhl&Ruhl REALTORS

Dan DePorter Facts and Trends Spring 2019  

Dan DePorter Facts and Trends Spring 2019  

Profile for ruhlhomes