Posts from May 15th, 2016

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May
15

Great Time to Sell Your Home in Our Region

May 15th, 2016 by Ruhl Marketing Team

Start to Ruhl your move at ruhlhomes.com! Inventory of homes for sale is down, and there is pent up buyer demand. Home prices are going up, and low interest rates make buying another home affordable. All of these factors combined create favorable conditions for prospective home sellers in our region. Inventory of Homes for Sale is Down We consider a buyer's market to be more than 6 months of inventory, a seller's market to be up to 3 months of inventory and a balanced market to be 3-6 months of inventory. Here's how our markets compare: Months of Inventory

Burlington Area	3.6 months	Galesburg Area	6.3 months
Cedar Rapids Area	3.1 months	Illinois Quad Cities	3.0 months
Clinton/Camanche/Fulton	5.1 months	Iowa Quad Cities	2.2 months
DeWitt	1.8 months	Iowa City Area	6.3 months
Dubuque Area	3.2 months	Muscatine/Wilton Area	3.2 months
Galena & Galena Territory	17.2 months	Wisconsin (Southwest)	8.8 months

Home Prices are Going Up The average price of homes sold is going up, reflecting supply and demand imbalances. In our markets where inventory has been depleted the most, we are seeing multiple offers, faster sales and increasing prices. Over the past five years, home prices have appreciated on average:

Metropolitan Statistical Areas	% Change in Prices
Cedar Rapids, IA	+ 4.25%
Davenport, IA / Moline, IL / Rock Island, IL	+ 4.73%
Dubuque, IA	+ 9.21%
Iowa City, IA	+ 10.14%

This varies by price range and neighborhood Upper Price Range Listings Selling More Slowly In our upper price ranges, homes are selling more slowly, and it is actually a buyers' market for existing, resale properties. Below is the price point where markets change to a buyers' market.

Cedar Rapids	$350,000	Illinois Quad Cities	$300,000
Dubuque	$350,000	Iowa Quad Cities	$450,000

This disparity presents a great opportunity for move up buyers who can sell high and buy low. Interest Rates Low Many sources are predicting that interest rates will remain low through the end of the year. This is a result of several factors causing a rally in the bond market, including a slide in the value of the dollar and recent actions of the Federal Reserve. The bond futures market is predicting only a 5% chance of an interest rate hike in June; however; it is forecasting that they will go up in December. What does this mean for you? It is an ideal time to consider buying a new home or to refinance an existing loan. We're seeing 30 year rates around 3.5% and 15 year rates around 2.8%, with no points. The question people need to ask themselves is: "with interest rates as low as you will probably see in your lifetime, are you living in your dream home?" For many of you, the next few months will be your best opportunity to make the move into you forever home, or to refinance a current loan at record low rates.

Conventional Fixed 15-year (no points)	2.875%
Conventional Fixed 30-year (no points)	3.500%
FHA/VA 30-year	3.375%
5/1 ARM	2.750%

Categories: Selling a Home

Posts from May 15th, 2016

Great Time to Sell Your Home in Our Region

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Ruhl&Ruhl Realtors

Posts from May 15th, 2016

Great Time to Sell Your Home in Our Region

Let Us Help

Not finding what you are looking for?

Ruhl&Ruhl Realtors

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