Market Info

Contrary to what the media is reporting, the Real Estate market is not crashing. The most recent numbers are out and we have seen only a 2% decrease in the total number of homes sold in the Des Moines Area. This may at best be classified as a cooling off. According to the Des Moines Area Association of realtors there were only 230 fewer homes sold in 2006 than in 2005. Visit their site at http://www.dmaar.com/docs/DMAAR_December_stats.pdf for a great view of the local statistics.

So you may be saying 2% is a lot. Well it sure isn’t when you put it in perspective. 2005 was a record breaking year and for 2006 to be only 2% behind a record breaking year is very good. We went from an unbelievable market to a great market.

There are two other factors that are very important to analyzing market conditions. The first is average sales price. This actually increased in 2006 by more than 2.5%. The second is average days on the market. In 2006 the average days on the market increased by only 1 day according to the Des Moines Area Association of Realtors.

So according to the data, the only thing that has changed much at all is the total units sold for a single year. This is a very good indicator.

What does the future hold? Well if I knew I would not be working to pay for my child’s education. We are seeing swelling inventories drop, interest rates remaining low (visit https://www.wellsfargo.com/mortgage/rates/ for the most recent rates) and job growth in the area remaining steady… the future may very well be record breaking once again.

What are the Keys to selling in this market? The number one thing to consider in this market is Pricing. You have to price your home right from the start. If you do, you will be one of the sellers, not one of the dwellers. (Watch for “Pricing Your Home” in future blogs). The second and also very important is making your home number one. What does that mean? This means

1. Cleaner than your competition
2. Fewer repairs needed than your competition,
3. A new coat of neutral color paint is the cheapest way to transform a home from modest to spectacular.

Buyers today want a home that doesn’t need any work. It has to be ready to move into. If it isn’t, they can go down the street and find one that is. Contact your Real Estate Professional or visit http://www.ryanpeach.firstrealtyhomes.com/ for assistance in readying your home for sale.

Is this market good for you? Only if you are good for the market.