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It Won’t Be Long Now
I would like to be one of the first to welcome everyone to a new month! After the last 28 days, the shortest month of the year certainly felt much longer. There is no doubt that weather this February has affected the Des Moines real estate market. Home inventory levels have creeped up but contrary to what most people would think, there are not more homes coming on the market.. existing inventory is not selling as fast as the same time last year. In fact, fewer homes were added to the market in February than in January, yet because even fewer homes went under contract, inventory levels are rising. Closed transactions are also behind the same period last year by 10%. Before you go running in the streets yelling that the market is in a downturn, keep your eyes on the sky. Every day that we see the sun shining, buyers and sellers alike are coming out of hibernation. Two months do not make an entire year of real estate. What we are going to experience is one of the busiest spring markets that most agents have ever been through. In the meantime, as a home buyer, take this time to get your financing in order. You will virtually stand no chance in an offer without having that magic pre-approval document as you conduct your home search. Sellers should also be getting their homes ready for rush that is coming. Declutter, pre-stage your homes and if you are also going to be becoming a buyer when your home sells, it may be worth a conversation with your mortgage lender about possibly being able to qualify for a bridge loan. I expect to see fewer subject to sale offers accepted this spring as buyers without a home to sell will hold the better hand of cards. And one last bit of advice, work with an experienced agent. This is not the kind of market that you should entrust one of your highest assets or purchase to someone with inexperience. I have been representing buyers and sellers since 1990 using the latest technology & tools every step of the way.
Here are this month’s market stats for you to review. As the progresses, I am continually working on adding more content and historical data so that together, we can make the best decisions on your home purchase or sale.
Final Words
In case you missed last months report, I’m including the 2018 Des Moines Real Estate Year End Market report again this month. It is a valuable report that breaks down 22 communities in the Des Moines metro. And for an even more in-depth analysis of 2018 Des real estate activity broken down by metro communities and also by single family – condo/townhome, resale – new construction, go to the most comprehensive real estate statistical resource at http://facebook.com/SimplyDesMoinesStats.
Click This Link or the Graphic Below to go to the 2018 Des Moines Real Estate Year End Market Recap
~Les Sulgrove, Vice President
VIA Group REALTORS
If you are interested in selling your home or purchasing a home, give me a call! I will help you determine your best strategy based on your local market data.