Weekly Real Estate Monitor Housing Market at a Glance: the Last Month (ending May 22) Year-over-year percent change in active listings inventory: Year-over-year percent change in;
Market and Buying Power.
Dated: March 22 2022
A lot of people are waiting for a market correction or shift...or as I call it a "market stabilization". Basically, they all mean the same thing but a correction would be related to a downswing or "back to normal" and the shift could mean up or down...we've seen a massive upshift over the past 2 years. And a "market stabilization" means a more flat movement in the market as opposed to the drop-off and a little longer time on the market back to that of a more buyer-friendly trend.
The current market is about 5 days on market on average with many homes under $300K in most of our Iowa City and Cedar Rapids markets being even faster. While homes above the $300K-$500K are slightly slower, then that $ 500 K and up slower yet. BUT all are still at all-time high speeds as demand still remains high and inventory remains low.
The question is should I list now? The answer is (insert standard "every REALTOR ever" saying) YES! ?
The answer should be followed with some more questions. Is the timing right? Do you plan to stay in the area or are you moving to another area? Then what is your timeframe for that change? Sorry buyers, but in this current highly competitive market the sellers have all the power. They have something everyone seems to want and there is a very low supply of...it's basic high school economics class the law of supply and demand. When demand is high and inventory is low...prices soar!
It's not all supply and demand either, it's also "buying power" by now you know interest rates are low (even with the slight rise over the past few months. But as interest rates rise, the buying power can lower. Look at it with this graphic:
This should give you a better idea of how your selling and buying power is affected if and most likely WHEN interest rates rise. So is it the time to list and buy? YES!
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Hello, I'm Travis Hiatt I'm the broker and owner of NextHome Beyond in North Liberty, IA. I work primarily in the Iowa City and Cedar Rapids metro areas of Iowa. I love Real Estate and sales and h....