How’s 2019 going?
While purchasing or selling a home is often an emotional business, we here at Home Sweet Des Moines also like to keep an eye on the numbers. There’s been a ton of talk about the possibility of the home market changing in 2019, so this year, we’re doing our market analysis quarterly.
(By the way, if you want to see our past market updates, click here: 2018 Update and 2017 Update)
In 2019, we had a slow start to the spring market. Unseasonably cold temperatures and crazy amounts of snow kept buyers and sellers from making early moves. But, anecdotally, we’re seeing the market roar back in the last few weeks.
As always, whether we have a seller’s market (less than three months of inventory available), a balanced market (three to six months of inventory available), or a buyer’s market (more than six months of inventory available) varies widely based on the price point. You can see the seller’s market, balanced market, and buyer’s market price points below.
So, here is what we’re seeing with this data:
- The number of homes closed in the past quarter is less than 25% of 2018’s sales. That’s just fine! That actually shows that accepted offers and showings slow down in the winter. 2ndand 3rdquarters this year will show higher numbers.
- Still seeing a significant difference in competition in the lower price points. If you’re buying something under $200,000, you must be pre-approved before you look, and you must be able to make a decision quickly.
- If you’re selling something priced a bit higher (even $300,000 and up), be prepared to make that house SHINE. When we have more competition on the listing side, condition and staging are key (since location can’t be changed)! This is exactly why we have a stager on the team and take care of that for our sellers.
What Can We Expect in 2019?
Mortgage interest rates are actually dipping below 4% in some cases. This is something we didn’t expect to see this year. If you are considering making a move, definitely explore this further; it might be a great time to get top dollar for your current home and a great to lock in a low interest rate if you purchase.
If you’re not moving, make sure you maintain your property. Deferred maintenance items tend to come up during inspections. Need ideas on what updates will bring you the highest return? Just ask.
While the numbers above may give you an idea of what to expect, if you are thinking about making a move, contact us, and we can discuss your situation in more detail, so you can either get the most money for selling your house or buy a new house for the right price (or both)!
* Sales prices in thousands. This data includes all residential properties in the Multiple Listing Service (MLS) for the Des Moines Area Association of Realtors (DMAAR). For Sale By Owner homes may not be included.
** Seller’s markets are those with 0-3 months of inventory. Balanced markets are those with 3-6 months of inventory. Buyer’s markets are those with 6+ months of inventory.
*** Months of inventory determined by the last six months of sales numbers.