Normally, I run a detailed market update once a quarter. But I can feel the market shifting… as can most of the other REALTOR®s with whom we talk regularly.
Given that, we want to keep an especially close eye on this real estate market.
Last month, for our July market update, we saw that we still had historically low numbers of homes for sale, and historically high demand for homes. This is still true! However, the inventory is starting creep up a smidge, and the number of homes going under contract is starting to creep down a smidge.
So here’s our “mini update”. We have a seller’s market in almost every price range, with a slight buyer’s market above $900,000.
So what does this mean to you?
- For Buyers: Keep an eye on your interest rate… any savings in price would be offset by an increase in interest rate. If you want to buy new construction, costs are still only going up, so get started on that. If you’re looking for a resale, you may have some more time to think about the potential homes (although… we are still seeing multiple offers above $250,000, just not as many)
- For Sellers: Definitely keep an eye on your pricing and on the competition. When in doubt, work with your agent to price a little lower than the past couple of months would indicate. Remember: If you give everyone a chance to see the home, the market will move the price up if you’ve underpriced it.
But if the market is so crazy, should I wait to buy?
- That depends on your financial situation. While the inventory will catch up, interest rates are also going up. If you’re solid financially, now may be the time to buy. Just be ready.
- If you also need to sell in order to buy your next home, let’s talk about what that means for you.
Some Final Thoughts
The past 18 months have ben unprecedented in so many ways. That’s OK. We’ll keep an eye on the market and continue to let you know what we see happening.
If you have a REALTOR®, that’s great. If you don’t, the Home Sweet Des Moines team (brokered by RE/MAX Precision) is ready to help. Here’s how to contact us:
- Jeannie Crosby: firstname.lastname@example.org, 636-288-1761
- Nora Crosthwaite: email@example.com, 515-783-9815
- Tawnia Martin: firstname.lastname@example.org, 515-867-4436
We’d love to help.
And even if you’re not moving, feel free to say hi. We love all our clients, past, present, and future!
Enjoy your summer!
Licensed in the state of Iowa
Home Sweet Des Moines – RE/MAX Precision
* 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 twelve months of sales numbers.