Real Estate is Hot in Iowa
It’s more than fair to say that the global health crisis of 2020 shook up the whole world. Businesses found new ways to flourish (or failed to). Students and their parents navigated uncharted educational waters. Healthcare workers bore unprecedented burdens…and the list goes on and on!
Now, as summer approaches, we’re seeing that events of the last year have had a STAGGERING effect on the real estate market. What does that mean for you, though?
Homes are selling fast and going for well over asking price. In the landscape of the current “seller’s market,” here are a few pointers if you want to get into the thick of it.
First thing to know about selling a home is that right now it will likely be far easier than you imagine. Inventory (homes for sale) is so low that buyers are accepting more “fixer uppers” than they would have in the past. Closing dates are negotiable, offers are creative, and bidding wars are common. It’s a huge opportunity for sellers.
A quick visit to Zillow.com shows that in May 2016, the average home value in Iowa City was $200,000. Five years later, the typical home value is nearly $229,000. Not too shabby, huh?
According to the Iowa Association of Realtors, the sale of homes is increasing despite the lack of homes on the market. When it comes right down to it, there simply aren’t enough homes for sale to meet buyer demand.
What’s driving all this demand, you ask? Affordability! Interest rates are hovering around 3% and buyers want to take advantage of it.
As a seller, something to keep in mind, of course, is where you’re heading. One of the biggest barriers to selling a home is having a new place to live all lined up. If you’re considering a community like Melrose Meadows, know that most senior living and retirement residences want to work with you and make the transition as convenient as possible. You should expect to work with professionals who are patient, don’t try to rush you and give you a fair amount of grace in terms of the amount of time between when you put down a deposit and when you move in. The benefit of a dealing with a residential community focused on seniors is the wealth of experience they have helping people navigate these exact waters.
What do real estate and comedy have in common? Timing is everything! While it’s important to dot your I’s, cross your T’s, and get as much for your property as you can, don’t unnecessarily dawdle. Many people start thinking about a housing transition and end up putting it off saying things like, “We’ll do it next year,” or, “Maybe after the summer.” Believe us when we tell you to strike while the iron is hot—there truly is no better time to sell than right now.
A recent article in The Gazette mentioned how local residential real estate agents are ramping up for a busy season.
If you’re interested in visiting Melrose Meadows, we’d love to show you around, so give us a shout or shoot us an email to schedule your in-person tour.
For more information, contact Meghan Adam, Marketing Coordinator at 319-383-0853 or