Wanna Make a Move? Why Wait?
Moving in winter? Brrr … if you’re an Iowa Citian, the idea of moving during the winter months may seem as appealing as sticking your tongue to a frozen flagpole. But you don’t need a triple-dog-dare to get your home ready and listed, even during the cold, cold months of the year.
The last time you bought or sold a house, you probably were told that springtime was the best time to sell a house, and winter was the very worst. Throw those misconceptions out your winterized and caulked windows, though, because these days, any time is the right time to sell your home. Especially in the Iowa City area.
The Iowa City Area Association of REALTORS(R) noted in November that there was only 2.5 months worth of supply available (meaning that there would literally be no more homes on the market in three months if no new listings occurred). A balanced market lies somewhere between four and six months worth of supply. In other words, it’s a seller’s market like none other.
Why is that? Many reasons … but perhaps the biggest one overall is the fact that “starter” homes – houses that are $300K or below – just aren’t being built these days. The cost of building materials and labor mean that developers don’t turn a profit on starter homes, hence the rise of $400K+ McMansion neighborhoods that are springing up left and right. So, when a “smaller” home goes on the market, it’s a hot commodity. There are also fewer homes on the market than there were at the same time last year. And you know last year was a good year to sell. This year? Even better.
Despite what your favorite fixer upper show might say, you do NOT have to repair, repaint or refurbish ANYTHING in your existing home before you place it on the market. The market is so sizzling hot that even homes that need a little love and attention are going, going, gone. No need to sink another dime into it. Let the new owners decide what color they want the walls and what countertops they want to wipe down every day.
And let’s not discount the fact that Iowa City is a pretty darned good place to live. The cost of living is great, the cost of housing is relatively low, there’s a strong economy thanks in large part to the University of Iowa, and it’s a great place to raise a family. The coronavirus pandemic has only made this area more desirable, as more and more workers go full-time remote and are able to relocate to more affordable locations (or places that are closer to family).
In other words… if you’ve been thinking about selling your home and moving into a senior living community (like Melrose Meadows – hint hint; we’re in the city you already know and love), this is the perfect time to do it. It’s a new year, and after the mess of 2020, people are ready to carpe the diem and make positive changes in their lives (like buying a new house). Not completely convinced? Here are some other stats that might have you thinking about putting up a FOR SALE sign in your yard:
– The average and median sales prices for homes in Iowa City in November 2020 were approximately $250K and $300, respectively. That’s higher than they were last year.
– 97 percent of houses sold at or above the listing price. That’s pretty spectacular.
– Homes are only on the market for approximately 64 days from listing to closing. Jimmy John’s ain’t got nothing on that freaky fastness!
In all seriousness, there’s really never been a better time to sell your home. We know that people have been saying that for months (and years), but it really is true. It’s also never been a better time to move to senior living – really. Many of our residents tell us that they were so pleased and comfortable living in our community during the pandemic because they knew that they were safe – and that we were doing everything in our power to keep them protected and healthy. Plus, many Melrose Meadows staff and residents are slated to be fully vaccinated by mid-February, 2021.
Sure, the weather outside may be frightful, but selling your home right now? And kicking off your 2021 with a new lifestyle and a new lease on life? That’s simply delightful.
Melrose Meadows is an award-winning Independent and Assisted Living community in the heart of Hawkeye country. For more information or to schedule your tour, call us or email madam@melrosemeadows.com.