Real Estate Market

Real Estate News from North Iowa: December 2018

National Real Estate Overview

Note: October 2018 data below are the most recent released by the National Association of Realtors.

Existing-home sales increased in October after six straight months of decreases, according to the National Association of Realtors®. Three of four major U.S. regions saw gains in sales activity last month.

Total existing-home sales (transactions including single-family homes, townhomes, condominiums and co-ops) increased 1.4 percent from September to a seasonally adjusted rate of 5.22 million in October. Sales are now down 5.1 percent from a year ago (5.5 million in October 2017).

National Association of Realtors October 2018 DataNAR's chief economist, Lawrence Yun says increasing housing inventory has brought more buyers to the market. “After six consecutive months of decline, buyers are finally stepping back into the housing market,” he said. “Gains in the Northeast, South and West – a reversal from last month’s steep decline or plateau in all regions – helped overall sales activity rise for the first time since March 2018.”

The median existing-home price for all housing types in October was $255,400, up 3.8 percent from October 2017 ($246,000). October’s price increase marks the 80th straight month of year-over-year gains.

Total housing inventory at the end of October decreased from 1.88 million in September to 1.85 million existing homes available for sale, but that represents an increase from 1.80 million a year ago. Unsold inventory is at a 4.3-month supply at the current sales pace, down from 4.4 last month and up from 3.9 months a year ago.

Properties typically stayed on the market for 33 days in October, up from 32 days in September but down from 34 days a year ago. Forty-six percent of homes sold in October were on the market for less than a month.

Per Freddie Mac data, the average commitment rate for a 30-year, conventional, fixed-rate mortgage increased to 4.83 percent in October from 4.63 percent in September. The average commitment rate for all of 2017 was 3.99 percent.

First-time buyers were responsible for 31 percent of sales in October, down from last month and a year ago (32 percent).

Find the Right Coverage

When purchasing a home, you will need to acquire homeowners insurance. In fact, all lenders will require a policy to be in force prior to funding the loan. Make sure you have enough coverage should anything happen. Policies refer to "replacement costs" that may not cover everything. You should ask your insurance agent a lot of "what if" questions. The deductible amount also plays a big part in setting your premium. Higher deductibles lower the number of claims, and reduce your insurance costs.

Check with your insurance agent for more information on these issues and others. If you don't have an insurance agent, we have access to several top-notch agents to whom we can refer you with confidence.

Tis The Season For Holiday Cheer...And Selling!

The holiday season is upon us. You and your family are busy wrapping presents and preparing for guests. Even though it might not seem like the ideal time, it is actually the perfect time to sell your Mason City home! Whether your home has been on the market for a while or you have been putting off listing it, now is the season to sell! Not convinced? Here are the top reasons why it is the season for holiday cheer AND home selling!


1. Less Homes On The Market!

The majority of sellers will take their homes off the market during the holiday season. This means less competition in the market. With fewer listings, your home is more likely to rise to the top when buyers search for properties.

2. Closing Moves Quicker!

When the housing market heats up in the spring, lenders get busy. That means buyers have to wait longer for their loans to be processed and approved. The slow down in December means lenders can move the process along faster which means faster closing on your deal!

3. Time To Make Adjustments!

At this point of the year, it's possible that your home has been sitting on the market for a while. With everything slowed down, this season affords you the time to leave your listing up while you make adjustments for the home to be more attractive to buyers. This could mean improvements to your home or changing your listing price.

4. Festive Ambiance!

Is your home ever as cozy as it is during the holiday season? The fireplace is going, the smell of homebaked goods fills the air, and your rooms are filled with beautiful greenery. Important elements of staging are already done for you, creating a homey feel for all buyers who enter. To be as effective as possible, limit how many decorations, especially personal ones, you use while your home is on the market. You want to showcase the features of your home without excess clutter and give buyers the opportunity to envision themselves within the home.

5. Serious Buyers!

Any buyer that is still looking during the holiday season is serious about buying! Either they are still looking for that home that meets everything on their wish list and/or they need to buy fast. These buyers will be highly motivated which means an easier negotiation process for you as a seller.

6. Families Have A Limited Time Frame!

This reason goes hand in hand with the previous ones. Buyers with children utilize breaks from school to find the perfect home. This includes the winter break. These buyers will want to settled in their new home before school resumes in the fall so it is the perfect time to show off yours!



Ready to Sell Your North Iowa Home This Holiday Season, give Jane Fischer & Associates a call today or visit our website at http://www.janefischer.com/.



Information Source: Realtor.com®

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Jane Fischer
Real Estate Consultants
641-424-HOME (4663)

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