Real Estate Market

Real Estate News from North Iowa: January 2019

National Real Estate Overview

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

Existing-home sales increased in November, according to the National Association of Realtors®, marking two consecutive months of increases. 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 1.9 percent from October to a seasonally adjusted rate of 5.32 million in November. Sales are now down 7.0 percent from a year ago (5.72 million in November 2017).

National Association of Realtors November 2018 DataNAR's chief economist, Lawrence Yun says two consecutive months of increases is a welcomed sign for the market. “The market conditions in November were mixed, with good signs of stabilizing home sales compared to recent months, though down significantly from one year ago. Rising inventory is clearly taming home price appreciation.”

The median existing-home price for all housing types in November was $257,700, up 4.2 percent from November 2017 ($247,200). November’s price increase marks the 81st straight month of year-over-year gains.

Total housing inventory at the end of November decreased to 1.74 million, down from 1.85 million existing homes available for sale in October. This represents an increase from 1.67 million a year ago, however. Unsold inventory is at a 3.9-month supply at the current sales pace, down from 4.3 last month and up from 3.5 months a year ago.

Properties typically stayed on the market for 42 days in November, up from 36 days in October and 40 days a year ago. Forty-three percent of homes sold in November 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 4.87 percent in November from 4.83 percent in October. The average commitment rate for all of 2017 was 3.99 percent.

First-time buyers were responsible for 33 percent of sales in November, up from last month and a year ago (31 percent and 29 percent, respectively).

What's Your Credit Score

Your credit score is a composite snapshot of your credit history. A high credit score takes time to cultivate, and is not likely to rise much in a short period of time. Generally speaking, you want to make sure you pay your bills on time, keep outstanding debt levels to a reasonable amount for each account, and avoid closing accounts you've successfully paid-off and managed. Don't lose hope if you have less than perfect credit, there are still good loan programs out there for responsible borrowers. We have a list of preferred local lenders who can help you find the best financing programs for your specific needs.

Contact us and take advantage of today's low interest rates!

Here are some great resources to learn more about credit scores, and to get a free credit score and report:

Top Reasons To Work With Us In 2019!

Buying a home is an important financial decision. You want to make sure that you are making the best choices throughout the process and are well informed. While some buyers choose to forego using a realtor when buying a new home, it is in your best interest to work with a professional in the field. They are there to help you in every way that they can. Here are 10 reasons why you should work with the Top Realtor Mason City IA to buy your dream home this year!


1. Knowledge & Experience. Buying a home is a lot more than just finding the right property and signing the contract. There are a lot of technical aspects involved. Although you could try to make yourself more knowledagable about the process (which is still not a bad idea), why not hire some one you has dedicated their education and experience to understanding the industry and specifics of the field.

 

2. Filter. There is a lot of information out there. Some of it is valid and some of it is spam. An agent will work with you to help understand your wants and needs and can filter out all of those properties that do not fit within them. This saves you time and frustration.

 

3. Local Knowledge. Realtors are especially knowledgable about the specifics of a local area. They understand the market in ways that individuals not working in the field cannot. They can help you determine what neighborhoods are best for you, what asking prices make sense, and so much more.

 

4. Guidance. An agent is truly there to put your best interests first. They will always help guide you towards choices, particularly those related to pricing, that make sense for you and will help you with negotiations.

 

5. Market Conditions. Realtors understand sale prices, days on market, square footage, and all of the aspects that go into how to craft a winning offer for a home.

 

6. Networking. Realtors have an extensive network of professionals that work in services related to buying a home. They can help give you recommendations for providers to work with that they know you can trust.

 

7. Negotiation. Realtors are top negotiators. They have honed the craft over many years. Since they are able to remove themselves emotionally from the transaction in ways that a buyer personally cannot, you are more likely to have a negotiation that truly works for you.

 

8. Paperwork. There is a lot of paperwork that goes into purchasing a home. It will cost you a lot of time to manage yourself and the technicalities within those documents can easily be lost to the untrained eye. It is part of the realtor's job to handle this paperwork and eliminate the hassle for you.

 

9. Questions. A realtor is always there to answer any questions who have, regardless of which step you are in during the process. Even after you close on a house, your realtor will be there to help you deal with any confusion you might have moving forward.

 

10. Mutually Beneficial. Realtors garner business through positive referrals. Due to this, it is always beneficial for them to ensure that you are satisfied and happy with the outcome of your dealings with them. They will help keep you informed and will be there for you in the future should you enter the market again.

 


If you are ready to buy your dream home in 2019, search our Homes for Sale. Give our experienced Team a call today at 641-425-4900 or visit our website at http://www.janefischer.com/.

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Contact Information

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

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