Real Estate Market

Featured Listing

Featured Listing

For Sale: $425,000

More Information

Real Estate News from North Iowa: September 2017

Local Market Housing Report

Note: Data below is from July, the most recent data compiled by the National Association of Realtors®.

 

While July's listings went under contract in less than 30 days for the fourth consecutive month due to high buyer demand, overall sales of existing homes declined as sales dips in the Northeast and Midwest outweighed sales gains in the South and West, based on data from the National Association of Realtors® (NAR).

 

Total sales of existing homes -- measuring transactions for single-family homes, townhomes, condominiums and co-ops -- dipped 1.3% to a seasonally adjusted annual rate of 5.44 million in July from 5.51 million in June. July’s sales pace remains 2.1% higher than a year ago, but is the lowest this year.


Existing Home Sales By Region

NAR's chief economist, Lawrence Yun, said the latter half of the year started off on a bit of a sour note as July's existing sales inched backward. “Buyer interest in most of the country has held up strongly this summer and homes are selling fast, but the negative effect of not enough inventory to choose from and its pressure on overall affordability put the brakes on what should’ve been a higher sales pace,” Yun said, adding that “Contract activity has mostly trended downward since February and ultimately put a large dent on closings last month.”

 


Housing Data Takeaways

  • Nationally, July's median existing-home price for all housing types was $258,300, up 6.2% from July 2016 ($243,200). This represents the 65th consecutive month of year-over-year gains.

  • Total housing inventory by the end of July fell 1.0% to 1.92 million existing homes available for sale, is now 9.0% lower than a year ago (2.11 million) and has fallen year-over-year for 26 straight months. Nationally, unsold inventory offers a 4.2-month supply at the current sales pace, down from 4.8 months one year ago.

  • First-time buyers nationally drove 33% of sales in July, up from 32% both in June and a year ago. The share of first-time buyers for all of 2016 was 35%.

  • Freddie Mac data shows the average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 3.97 percent in July, up from 3.90 percent in June. The average rate for all of 2016 was 3.65%.

Mason City Housing Market Statistics

Median Home Price: $108,000

3 Bedrooms/1.8 Bathrooms

Average Square Footage: 1,992

Price per Square Foot:  $55

Number of Homes on the Market: 183

 

What's Your Credit Score?

Credit Score image from Credit.comYour credit score is a composite snapshot of your credit history. A high credit score takes time to cultivate, and is not likely to raise 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:


 

Home Improvement Projects to Complete Before the End of Summer!

Summer officially ends on Friday, September 22nd. That still gives you plenty of time to finish those last minute home improvement projects you've been putting off. Take advantage of these last weekends of beautiful weather and make some great updates and improvements to your Mason City area home. Not sure where to begin? Here are 7 prime home improvements to make at the end of summer.

 

1. Start a Vegetable Garden

Fall produce is delicious! Continue to put healthy, fresh food on your kitchen table by starting a garden with plants that thrive in cooler weather. We recommend beets, cabbage, carrots, and kale.


 2. Update Your Landscaping

Landscaping helps increase your home's value. Now is the perfect time to spruce up your yard so that it is looking its very best this fall and far into next year. You can choose to work on your landscaping yourself or hire a landscaping consultant or architect. Some landscaping centers offer free consultations, which is a great option if you need help coming up with initial ideas or knowing what would best accentuate your home's features. It can be easy to spruce up your landscaping on a budget. One great way to save some money? Mason City offers Free Mulch to residents!


 3. Renovate Your Deck

Your wood deck requires yearly maintenance. Water and cold weather can lead to rot and cracking in the boards. Inspect the deck yourself or hire a professional inspector if you notice any problem areas. Spend the time and money to renovate your deck as necessary so you can continue to use it on those warmer fall days and to reduce the risk of further damage during the winter.


 4. Buy New Patio Furnishings

End of season means great sales! As the weather cools, retailers will be looking to move their outdoor inventory quickly. Take advantage of huge savings on patio furnishings and lawn care equipment now.


5. Get Rid of Your Old Grill

Just like patio furnishings, grills will also be deeply discounted. Buy the grill you've always wanted so you can host those great fall football parties and be ready to barbecue all summer long next year.

 

 6. Add an Outdoor Shower

Whether you want it for relaxation or to wash off after a hard day working outside, a great upgrade to your home can be the installation of an outdoor shower. Consider placement, sizing, materials, and plumbing as you think about adding this fun and convenient outdoor feature.


7. Install a Swimming Pool

We all know the summer months in North Iowa can get hot, hot, hot! Always dreamed of cooling off in your very own pool? The end of summer is the perfect time to install your dream pool. Get ready to have the best summer ever next year by adding a pool now. With soil that is easier to dig in, deals offered by pool builders, and less need to utilize your yard as the weather cools, take advantage of the end of summer by adding this ultimate upgrade.

 

 

For more home improvement tips, check out our Blog for related topics. If you are interested in Buying or Selling your North Iowa home, give the Jane Fischer and Associates Team a call today or visit our website at http://www.janefischer.com/.



Source Reference: Realtor.Com


©2017 CENTURY 21 Preferred. CENTURY 21® and the CENTURY 21 Logo are registered service marks owned by Century 21 Real Estate LLC. Equal Housing Opportunity. Each office is independently owned and operated.