Market Update - Why it is still a great time to buy or sell.
It is no lie that the market is different than is was six months ago. The rise of interest rates are the top focus that we continue to hear on every news outlet and are top of mind anyone that is looking to buy a home. Our team along with Greenstate Lender, Bill Tye, had an open discussion regarding how it is still a great time to buy or sell. Below are key points our team shared in our open discussion on Tuesday.
You are starting to have buying power again! Many of our buyers are now able to view multiple homes and get an inspection.
Don't let interest rates scare you from buying a house! Buying a home all comes down to your monthly payment. The average rent in Iowa for a 3 bedroom apartment is $1500. For many people in the Cedar Valley the a monthly mortgage payment will be less than the cost to rent, even with a 5% interest rate.
When buying a home you are gaining equity over time which helps to grow your net worth, something you do not gain when renting.
Refinancing is always an options. When rates drop you will have the ability to refinance your interest rate.
It is still a great time to sell! In the Cedar Valley there is not enough inventory to meet the demand of buyers. Many homes in our area continue to get multiple offers and showings.
September Monthly Recap
126 Total Transactions: Congrats to the 62 clients who sold their home and 64 clients who have purchased homes in September! Thank you for letting our Oakies be there for you through your buying or selling process.
List to Sale %: 9 straight months of Oakridge agents getting sellers top dollar for their home. Oakridge Average List to Sale Price: 103.1% (MLS: 99.1%). This 2% difference compared to the MLS average adds up to extra $$ when selling.
Average Days on Market: 24 Average Days on Market.
Homes on Market: 141 homes on the market, Cedar Falls and Waterloo combined. We continue to see a slight increase in available homes on the market. This is great to see for buyers. With less than 150 homes in the Cedar Valley, it is still a great opportunity when selling.
Quarter 3 Top Performers
Congrats to our 8 top performers for quarter 3 of 2022! Quarter two top performers include: Bryn Mangrich, Carl Ericson, Luke & Becky Bartlett, Bethany Benner, Linda Curran, Dan Berregaard, Jane Obermeier, and Jennie Plummer!