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A look at the 2014 market

Posted June 04, 2014 in Advice Column, Perry

Let us take a look at how the 2014 real estate market is stacking up versus 2013. We have had 32 total sales in 2014 vs. 33 in 2013. We did see the sales of bank-owned homes rise from six last year to eight this year. The bank-owned properties while sale prices have dropped from about $50,000 in 2013 to $25,000 in 2014. Because of the small number of bank-owned sales, a few smaller or larger numbers can change the final number dramatically. Our hope was that the bank owned inventory was coming to an end, and this is what our market needs to help us rebound. Unfortunately in the past few weeks it looks like another round is coming.

In our multiple listing we have had 24 owner-occupied sales in 2014 vs. 27 in 2013. Not much of a change, but where we did see the change is in the average sale price. This year the average sale was $53,500, where in 2013 the average was $76,400. Again a few larger or smaller sales can change this number quickly. As spring has rolled in, and the weather has gotten better we have seen more activity in all price ranges and sales in general.

First-time home buyers are out investing in themselves. Some are moving up and treating themselves to a nicer home, and investors are out picking up some good
deals.

We have seen a rise in interest rates, from under 4 percent to about 4.5 percent today. Today’s rates are still outstanding and a great for the buyer, but I do not believe they can last forever. There are a lot of financing options available. All the way from traditional 20 percent down conventional loans, to government backed 100 percent financing. In the past this has been the best time of the year to buy or sell because of increased buyers as well as increase in inventory on the market. Homes do sell all year but it sure is more fun to move when there isn’t any snow or cold weather to deter the buyers. We like to think long term and believe our future is bright in our community. Perry is a town with a solid employment base. Wages will continue to rise, and this will increase the purchasing power of future buyers. Most homes in Perry are occupied and as long as the population remains constant or steadily increases, property values should remain solid or rise.

Information provided by Larry Saemisch, Agent, RE/MAX Pros on Main, 1207 Second, Perry, 515-465-5000, remaxperry@aol.com.





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