Builders, real estate professionals and bankers will tell you that the current market conditions have significantly improved in the Des Moines metro areas. Home building is ongoing, and in some sections of Polk County there is actually a shortage of buildable lots to meet the renewed demand. While other pockets are still somewhat stagnant, it is nice to see property values across the board headed in a positive direction.
For the homebuyer, this means some new things to keep in mind when looking for a new home. First, unless you are purchasing a home at $450,000 or above, it is not quite the buyers’ market that it was. There are more individuals looking, thereby creating a stronger demand for real estate and values in general. Second, rates are still historically very low. This means that you may have more buying power than you might otherwise think. The third major leg of this stool is the growth factors and amenities that are now being built around these various homes. In many cases new conveniences and additions to school districts or other community projects are leading to thoughts regarding where people want to establish their residence.
As you start out in the process, having some background information regarding your borrowing ability, market pricing and what demand might be for a home you are selling are imperative in helping to create a better plan in purchasing your next home. We believe in a very structured approach by weighing options and buying power against your goals and family planning needs. Make sure to seek out expert advice in multiple areas from impartial advisors who have your goals and success in mind. We believe that a little extra time and effort in this process will help you feel secure in making one of life’s most important decision. As always, we remain committed to our clients and their legacy of success.
Information provided by Jeff Sullivan, mortgage banker, Legacy Bank, 515-967-4949.