The Norwalk real estate market sales remained stable while inventory dropped during the month of July.
According to the Des Moines Area Association of Realtors®, there are currently 56 residential homes for sale in Norwalk compared to 80 a year ago, and down from 63 the previous month. The median list price of the homes currently listed is $205,450.
During the month of July there were 13 offers accepted compared to 20 last year, and there were 14 homes that came on the market compared to 14 a year ago.
July saw 10 closed sales with a median sale price of $152,400, which was 98 percent of the list price and spent an average of just 66 days on the market.
Most people are aware of home warranties that cover most parts of the home for a full 12 months after the buyer closes on the new home, but did you know that the same home warranty is available for the seller while the home is listed?
That’s right; at the same time a seller lists his or her home, he or she can sign up for a home warranty that will cover a majority of the parts of a home for the seller as long as the home is listed, and then for a full 12 months from the closing for the buyer, all for the same price.
The seller doesn’t even need to pay for the home warranty until the sale closes. Most home warranties will cost a seller between $400 and $450. It is actually a great marketing tool to be able to advertise that this home comes with a home warranty. A lot of uncertainty is thus removed which will help a buyer be more comfortable about purchasing a home. This home will stand out from its competition in the eyes of a buyer.
A home warranty can also remove some liability for the seller in the event that there is a major failure in the home soon after the closing. A home warranty will repair or replace something for a small deductible, usually $50 to $75. Imagine if you sold your home now, and the buyer fires up the furnace in October and finds out the heat exchanger is bad. The buyer may get a new furnace for just $75. I don’t think the buyer will be as likely to have bad feelings towards the seller if this happened.
Costly repairs are a huge concern for first-time home buyers and are a big reason for people to rent. The renter knows that if something breaks, the landlord will fix it, even though the renter is actually paying for the repair because the monthly rent is set at an amount that ensures a profit for the landlord. A home warranty will help remove that fear for the buyer.
Consider a home warranty when listing your home, and it will likely sell quicker and for better price.Information provided by Jon Niemeyer, broker/owner, EXIT Realty North Star, 1039 Sunset Drive, Norwalk, 515-981-5131, Jon.Niemeyer@ExitRealtyNorthStar.com.