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Local Market Remains Stable

Posted October 10, 2012 in Advice Column, Norwalk

The Norwalk real estate market sales remained stable during the month of September.

According to the Des Moines Area Association of REALTORS®, there are currently 53 residential homes for sale in Norwalk, which hasn’t changed since last month but is down significantly compared to 80 a year ago. The median list price of the homes currently listed is $199,900.

During the month of September, there were 14 offers accepted and 18 homes that came on the market. Norwalk has been experiencing a generally balanced market throughout the summer.

September also had 10 closed sales with a median sale price of $165,250, which was 96 percent of the list price, and spent an average of just 57 days on the market.

Should I wait to sell my home?
I have heard several people say they want or need to move, but will wait until next year to sell their home in anticipation for a higher price. We have all heard that the real estate market has hit bottom and has turned around, right? Let me explain why it may be better to sell now.

The median price of sold homes has been rising this year, but part of the reason is that there have been fewer lower-priced and distressed homes being sold. A greater percentage of homes being sold are conventional and higher-priced homes which raises the median price. This is partly seasonal, but also because we have fewer distressed homes on the market. The seasonal pattern will continue as conventional sales decrease later in the year and some distressed properties come on the market.

The number of homes currently on the market is very low, as you can see in the numbers above. This means you will have less competition while selling your home now. There are people who would like to move now, but are not able to find a home that meets their needs. Perhaps you have the home they are looking for.

Interest rates continue to be at historic lows, and how long will that last? Keep this in mind: a 1 percent change in interest rate is equal to a $10,000 change in price. If interest rates go up 1 percent, buyers using a mortgage will need to purchase $10,000 less home to keep the payments the same.

Analysts are predicting that home prices will be approximately 1 percent higher next year. Why would you wait a year to improve your lifestyle only to gain 1 percent on the sale price of your home? Contact one of our agents who will be happy to work through your decision with you.

Information provided by Jon Niemeyer, Broker/Owner, EXIT Realty North Star, 1039 Sunset Drive, Norwalk, 515-981-5131, Jon.Niemeyer@ExitRealtyNorthStar.com.





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