Is It Time to Sell My House?
Driving around various neighborhoods around Des Moines this week, you have probably noticed a few “For Sale” signs in front yards. One thing you may not have noticed is that there are fewer homes for sale than we have seen in a long time.
As of May 3, 2016, there were 2,936 homes for sale from Newton to Lake Panorama. This includes condos, townhomes, acreages, and single family homes.
Joel Aschbrenner wrote in The Des Moines Register that, “first-time homebuyers are facing limited options and bidding wars.” Of course, this is a great thing for sellers! With limited supply, costs typically do go up.
That beckons the question: Should I sell my house?
Normally, a number of 5,000 homes for sale would be average for this time of year which means we are 41% below average for homes on the market for the Des Moines metro.
One thing that matters to sellers, obviously, is price. With limited supply, prices continue to go up. The median sale price in March 2016, according to The Des Moines Register, was $162,000. That is up 2.4% in the last year.
For years, Millennials have been flocking to Des Moines and now it appears they are all ready to buy their first home. That is leading to stiff competition and bidding wars all across Des Moines; also a good thing for sellers.
The local economy also continues to improve which is leading more people into the market to purchase a home rather than staying on the sidelines. While the economy improves there is a little uncertainty with what the Fed will do with interest rates over the summer which is leading some shoppers to want to act quickly to lock in lower rates.
And with an average time on market of 71 days, things are moving quickly!
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