Between 1995 and 2005 housing prices increased by more than 45% in parts of California and New England. The bubble that broke around many parts of the country is rapidly shrinking. The lastest housing stats show prices nationwide falling at an annual rate of almost 7 percent.
Here in the Cedar Rapids real estate market we have 3 key reasons to be optimistic.
1.Since we have not had the rapid appreciation in home prices as seen in other parts of the country, expect your equity to increase this year. In Iowa, housing prices increased about 4.3% per year from 2001 to 2006.
2.Iowa homes are still very affordable as Cedar Rapids average home sale is around 145K.
3. Our strong agricultural sector, diversified financial and manufacturing sectors should help us Iowans through a mild recession with little stress.
Gary & Melynda Wolter
319-350-7901
Licensed in Iowa since 2001
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