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LOW Inventory - The Good, The Bad and The Take Aways
The current housing market in the Storm Lake Iowa area is a great place if you are a seller, it is not a great place if you are a buyer.
Low inventory and high demand in real estate means Seller's market. That is exactly where we are today in the Storm Lake IA area market. Many homes this year, listed and received accepted offers within 3 or 4 days and many ended up selling for over the listed price. Sellers are having a field day, combined low inventory with the rumblings of an increase in interest rate and Buyers are jumping into deals.
But, if you are a Buyer it is a tough market, you have to be working with a Realtor who can get you in as soon as a property lists. In other words not a part time agent who works only a few hours. You have to have your bank mortgage preapproval in hand. You have to listen to what your Realtor is telling you. If your Realtor says, "Give it your best shot, this may be your only chance on this one." Then do it, if you come in lower than where your realtor's comparative market analysis shows you are probably not going to get ... more
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