If you are thinking about buying or selling a property in the Iowa City area or anyplace, talk to a REALTOR! They know more about the area market than anyone else! It's their business! More than your neighbor, your co-worker or a well meaning friend or relative.
In general in the Iowa City area, here's how I see it:
If you are a buyer, it's GREAT!!! Did you hear what I said? It's a GREAT market!!! The interest rates are very good. Yes, they have gone up a little, however they are still very good. And the inventory is strong! So what are you waiting for? Most of the people who are getting in trouble are the ones who got into a sub-prime loan. Meaning they probably did a 100%+ loan, (nothing down) with an adjustable rate that they really didn't understand. Most of the money for sub-prime loans is gone. That is why those companies are folding. People who had low credit scores and nothing to put down were passed through and now they are in trouble and quite frankly, they can't pay the mortgages. Get qualified, better yet, pre-approved, with a local lender, yes, a local lender!. There are plenty. I'd be happy to give you referrals. You will be working with a real person face to face who can examine your qualifications and honestly tell you what you can qualify for, then start meeting real estate agents and choose one to work with and buy a home! It doesn't have to be your dream home. For now, a condo may work. Build some equity, believe me, you will and then in a few years you'll have money to put down on something else that is more like your dream home!
I could go on and on but the best thing to do is talk with a REALTOR. I'd love to help you! Sit down with them. Go over the whole buying process before you actually start looking. If the agent you talk to, doesn't want to do this, RUN! We have found that an informed buyer who has at least a little knowledge of the process, will have a much easier home buying experience. Check out our testimonials from buyers. The REALTOR you decide to work with should listen to you, really listen, so they understand your needs. If you don't feel comfortable with them, find someone else. I'd love to help you! Contact me at deermx@mchsi.com 0r 319-631-1979. What do you have to lose? I'm low pressure, I listen and will only show you what you want and can afford!
Now, for you sellers or people thinking about selling. Why are you selling? Do you have to relocate? Need a bigger home? Need to downsize? Whatever your real estate need, let me help you! The most important thing to remember about our seller's market today, is if you need to sell, you better have your home priced right!!! Buyers today are very savvy! Most of the qualified ones that are really looking to buy are working with agents. They will not pay more for your home than market value. Unless they have cash and for some reason they don't care if they overpay! That does happen. But, not very often!!! Condition is also important. And of course, location. You'd be surprised how just a little elbow grease, some de-cluttering and a fresh coat of paint will sell your home! Speaking of paint, I'm not talking about contractor white! Don't be afraid of a little color! It warms your home and says "welcome"! Especially coming into the fall and winter! These are all things that we will help you with. We want your home to sell! If it doesn't, guess what? We don't get paid! And we've invested alot of time and expense. We love getting to know you, however, it is important that we earn a living!
Everyone's home and situation is different. You need an agent who is experienced in marketing homes and getting them sold! An agent, or 2 with us, who listen and again understands your needs! We'd love to sit down with you and help you with a marketing plan. Maybe this time of year isn't the best for you. If you can wait, we might suggest the spring market. Again, it depends on your time frame and circumstances.
Whether you are buying or selling, we can help you reach your real estate goal. Don't believe everything you read in the paper or hear on the news about the doom and gloom market. It depends on where you live and your situation! Call us, we'll give the facts on our local market!
Dee and Tom Miller
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