The Local Market
Ever since spring 2005, I've been asked with concern, how's the market? Media driven buzz words became common place amongst many of my friends, family, and clients. They asked about sub-prime lending, the bubble bursting, foreclosure flipping, and the investor movement. Most of the national factors effecting real estate are not trends in our local economy. Many consumers had fear for trends that don't exist in our area.
The National Association of Realtors describes the Midwest real estate market as balanced, a bread and butter market. There is a reasonable balance between buyers and sellers. The Cedar Rapids, Marion, and local area real estate markets are driven by supply and demand, not appreciation. The employee demand by large companies in our area continues our sales cycle of steady appreciation for single family homes. With at home offices and a global workforce, employees are very transient. Relocation is strong in our area and helping keep our real estate market moving.
Supply and demand for housing in our area is based on location and price. With our recent flood disaster, there has been a strong increase for affordable homes in all quadrants. The demand for housing increased. The love for our community and volunteer efforts will continue to strengthen the heart of our city and keep our economy moving forward. With home appreciation on average in our area market matching the national average, housing is still affordable. We did not have a bubble of appreciation exceeding employee wages.
Local lending programs are also keeping home sales moving. Fixed rate mortgages are still low with a good credit score. Our local market was not as affected by sub-prime lending. The state of Iowa is a leader in mortgage consumer protection. Originating your mortgage in Iowa protects you from the predatory lending practices in other areas or on-line mortgage options, buyer beware!
We are a healthy and well balance real estate market that I am proud to be a part of. Please email or call with questions or resources you may need assistance with.
Heather Morris, CRS, GRI, ABR, CLHMS
Broker Associate/ Skogman Realty
319-350-7653
www.heathermorrisrealtor.com
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