A look at the 2022 housing market
CEDAR RAPIDS, Iowa (KCRG) - Last year real estate was a seller’s market. Houses were getting snatched up within days or even hours after listing the property, and more homes sold in Iowa in 2021 than in the state’s history.... and that’s with lower inventory... meaning not ask many houses up for sale.
”It was just unprecedented times. I’ve never seen in 22 years. So, I feel like it’s continuing a little bit. The prices maybe aren’t as high, and maybe not as many multiple offer,” said Cathy Hill Skogman Realty Residential Real Estate Agent.
Shelia and Eric Crook have been looking to find a new home with more space just outside Marion. They said they’ve run into some challenges with today’s market.
”The market is much faster right now. Which is a problem if you can’t just sell your home. maybe move into an apartment or something so then it doesn’t matter. Most places if you’re trying to buy, they don’t want a contingency. So, it’s much trickier. Plus things have gone up in price,” said Shelia Crook-Lockwood.
”It’s very different right now. You’ve got to be ready to pull the trigger,” said Eric Lockwood.
Hill said another change they’re seeing this year is interest rates. While they’re still at an all time low, she said they’re seeing those rates rising from last year.
And if you’re hesitant about buying a home because of last year’s market...
”Don’t be scared. Like anything, if this is really what you want you’ve got to fight for it a little bit. Don’t be afraid to put in other offers. Don’t be afraid to just keep going. Because with the interest rates as low as they are, it’s to your advantage,” said Hill.
On the flip side... construction of new houses is also booming.
James Moulton, owner of Moulton Homes LLC said they’ve been booked out a year in advance for new homes since last August.
”As far as these new constructions, spec homes and tract homes, they’re selling pretty quickly. The cost of building materials is still up, therefore the value of these homes -- the appraisal rate is still relatively elevated. All in all, they’re not sitting stagnant. Everything’s moving like it should be.>”
Moulton added while they aren’t turning away new projects, they are upfront with customers about the wait times.
Copyright 2022 KCRG. All rights reserved.