Decent winter weather among factors driving seller's market for homes

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CEDAR RAPIDS, Iowa (KCRG) - Drivers in Cedar Rapids might still spot leftover campaign yard signs from last week’s caucuses scattered across town, but they’d have a harder time finding home “for sale” signs outside homes.

A sign publicizes a home for sale in Cedar Rapids on Feb. 12, 2020. (Mary GreenKCRG)

"For the past 36 months, we've had low inventory in our area,” Karen Feltman, a realtor with Keller Williams Legacy Group, said. “The interest rates have remained really low, and homeownership is very attainable in the Cedar Rapids area. The rental prices keep going up, so it makes more sense for buyers to buy."

Numbers from the Iowa Realty Market Report show it’s a seller's market. According to the report, from January 2019 to January 2020, the number of single-family homes sold in Cedar Rapids increased by more than 26%, pushing up the average sales price and lowering how long houses sat on the market.

Feltman said more buyers are also out earlier than usual in the year right now because the weather has been milder than normal.

"We're going to see a strong presence of more buyers in the market and raising the prices of homes as the demand continues to rise and the inventory is still pretty low,” Feltman said.

For buyers, Feltman said to be patient, but ready to act.

"If you find something that you really like, you have to be ready to make a quicker decision,” Feltman said.