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Homes above $300,000 in Ames have been the most challenged segment of our housing market since sales started slowing 2 years ago following several years of record sales activity. This price range represents the high-end of the Ames market, accounting for approximately 10% of the homes listed for sale.
This smaller segment has been impacted by the recession far worse than the remainder of our market. Inventory levels often floated above an 18 month supply or worse; far higher than the rest of the Ames housing market.
During the 6 month period from November to March, 2011, only 7 homes listed above $300,000 went off market pending a sale. April posted a strong turn around, however, as 8 homes went off market pending a sale in just that month alone. With only 32 high-end homes left on the market on May 2nd, the supply dropped to 4 months of inventory should sales continue at this pace. If the high-end market is building steam towards a healthy sales year is yet to be seen, but it certainly is a sign of improvement for sellers in this price range.
By Tabitha Zesch, Relocation Director
A key factors that determines if housing will remain strong or faulter in an area is the unemployment rate. The chart below is a good example of this affect in real numbers.
Unemployment rates remained relatively low in Ames and Story County, Iowa during the recession and our housing markets remained fairly stable. Nevada and California, two of the states with the highest rates of unemployment, also topped the list of states with excessive foreclosures & devistating declines in home values.
Fortunately, Ames continues to experience job growth and this bodes well for the housing market as well.
By Tabitha Zesch, Relocation Director
The U.S. economy has been through one of the worst financial downturns since the Great Depression over the last two years. Since real estate was on the forefront of the crisis and home values plunged dramatically in many communities, many Ames residents have wondered how the crisis affected prices of homes here.
As the chart below demonstrates, Ames fared very well during the turbulent times of the last two years. Historically, Iowa avoids dramatic booms and busts in the real estate market and the numbers below depict another example of this stability. The slight dip in 2010 can be somewhat attributed to the 1st time buyer tax credit, as it encouraged sales of homes in the lower price ranges.
By Tabitha Zesch, Relocation Director
Being a home owner is more than just having a roof over your head. Home ownership instills feelings of comfort, security, stability and pride. However, in addition to these important benefits are substantial social benefits for families, communities and the country as a whole. A few of these benefits are:
Iowa has always been an affordable place to own a home. And now there is even one more reason to be thankful to live here. Iowa was ranked as the 3rd least expensive state for closings costs associated with getting a home loan by Bankrate.com. The image below was published in The Residential Specialist magazine, a publication for real estate agents with the Certified Residential Specialist designation.
It seems like health magazines, tabloids, and university studies are constantly warning us about newfound cancer-causing agents that you should be avoid. Some seem legitimate, while others initially sound like a hyped-up croc at best.
One discovery in the 1980′s that seemed a bit outrageous to many at the onset, was that uranium decaying in the soil under our homes creates a gas that can leak indoors and build up to dangerous levels. But, ongoing studies continue to support that elevated radon levels increase the risk of lung cancer. One of the largest studies ever completed was in Iowa, because we have especially high levels around the state as can be seen in the map above. Levels above 4 pCi/L (yellow-red) are considered elevated.
Radon enters the home through rocks, concrete, foundations, crawl spaces, floors, walls, and even the water supply. From there it attaches to dust particles, allowing it to be inhaled by home occupants. Once radon is in the lungs, it continues to radioactively decay, which damages sensitive lung tissue. The U.S. Environmental Protection Agency estimates that 7,000 to 30,000 people die each year from radon exposure.
Home testing kits for radon are inexpensive and easy to complete. They are available by mail and in hardware stores for around $12. If a home test registers elevated levels of radon, it would be wise to contact a professional. You are welcome to contact us for our current list of local certified inspectors & mitigation contractors. Home sellers in Iowa are required to disclose if they have tested for radon and if the results were elevated. More information is available from the Iowa Department of Health.
Post by Tabitha Zesch, Relocation Director & Lyndsey Van Soelen, Communications Intern
Iowa has been hit hard by heavy rains this year, so most homes have had their ability to cope with dousing downpours and saturated soil thoroughly tested. Water in the basement is a common concern of home buyers as well as the most common source of real estate lawsuits when previous issues were not properly disclosed. It is key for sellers and owners to remedy any ongoing water issues to protect their home and it’s value. Fortunately, it can often be quite simple and inexpensive to prevent future water issues.
The most important thing is to make sure water has a clear path to drain away from your home rather than into it, not only because it prevents flooding but also because water flowing at the home can cause major foundation damage. This can be prevented by cleaning out gutters and making sure downspouts extend out at least four feet. Building up the dirt around your foundation helps rain water to flow away from the foundation as well. Experts recommend a slope of about 1 inch incline per foot, for at least 6 feet. And, make sure basement drains are clear of roots, mud and debris by having them cleaned out whenever they don’t drain freely.
Additionally, you want to seal anyplace water may gain a point of entry into the basement. Check for any cracks in the foundation or basement walls, as well as areas around chimneys, fireplaces or driveways that touch the edge of the house. Make sure window wells have drains or install a cover (covers are inexpensive and can be found at home improvement stores). Drainage tile can also be installed just below the surface of the ground to help water flow quickly away from the house. These plastic tubes are inexpensive, readily available, and can be installed with just a shovel for anyone willing to spend a little time digging. For homes where these steps do not correct water problems, a sump pump may be the only way to fully deal with water issues.
There are also ways to minimize potential damage should some water get in from time to time, such as placing storage boxes on shelves or pallets, placing furniture and appliances on risers (wood or plastic), and having water heaters and furnaces installed on a raised concrete pad. Running a dehumidifier can help dry things out quickly and prevent mold growth from starting, but should not run permanently because they can actually draw more moisture inside. If you are finishing off a lower level, installing a raised subfloor will allow small amounts of water to run into a floor drain without causing damage to furniture or carpet.
Water issues can be frustrating, but correcting them is possible as well as important. Besides protecting your home’s foundation from erosion and preventing damp conditions that can lead to mold growth, it will also make a home easier to sell in the future, since few buyers will be impressed with a home with it’s own private basement lake.
Post by Lyndsey Van Soelen, Communications Intern
How to spend money wisely on remodeling and increase the value of your home…
If you would like to increase the value of your home while increasing the beauty and functionality, remodeling is a great solution. However, not all renovations are created equal: Some bring great returns, others can actually be a liability.
The Dos:
Do invest in the most important rooms of the home, namely kitchens, bathrooms, and master bedrooms. New flooring, updated paint, new cabinetry and upgraded countertops are functional for you and will appeal to future buyers, bringing greater value to your home. Large expenditures, such as cabinetry, flooring, and tile work, will provide the most return when popular neutral options are chosen. This doesn’t mean boring- paint and accessories provide character, but are easily changed later to meet anyone’s taste.
Adding on rooms such as master suites, bathrooms, sunrooms, and family rooms add value only when it brings your home up to the standards of the neighborhood. When adding on rooms, consider the flow of the home and making the addition blend seamlessly into the original home.
The Don’ts :
If you plan on moving in the next couple of years, here is one crucial consideration: You will get much lower returns on the improvements if they do not make sense for your market. It is always good to keep up with the Joneses but not to exceed them, because buyers compare prices within neighborhoods. A general way to estimate whether an improvement is a financial asset or not is to add up your home value and the improvement cost, If the total is more than 20% over average price of homes in your neighborhood, you will probably take a loss when you try to sell your home.
If this is the case, you may want to consider purchasing a new home with the amenities you want rather than improving what you have, as many renovations don’t bring a full return of their cost when the home is sold.
If you make improvements, try to make improvements that are useful and attractive to a variety of buyers. For example, swimming pools or overly ornate gardens may turn off buyers because they require too much maintenance. Additionally, consider more timeless options for permanent fixtures, and add your own flair with things that are easily removed or changed.
Post by Lyndsey Van Soelen, Communications Intern
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