Inman News listed Des Moines as #4 on their list of ”10 Real Estate Markets to Watch in 2012″.
“These markets are showing signs of strength in several key metrics, including above-average price appreciation, a flourishing job market, a high rate of sales in proportion to population, a high level of home affordability, low foreclosure activity, a below-average share of distressed sales, a low vacancy rate, and other characteristics indicating a healthy housing market.”
From DSNews.com….
“With property values across the country at depressed levels and interest rates dancing around historical lows for months now, housing affordability has hit an all-time high. That affordability inched even higher this week, as mortgage interest rates broke through their previous record lows to fall further still.
Freddie Mac says all loan products covered in its regular weekly market survey eased to set new all-time lows for the week ending January 12, 2011. The average rate for the 30-year fixed mortgage has been below 4.00 percent for six consecutive weeks…”
From Des Moines Business Record…..
In December 2011, 642 homes were sold in Greater Des Moines, a 13 percent increase from the previous year. For all of last year, 7,877 homes were sold, an increase of 200 from the previous year, the Des Moines Area Association of Realtors said today.
Ames continues to post unemployment rates at about half the national average. The Bureau of Labor Statistics currently lists Ames in a tie for the 7th lowest rate in the nation.
Interestingly enough, the Ames real estate market also continues to hold steady, with the average sale price almost identical to last year. Most of the metros listed for high unemployment rates are also the ones making news for high foreclosure rates and falling home prices.
Perhaps those of us in the industry should be quicker to comment upon hearing “the #1 rule of real estate” quoted. The reason that location, location, location matters, is due largely to the jobs, jobs, jobs.
http://bls.gov/web/metro/laummtrk.htm
Post by Tabitha Zesch, Relocation Director
From the Wall Street Journal….
“Home prices and mortgage rates have fallen so far that the monthly cost of owning a home is more affordable than at any point in the past 15 years and is less expensive than renting in a growing number of cities.
The Wall Street Journal’s third-quarter survey of housing-market conditions in 28 of the nation’s largest metropolitan areas found that…monthly mortgage payments on the median priced home—including taxes and insurance—are lower than the average rent levels in 12 metro areas.”
Ames has attracted many high tech companies and start-ups over the last few years, many of which are located in the Iowa State University Research Park. Businesses from around the U.S., and even overseas, have relocated to Story County within the last few years.
The dramatic growth drew the governor and lieutenant governor to speak at the Ames Economic Development Commission celebration this week. And Ames has been touted by numerous magazines lately as one of the best places to do business, get a job, retire, or raise kids, etc. In August, Ames was labeled one of the geekiest cities in the U.S. by Forbes.
Now Business Insider Magazine is including Ames and Story County, Iowa on their list of 20 U.S. markets with the potential to become the next Silicon Valley. Certainly, as more high-tech jobs are established, the more the area becomes attractive to companies in need of a similar workforce base.
Post by Tabitha Zesch, Relocation Director
In This Issue:
Help your Community, Food Banks in Need
Fall Back and Smoke Alarms
IFA First Home Plus $3,500 Credit
5 Holiday Hosting Disasters to Avoid
Market Numbers
We have had the experience at Hunziker & Associates, Realtors®, of helping a customer purchase a home based entirely on what they saw over the internet. The purchase agreement was completed from a distance by fax. Even though this scenario is rare, it will soon be possible to purchase a home using an e-signature on forms that can be emailed to the buyer and seller.
The Iowa Association of Realtors® just instituted a new feature that will make preparing forms and collecting signatures electronically possible for subscribing Realtor® members. Although it will soon be easier to buy a house online, certainly most customers will still continue to view the home in person before signing the purchase agreement, regardless of if they do so using a pen or an iPad.
Post by Tabitha Zesch, Relocation Director
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