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HOUSING MARKET 2023

UNDERSTANDING CURRENT MARKET BEHAVIOR

According to National Association of Realtors, about 8% of Des Moines Metropolitan homeowners bought their home within the last year. Wait? Wasn’t the interest rate all over the place in 2022? It seemed that way in all the small talk at the grocery store.

When approaching a fluctuating market with a lot of information being thrown your way, it is important to face the facts and run the numbers. The fact is that investments go up and down and it is the longevity of the investment that performs a return. So if there is hesitation of rates, crunch the numbers and balance affordability with lifestyle.

You have probably heard this for a while, but home affordability is actually in a good spot. Zooming out, taking a breath, and seeing statistics of the housing market back to the 70’s, low and behold we see a graph that has gone up and down. We also see home owners equity on an up trend through it all. Homes appreciate and still hold as a very safe, smart, and stable investment strategy.

NOW THINKING PRACTICALLY

So I have zoomed out and have taken a breath, but I still see the uncertainty of the market and am not sure what to do.

“First if you are fearful of an uncertain market, that is why professional exist. Myself, financial advisors, and loan officers exist to bring certainty to your decisions. It is a good thing to get into the Market, especially as a first time homebuyer. Paying 100% rate to a landlord leaves you with nothing in return. Get with GOOD professionals that point you to success in decision making. Don’t feel like you are alone. There are good professionals out there that have your best interest at the forefront!” Pennie Carroll

Practically speaking, people are buying homes in Des Moines Iowa. The practice and principle do not change on what you need to do to assure your success in this market. PCA Real Estate has been doing it for 21 years in several different markets, including 2008.

5 STEP PLAN

  1. Crunch your numbers and set your goals.
  2. Review with your banker and make sure the numbers make sense.
  3. Match your Pre-Approval with the affordability of your home.
  4. Purchase and begin paying yourself in the long-run.
  5. Continue to educate yourself on the market and determine the timeline of your next smart Real Estate move!

See Images Below

PENDING HOMES SALES INDEX BY REGION

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