There is a phenomenon happening in the Des Moines Real Estate Market – We are experiencing an Inversion
So just what does this mean? In late May of this year, the number of homes for sale dipped below the number of homes in sale pending status. Not only did that dip occur, it has continued to widen through the months of June and July. As long as we are in this inverted state in our real estate market, the long extended spring market will likely continue, possibly all the way in to September. If you want to hear a full description of this new market term, take 15 minutes and watch my YouTube video from Week 30 – Market Update. https://youtu.be/0PJKwrJCLnU – While there, be sure and subscribe to that YouTube channel!
30-Year Home Mortgage Interest Rates Drop Below 3%
Adding to the buying frenzy is the continually reported “Record Low” home mortgage interest rates. With economic pressures looking for stability the the US markets, home mortgage interest rates have plummeted below previous low rate records set in the last 3 years. Home buyers wanting to take advantage of this ability to afford more in a home mortgage than ever before are buying up homes as fast as they come on the market.
Upper End Price Homes Short On Inventory
One thing that would boost an already amazingly active real estate market would be for homes priced about $275,000 to enter the market. This would allow move up buyers homes to move in to at the same time opening up additional first time home buyer housing inventory. Believe it or not, as crazy as this real estate market is now, it could be even more active with the addition of higher priced homes.
The “Spring” real estate market is likely to continue through Labor Day as home buyers are scrambling to find homes with more space for home offices and areas for at home schooling. Predictions are difficult as we have never been through this type of market in history.
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~Les Sulgrove, Vice President
VIA Group REALTORS
If you are interested in selling your home or purchasing a home, give me a call! I will help you determine your best strategy based on your local market data.