Iowans need to remember that real estate is local. You don’t decide what to wear based on Phoenix’s weather so you shouldn’t let what’s happening in their housing market impact your decision to buy or sell a home.
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The facts about the Des Moines market are different than the national housing market. In the Des Moines market, buying a home remains an affordable and stable long-term investment. There are plenty of homes on the market and interest rates are approaching 40-year lows. Given the long-standing history of home ownership as a good investment, the time to act is now.
- Over the past 30 years, the median price of existing homes has increased an average of 6% every year.
- Forty-one percent of recent home buyers were first-time buyers.
- Since 2000, the average home sale price has increased more than 24%.
For many Iowans, their home is their largest financial asset. That’s a good thing too. The NATIONAL ASSOCIATION OF REALTORS® estimates that home values rise an average of 4.5% a year. That’s a steady return on an investment and illustrates why home ownership is still a very wise investment.
Click here to watch a NBC Today Show story on the "Top 5 Real Estate Markets."
