Changing winds often bring stormy weather. The Ames real estate market, and the national market as a whole, are becoming more unpredictable. This shift could bring some uncertainty for a period of time as the market transitions.
Your Friedrich Iowa Realty agent is your anchor to keep you grounded as you navigate the changing real estate landscape.
Rising interest rates, which were at 5.11% at the end of April, have been the main contributor to the changing market. Some buyers are moving as fast as possible to lock down the lowest interest rates they can. This is why we’re still seeing houses get multiple offers and last about a week on the market. Other would-be buyers are getting priced out of the market due to the rising rates and continued appreciation of home values.
If you’re waiting for prices and rates to come down — don’t. Delaying the decision to purchase will only become a more expensive decision later. Rates aren’t expected to decrease and home prices in Ames are still appreciating.
“Over the last 30 years, I’ve never seen home prices in Ames depreciate,” said Kurt Friedrich, Owner/Broker at Friedrich/Iowa Realty.
Even through the mortgage crisis from 2008-10, home prices in Ames held their ground and even appreciated slightly. If you’re thinking of buying a home and have the financial means to do so, act now.
Ames is typically more insulated from national market trends and true to form, the local market has remained strong. But it’s something to monitor as we move into the summer months.