Historically, Easter has been a kick off for spring real estate sales. There is something about this time of year, as well as New Year’s Day and Labor Day. It is a renewal time for many; a fresh start. So far this year we have had an early start, sales have been brisk for the first time homeowner and move up buyer. Some homes for sale haven’t lasted but a few days on the market. This is mostly driven by buyers leaving their apartments and low mortgage rates of 3.5% for a 30 year loan, and 2.75% for 15 years. It’s almost cheaper to own than rent. Interestingly, the national trend is for young people to rent, more so than purchase. Surveys indicate younger buyers don’t see as much value today in owning, and they like the flexibility of mobility. This is a tribute to our principled Midwest belief system, as well as a growing economic environment in the Sioux Empire driven by Free Enterprise. We expect continued low mortgage rates and robust homes sales throughout April and May for sure; and perhaps into summer. Home values below $400,000 have increased in direct proportion to price ranges with the lower bracket increasing more than the upper. Sales above $400,000 have been erratic with newer style homes leading the way. It’s hard to predict what may happen going forward, as this price range is mostly driven by household income and economic stability. Certainly it’s easy to say that the sun is shining both physically and philosophically on our great region today. May you have a fabulous spring, and remember we are only a telephone call away from being of service to you. Our goal is to always look for new and better ways to create value in our relationships.
Real Estate Broker, CRS, ABR, SRES