The president of the Iowa Association of Realtors, Kurt Schade, says the numbers from the September statewide sales survey showed good signs. He says September sales were up 20.9% in the month with pending sales up 8.3% up from the previous years as well. Schade says the record low interest rates are part of the reason for the bump.
Schade says homeowners are recognizing that if they have the ability to buy, it is a great time to buy a home. The average sales price dropped, and he says people are also capitalizing on that. The average sales price was down one-point-seven percent. Schade says the loan process is still taking some time for buyers to complete the sale.
He says the average number of days a home is on the market is up and he says that’s because of new appraisal rules that began in September, and lenders are taking a long look at loans before approving them. Schade says the uptick in September sales is encouraging as home-buying naturally falls off as we head from fall into winter.
Schade says real estate is season in Iowa because of the weather, and the pool of buyers goes down as people can’t see as much of a home when there is snow on the ground. He says some sellers take their homes off the market in the winter to wait for better spring weather.
The report showed that 36 of the 44 local boards and reporting sites across Iowa reported increases in the number of sales and 23 boards reported increases in average sale price from September 2010. Fourteen boards showed a decrease in the average number of days on the market.