Iowa City Real Estate Blog

Iowa City Real Estate - Selling a Home in Iowa City - A couple of reasons why now is a good time to list your home for sale

Have you been wondering lately whether now is a good time to sell your home? It might be. If you look at the big picture and factor in the long term I can give you at least a couple of reasons as to why it's a good idea to list your home in Iowa City now.

Let me start off by telling you that the Iowa City real estate market is more resilient than many other markets. Iowa City is a relocation town. Lots of the time folks are moving because they must  - not because they choose to. That puts a totally different dynamic into buying or selling a home in the Iowa City area.

That's the good news. The not so good news is that prices are kind of flat, so the chances of making a big profit when you put your home on the market are not great. (This is where you need to start thinking long term). Think of it this way: Buyers market or sellers market, it's unlikely in any market that you will make on both sides of the transaction. You might make a little less in this market than you expected, but you will get a good deal when it comes to buying your next home. Conversely, if you make big money when you sell your home, chances are you'll need to pay more when you buy a new one too.

In fact, if you're busting out at the seams of the little house you're in now and are upgrading to buy a bigger and better home, there's a good chance you'll end up really coming out ahead. You may wonder how. Well, there's a high likelihood that you will make great deal on your new (more expensive) home AND profit from the incredibly low interest rate (= lower mortgage) you'll pay for that lovely new home of yours.

What if you're downgrading and buying a smaller home? It still looks good. We have a flat market, not a declining market. In fact, if you check out my absorption rate analysis from last week you'll see that the Iowa City real estate market is definitely trending in the right direction for sellers. And as far as prices are concerned, year over year home prices in Iowa City are down by 2%. That's not too bad when you think about it.

If you're downgrading after many years in a home, you'll be just fine. Even if you're selling a home after living there just a few years there's still a chance you'll break even. (Depending on whether you bought the home in the boom years or not and paid a premium for it). And you will still profit from the extremely low interest rates available right now. Not to mention the big motivator that smaller homes cost less to maintain - right down to the utility bills.

There you have it. If you look at the big picture, upgrading or downgrading, there are a few good reasons for listing your home for sale now. In my estimation prior planning is key to getting a home sold, so with that in mind I'm including a few links below for you to check out. Also, once November rolls around you can expect to see my monthly real estate market reports for October, not just for Iowa City, but for Coralville and North Liberty too.

Selling a Home in Iowa City - The most important aspect to getting a home sold is pricing it right. (And I do mean pricing a home right and NOT underpricing it!)

Iowa City Real Estate Market Report - This report includes info on homes sold in Iowa City in September. (And contrary to national numbers Iowa City did well in September). Along with a look at the home sales for the 3rd quarter.

Iowa City Absorption Rate Analysis - What the absorption rate gives us is is insight on how the real estate market is trending. Whether we are in a buyers market, a sellers market or in a transitional or balanced market.