The Median Real Estate sale price rose over 20% for the Davenport, Iowa/Quad Cities area!
In the third quarter of 2006, the median home sales price for the Davenport, Iowa/Quad Cities area was $111,500. With numbers just in from the third quarter of 2007, the Davenport, Iowa/Quad Cities area recorded a median home sales price of $114,600. This increase represents a 2.8% increase in the past year in spite of a slow market! The statistic that is even more spectacular is a whopping 21.8% increase in the past six years!!! You may read the entire article in the Des Moines Register.
What these numbers indicate to me is that our recent slump in sales over the past two years is turning the corner and we are likely in the best buying opportunity that we will see!!! Because of all the negative news of severe price declines across the country, many buyers have taken a "wait and see" attitude about purchasing real estate.
While the Davenport, Iowa/Quad Cities metropolitan area has seen some price slippage in the past two years, the market appears to be recovering. This is great news to sellers of real estate and builders in our area! It is also a wake-up call for buyers!
If you are renting, or are considering a move up in real estate, this could be your best opportunity with pricing still affordable and interest rates at a very good level.
Example:
If you are looking to purchase real estate in the $150,000 price range, your principal and interest payment with a 6.5% interest rate would be only $948.10 per month. If you wait until this time next year, and the current trend continues, we could see that $150,000 property become $154,200. Now that may not seem like much of an increase, however, the monthly payment would now be $974.65. That represents $9,558 over the life of a 30 year loan!!!
Another crippling factor would be if the very low interest rate of 6.5% goes to 7% (which is very possible). That same monthly payment would become $1,025.90. This increase would mean spending an additional $28,000 over the life of the loan!!! If you would like to see what these changes would mean to you in your price range, go to LuckyLang.com and click on the Finance tab under my picture. Or you may simply contact me at the information below:
LUCKY LANG, QUAD-CITIES FAVORITE REALTOR®
Lucky Lang, Realtor ® Licensed in Iowa & Illinois
Mel Foster Co., Inc., 3211 E. 35th Street Ct., Davenport, IA 52807-2585
Cell: (563) 676-9031 Office: (563) 823-2213 Fax: (563) 459-6720 Toll Free: (800) 791-8132 Ext. 325
Don't let this great real estate buying opportunity pass you by!!!
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219 Colony Drive, Davenport, Iowa 52806
Lot 1, Shabonee Estates, Route 84, Rapids City, Illinois 61275
2419 Carey Avenue, Davenport, Iowa 52803
334 S. Elmwood Avenue, Davenport, Iowa 52802
711 Vine Street, Davenport, Iowa 52804
420 E. 6th Street, Davenport, Iowa 52803
414 E. 6th Street, Davenport, Iowa 52803
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Real Estate Buyers, Sellers, & Military Transferees in the Quad Cities (Davenport, Bettendorf, Moline, & Rock Island) being licensed in both Iowa & Illinois and voted the Quad Cities Favorite Realtor!
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Lucky,
Fortunately for Davenport, interest rates seem to be headed the other way for the near future. What a great opportunity for your buyers!
Mike in Tucson
Mike,
While we haven't seen a drop in fixed rates locally (to speak of), as you know the winter slow down usually brings about a slight decrease this time of year follow by a rise in the early spring.
Another reason why now is the time to buy!!!
Thanks for commenting,
Lucky :)
Lucky, I love the way you linked back to your listings. Not only are you informing consumers, but you are working for your sellers at the same time!
Lisa,
Work it, work it!
Lucky :)
Dear Lucky,
Thank you for sharing the median price of real estate in your area. It seems so unbelievably low to me. Our starter homes here in Taos, NM start at about $250,000. Needless to say, it is unreachable for most first time buyers. Do you have a lot of first time homebuyers or is your median price just as unreachable for your area as it is for ours?
Susan,
I am writing an offer today with a first-time home buyer and just wrote an offer on Monday as well. I love working with first-time home buyers because they are so thirsty for information and it is fun to guide them through the process and share their excitement!
The entry price range coupled with the interest rates make this the perfect time to get into home ownership and the smart ones are doing it!
Thanks for your comment,
Lucky :)