I have been discussing the same misunderstanding about the market a lot lately. I thought if the people I am talking to are thinking about it, what about the people I don’t get to speak with.
The confusion is about low inventory on the Des Moines Multiple Listing Service. In fact, last year the Des Moines Area Association of Realtors sold almost 2,500 more houses than they did the year before. (To give a frame of reference, we sold a little over 16,500 in 2020.)
Currently there are 1,825 houses for sale. This is record low inventory. However, we currently have 2,745 houses under contract. In the last 30 days alone, 1,418 houses have gone under contract. Think about that. In the last 30 days, almost as many homes have gone under contract as there are currently houses for sale total.
However, we are selling more houses than we ever have. Last year we increased our year over year sales by more than fifteen percent. There are a ton of houses out there. They are simply flying off the shelves.
So what does this mean to you?
If you are a buyer, you have so many houses to look at. And your mortgage is insanely cheap. You need to be on top of what you want and getting out to look as quickly as you can though. Because the three houses you liked last week are gone this one.
If you are a seller, your house most likely will sell for more than you would expect. Of course, condition and competition will always affect your sale. It is a great time to sell right now though.
As always, I love doing what I do. I love looking at the market, and I love building relationships with the people I get to help. Let me know how I can help you. Call me today. You can reach me at 515.639.0047 or RyanLynch@KW.com. I am good at what I do, and I want to help you.
~Ryan Lynch
