April was a strange month for home sales in Iowa City. Clearly the market is picking up, we’re seeing signs of that all over the Iowa City area real estate market. And yet, home sales in Iowa City were down in April. 44 homes sold in April 2012 compared to 70 in April 2011. At the same time, home prices are up compared to last year. It’s my job to present the facts, not make stuff up and you have to admit that the data I get to present this month is a bit on the odd side!

Looking at the bigger picture, the trend in Iowa City housing market is moving in the right direction. Even though home sales in Iowa City were down for the month, looking at the number of homes sold January through April, we’re still ahead for the year. 147 homes sold from January through April 2012 compared to 145 January through April 2011. There are also a large number of homes marked as Sale Pending or Contingent on the Iowa City MLS, (241 as I’m writing this), so even though April wasn’t a great month for closings, we have plenty of closings to look forward to through the next few months.

The absorption rate  has gone down a bit this month to 6.6 months. that’s an average of 199 days on market. The calculation for the absorption rate factors in the number of homes currently listed as active on the Iowa City MLS. As the number of homes pending sale goes up, the inventory of homes on the market goes down and that’s good for the absorption rate.  It should improve more through the summer months as more homes sell and the inventory of active listings / number of homes on the market goes down.

If you’ve got a house to sell in Iowa City, things are looking a whole lot better for you than a few months ago. Spring and early summer is the time when the most buyers are out and about and they are out in their numbers this year.  With so many homes on the market sellers in Iowa City do have a lot of competition. The trick is to make sure your house is priced right and in great showing shape. You want your house to be the one buyers notice so put your best foot forward and see to it that your house is the shiny penny on the block before you list it for sale!

If you’re thinking of buying a home in Iowa City, we still have something of a buyer’s market. There is still too much inventory on the market for that to change yet. That said, well priced homes that show well are selling fast, especially if they’re in what’s considered a prime location – Close to downtown, walking distance to Campus, close to the UIHC –  These are areas relocating buyers want to be and at this time of the year, just in time for the fall semester, we have A LOT of relocating buyers! The market has bottomed out and it’s on the way up again now. Home prices aren’t dropping anymore and starting to go up, interest rates are  still phenomenally low. Buyers still have lots of choices. The question is just how much longer these excellent conditions for buyers can last…

Want to talk through your options and figure out whether now is a good time for you to buy a home or list your home in Iowa City?  Give me a call at 319-400-0268 or drop me an email. I’d love to hear from you!

Iowa City Real Estate Market Report March 2012

 Iowa City Real Estate Market Report February 2012

Iowa City Real Estate Market Report January 2012 

Home Sales in Iowa City January – December 2011

Home Sales in Iowa City by School District January – December 2011

Data for this market report collected from the Iowa City MLS May 17, 2012 – Information is considered accurate, although not guaranteed.

If you’re in real estate this time of the year is perfect for making changes. After my busiest year to date I’ve been taking advantage of the quiet time and getting ready for 2012.  Earlier in the month I wrote about getting my broker’s license and starting my own company. Over the Holidays it seemed like a good opportunity to work on my website and update it to reflect the new direction I”m moving in.

As it happens, just like with starting my own company where the advantages aren’t necessarily obvious right off the bat, the changes to my website are much more in the background. I migrated to the Thesis framework. A much leaner framework to build a website on than the framework I was previously running on. I’ve been building my own websites for a while now and since I’m a bit of a perfectionist I’m always looking to improve the user experience. In this case we’re both users – you’re the user on the front end, I’m the user on the back end. I want it to be fast and efficient for both of us. Hence the changes. That’s pretty much how I approach  real estate and anything else I do in life too. I figure we’re here to learn – Standing still is not an option. Life is all about moving forward and being the best version of ourselves we can be.

Anyway, getting back to my website, 75% of my business comes from folks finding and contacting me through my website. This is where buyers and sellers get their first impression of me so I’d better make sure I do well! Now this is where I ask for your help. I’ve done some testing on different browsers and it looks like everything is working as it should. I’m not a front end user though, in other words, I’m not YOU. I’d like to know how it’s working for you. More specifically, please let me know if you’re having any trouble with the IDX home searches. The set up for that was A LOT different than on the old website. I want to be sure it’s working the way it should. It wouldn’t be much of a real estate website if the home search didn’t function properly, would it?

Of course, if you have any other feedback I’d appreciate that too…

Cardinal Realty opened its doors for business this week. This is a huge milestone and marks the beginning of a new journey for me in the Iowa City real estate market. There wasn’t a big event or an epiphany that set me on this road. It was just the the right thing to do. It seems I’m not much of a follower. I think a little differently and want the freedom to make my own decisions on how I run my business. I like to keep things simple. Real estate transactions are complicated enough, there is no reason at all  to make the process complicated too. My goal is to de-mystify the process  and make life easier for clients.

So here I am. Daring to be different. The philosophy behind Cardinal Realty is to keep real estate simple. For me real estate is a service industry. I am here to serve my clients, not to “sell” homes. There will be no conflict of interest by working two sides of a deal. Each client gets exclusive, personalized service. Simple and straightforward.  There aren’t too many Realtors that I know of that speak out as strongly as I do on the subject of buyers and sellers needing their own agent. And then there’s the fact that many consumers are so focused on the house they’re about to buy or sell that they don’t think about what impact the right agent has on the transaction. It’s a whole lot more important than they might think. My blog has always been about getting the word out. I will continue in that trend and hope to help buyers and sellers recognize the importance of choosing the agent they work with rather than just working with the agent who’s there when it comes time to list or make an offer on a home.

Streamlining the process and taking as much as possible online is the next part of my Master Plan. As the tech savviest Realtor in Iowa City I embrace technology and incorporate it wherever I can to help clients.   “Going Green” is something I am passionate about.  No-one is happier than me that the “green” idea has caught on here. It certainly wasn’t that way when I relocated here from Germany in 2000. (And no prizes for guessing they were well ahead of the game already back then). In my case, what makes “going green” even better is that it’s good for business. Clients this year have already experienced the benefits. Iowa City is a relocation destination and folks are transitioning in and out all the time. My last two sellers who both relocated out of state loved the no-hassle option of signing documents online. That’s just one example. The ability to preview homes and provide photos and videos for relocating buyer clients is another one. Hooked on technology I’m always looking for new ideas to incorporate into my business.

That about sums it up in a nutshell. Cardinal Realty is here to help buyer and seller clients in Coralville, Iowa City, North Liberty and Tiffin. I look forward to hearing from you soon!