300 Main Street, Suite 200, Dubuque, IA 52001
Mon – Thurs 8 am – 5 pm, Fri 8 am – 12 pm
NEWS RELEASE
April 22, 2019
Chris Beason, President
Cell Phone: 563-340-2763
ChrisBeason@ruhlhomes.com
Contact: Caroline Ruhl, CEO
Office Telephone: 563-441-5001
CarolineRuhl@RuhlHomes.com
DAVENPORT, IA – Record-breaking cold and snowfall slowed housing sales in the region during the first quarter of 2019. Across all of our markets, 5% fewer homes sold than last year. But there was considerable variation from market to market, as shown on our regional activity chart, attached.
Warm April weather has opened the floodgates, releasing pent up buyer demand. Unfortunately, affordable inventory isn’t coming onto the market as quickly as the buyers, so we have frustrated first-time buyers with competing offers for lower-priced homes. This is great news for sellers - we just need more of them!
Mortgage Rates Lower than Last Year
Mortgage rates are actually lower than they were at this time last year. This was a pleasant surprise. As of April 15, rates with no points were:
15-year Conventional Fixed…………....3.750%
30-year Conventional Fixed…………....4.125%
FHA/VA 30-year Fixed……………… … .4.125%
5/1 ARM (Adjustable Rate Mortgage)...4.000%
We also have excellent first-time homebuyer programs with down payment assistance available in both Iowa and Illinois. Refinancing is once again a good option for borrowers seeking lower payments or seeking cash to pay for home improvements or other needs, such as buying a rental property.
Buyer’s or Seller’s Market?
We consider a buyer’s market to be more than 6 months of inventory and a seller’s market to be 3 months or less of inventory. Four to six months is a balanced market, favoring neither buyer nor seller. Location, price range and buyer demand impact months of inventory.
We continue to have a bifurcated market, with a seller’s market in the affordable price ranges and a buyer’s market in the upper price ranges, which vary by market . This bifurcation presents a great opportunity for move up buyers. They
can sell in a seller’s market and buy in a buyer’s market.
About Ruhl&Ruhl Realtors
A family-owned company since 1862, Ruhl&Ruhl Realtors has grown to 335 sales associates, 61 employees and eleven offices, selling more than 5,200 homes in eastern Iowa, northwest Illinois and southwest Wisconsin. The company has residential sales offices in Bettendorf, Burlington, Cedar Rapids, Clinton, Davenport, DeWitt, Dubuque, Iowa City, Maquoketa and Muscatine Iowa; and in Galena and Moline, Illinois. In addition to residential sales, the company offers services in relocation, property management, real estate investments, new home sales, land development, farm and land sales, senior services, home vendor services, insurance services and mortgage services. For more information on Ruhl&Ruhl Realtors, visit their website at www.RuhlHomes.com.
