Locally, the Iowa Association of REALTORS® (IAR) reports that the number of pending home sales was up 5.6% in May 2011 compared to pending sales in May 2010. However, the key issue for many sellers is that prices have not significantly appreciated and have held relatively steady over the last 5 years. The IAR report indicates that May home prices have increased only 0.8% over the last 5 years (due in part to nationwide economic issues) but over the last 10 years Iowa home prices have actually appreciated around 19.8%, in spite of the economic troubles of the last few years.
The fact that prices haven't significantly appreciated in recent years has caused reluctance among sellers to accept a lower price for a home. This has resulted in many homes on the market, meaning that buyers have lots of choices when looking for a home. Coupled with very low interest rates, now might be a good time to buy for anyone looking to live in an area for at least 3-5 years or longer
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