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Real Estate Trends Still On the Rise

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February is following in its predecessors footsteps. January was a good month in real estate, especially for Quad City homes. National statistics have been released for the month of February, and the real estate market is still trending upwards.  Lawrence Yun, chief economist for the National Realtors Organization, reported, “Home sales in the month of February increased 0.8%, to a seasonal adjusted annual rate of 4.98 million unit pays." This kind of news should really boost the morale of those trying to sell their house now or who have had their home on the market for several months. If you fall into the latter category, you may want to think about your asking price. Take away the emotional attachment you have with your home and ask a more appropriate market value. If you do need a certain dollar amount for your home there is still good hope.

Mr. Yun went on to report, “In a year over year bases existing home sales were higher by 10.2%. Which marks 20 months of year over year increase. The national median home price was $173,600. An increase of 11.6% from a year ago." Increase in home prices are related to the continued low amount of real estate supply. This does not necessarily mean you will sell your house for more now than what you were asking 6 months ago, but what it does suggest is you will not have to drop the price of your home $20,000 over night. In the Davenport or Bettendorf market, this might mean a $5,000 price adjustment will suit your needs better and will still help bring a reenergized interest in your home.

I have talked with several clients this week who have had their house listed for roughly one year. A change in marketing plans, and a fresh price, could help them unload this financial burden early this spring.

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