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I have a lot of people asking me right now whether we're situated in a buyer's market or a seller's market. Unfortunately, the answer to this question isn't so simple. It really depends on what price point you're looking in and also whether you're trying to move up.
There are segments of our market with over 1,900 homes for sale, and there are also parts of our market with little to no inventory. Homes in the $100K-$300K ranges are hard to find and they're also selling very quickly. Some homes are lasting less than a week on the market, so if you're selling and your home is in good condition, you have a really good chance to have a profitable sale.
My rule of thumb is that if you're thinking about selling, you should be on the market 120 days before you actually planned to be on the market. This is especially true when the market is moving quickly like the one we're seeing right now. However, this also allows us to position you for success. We will consult with you and speak about how to make your home market-ready so that you can get top dollar.
Overall, we're seeing less inventory in Cedar Rapids than we usually do. We're seeing at least 200-300 less homes on the market this year than we saw last year, so if you are looking to buy a home, then you absolutely need to go out and get pre-approved for a loan. Trust me, you won't stand a chance against other qualified buyers if you don't have a loan approval with you.
Hopefully this information is useful to you when you are buying or selling in the future. Please reach out to us if you need help - we're always happy to assist you!