Posts Tagged ‘iowa real estate communities’
Monday, September 27th, 2010
Our local markets continue to provide much more stable home prices than the rest of the country. Real estate continues to be a great investment in our region – based on the appreciation in our markets over the past five years.
While nationally home prices have fallen 4.41%, in our markets prices are up: 5.69% in Cedar Rapids, 7.83% in the Quad Cities, 13.67% in Dubuque, and 5.83% in Iowa City. View our statistics in Ruhl&Ruhl’s most recent copy of Facts & Trends newsletter.
According to the Federal Housing Finance Agency, of the 303 MSA’s (Metropolitan Statistical Areas) ranked by home price appreciation, all of our markets ranked in the top 14% in the nation – Dubuque at 2nd; Cedar Rapids at 10th; the Quad Cities at 41st; and Iowa City at 42nd.
Comparing the second quarter of 2010 to the second quarter of 2009, home prices increased 0.94% in Cedar Rapids and 2.41% in Dubuque; and decreased 0.81% in the Quad Cities and 0.86% in Iowa City. Nationally, prices fell 1.6%.
A family-owned company since 1862, Ruhl&Ruhl REALTORS annually sells nearly 3,800 homes in eastern Iowa, western Illinois and southwestern Wisconsin. Caroline Ruhl is the President and owner of Ruhl&Ruhl REALTORS, and is the fourth generation of the Ruhl family to lead the residential brokerage and home services company. Headquartered in Davenport, Iowa, the company has 250 sales associates and 50 employees based in sales offices located in Bettendorf, Cedar Rapids, Clinton, Coralville, Davenport, DeWitt, Dubuque, Maquoketa, and Muscatine, in Iowa, and in Moline, Illinois. In addition to residential sales, Ruhl&Ruhl offers services in relocation, new home sales, farm sales, senior services, real estate investment, property management and mortgage services through 1862 Mortgage. For more information on Ruhl&Ruhl, visit their website at www.RuhlHomes.com .
Tags: agents, Building, buying, caroline ruhl, davenport, eastern iowa, first time buyers, home buyer programs, housing market, illinois real estate, illinois real estate communities, Illinois Real Estate Market, iowa real estate, iowa real estate communities, Iowa Real Estate Market, multiple listing service, quad cities, Quad Cities Real Estate, Quad Cities Real Estate Market, Real Estate, Real Estate News, Real Estate Sales Volume, Ruhl and Ruhl, Ruhl&Ruhl Market Share, Ruhl&Ruhl Realtors, RuhlHomes, sales volume, selling
Posted in Real Estate News, Tips & Hints | No Comments »
Thursday, September 9th, 2010
Trying to decide whether to buy a fixer-upper house? Follow these seven steps, and you’ll know how much you can afford, how much to offer, and whether a fixer-upper house is right for you.
1. Decide what you can do yourself
TV remodeling shows make home improvement work look like a snap. In the real world, attempting a difficult remodeling job that you don’t know how to do will take longer than you think and can lead to less-than-professional results that won’t increase the value of your fixer-upper house.
Ask yourself these questions:
- Do you really have the skills to do it? Some tasks, like stripping wallpaper and painting, are relatively easy. Others, like electrical work, can be dangerous when done by amateurs.
- Do you really have the time and desire to do it? Can you take time off work to renovate your fixer-upper house? If not, will you be stressed out by living in a work zone for months while you complete projects on the weekends?
2. Price the cost of repairs and remodeling before you make an offer
- Get your contractor into the house to do a walk-through, so he can give you a written cost estimate on the tasks he’s going to do.
- If you’re doing the work yourself, price the supplies.
- Either way, tack on 10% to 20% to cover unforeseen problems that often arise with a fixer-upper house.
If you are looking for a contractor or need help finding a vendor check out Ruhl&Ruhl Home Service Vendors.
3. Check permit costs
- Ask local officials if the work you’re going to do requires a permit and how much those permits cost. Doing work without a permit may save money, but it’ll cause problems when you resell your home. In some cases the City will fine you if work without a permit is completed.
- Decide if you want to get the permits yourself or have the contractor arrange for them. Getting permits can be time-consuming and frustrating. Inspectors may force you to do additional work, or change the way you want to do a project, before they give you the permit.
- Factor the time and aggravation of permits into your plans.
4. Double-check pricing on structural work
If your fixer-upper home needs major structural work, hire a structural engineer for $500 to $700 to inspect the home before you put in an offer so you can be confident you’ve uncovered and conservatively budgeted for the full extent of the problems.
Get written estimates for repairs before you commit to buying a home with structural issues.
Don’t purchase a home that needs major structural work unless:
- You’re getting it at a steep discount
- You’re sure you’ve uncovered the extent of the problem
- You know the problem can be fixed
- You have a binding written estimate for the repairs
5. Check the cost of financing
Be sure you have enough money for a down payment, closing costs, and repairs without draining your savings.
If you’re planning to fund the repairs with a home equity or home improvement loan:
- Get yourself pre-approved for both loans before you make an offer. Ruhl&Ruhl Realtors mortgage company, 1862 Mortgage can help with all your financial needs.
- Make the deal contingent on getting both the purchase money loan and the renovation money loan, so you’re not forced to close the sale when you have no loan to fix the house.
- Consider the Federal Housing Administration’s Section 203(k) program, which lets qualified purchasers wrap up to $35,000 into their mortgages to upgrade their home before they move in.
6. Calculate your fair purchase offer
Take the fair market value of the property (what it would be worth if it were in good condition and remodeled to current tastes) and subtract the upgrade and repair costs.
For example: Your target fixer-upper house has a 1960s kitchen, metallic wallpaper, shag carpet, and high levels of radon in the basement.
Your comparison house, in the same subdivision, sold last month for $200,000. That house had a newer kitchen, no wallpaper, was recently re-carpeted, and has a radon mitigation system in its basement.
The cost to remodel the kitchen, remove the wallpaper, carpet the house, and put in a radon mitigation system is $40,000. Your bid for the house should be $160,000.
Ask your real estate agent if it’s a good idea to share your cost estimates with the sellers, to prove your offer is fair.
7. Include inspection contingencies in your offer
Don’t rely on your friends or your contractor to eyeball your fixer-upper house. Hire pros to do common inspections like:
- Home inspection. This is key in a fixer-upper assessment. The home inspector will uncover hidden issues in need of replacement or repair. You may know you want to replace those 1970s kitchen cabinets, but the home inspector has a meter that will detect the water leak behind them.
- Radon, mold, lead-based paint
Most home inspection contingencies let you go back to the sellers and ask them to do the repairs, or give you cash at closing to pay for the repairs. The seller can also opt to simply back out of the deal, as can you, if the inspection turns up something you don’t want to deal with.
If that happens, this isn’t the right fixer-upper house for you. Go back to the beginningand start again.
Keep checking RuhlHomes.com for the most up to date information on the real estate market!
Courtesy of: Houselogic
Tags: agents, Building, buying, Buying a Fixer-Upper, caroline ruhl, first time buyers, fixer-upper, Flipping houses, home, home buyer programs, home search, housing market, ia, il, illinois real estate, illinois real estate communities, Illinois Real Estate Market, investment properties, iowa city area, iowa real estate, iowa real estate communities, Iowa Real Estate Market, new construction, New Construction Home Sales, Quad Cities Real Estate, Quad Cities Real Estate Market, Real Cost of a Fixer-Upper, Real Estate, Real Estate News, ruhl, Ruhl and Ruhl, ruhl&ruhl, Ruhl&Ruhl Realtors, RuhlHomes
Posted in Real Estate News | No Comments »
Friday, September 3rd, 2010
Following a sharp drop in the months immediately after the expiration of the home buyer tax credit, pending home sales have modestly risen, according to the National Association of Realtors.
The Pending Home Sales Index, a forward-looking indicator, rose 5.2% to 79.4 based on contracts signed in July from a downwardly revised 75.5 in June, but remains 19.1% below July 2009 when it was 98.1. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.
Lawrence Yun, NAR chief economist, cautioned that there would be a long recovery process. “Home sales will remain soft in the months ahead, but improved affordability conditions should help with a recovery,” he said. “But the recovery looks to be a long process. Home buyers over the past year got a great deal, and buyers for the balance of this year have an edge over sellers. For those who bought at or near the peak several years ago, particularly in markets experiencing big bubbles, it may take over a decade to fully recover lost equity.”
Yun added, “Affordability could reach a generational high in the second half of this year because of rock-bottom mortgage interest rates, helped partly by the Fed’s very accommodative monetary policy. The loan underwriting standards are tighter, but home buyers can improve their chances of getting a loan by staying well within their budget.”
The PHSI in the Northeast rose 6.3% to 62.5 in July but is 21.1% below a year ago. In the Midwest the index increased 4.1% to 66.7 but remains 25.7% below July 2009. Pending home sales in the South rose 1.2% to an index of 86.3, but are 15.6% lower than a year ago. In the West the index jumped 11.6% to 95.0 but is 17.6% below July 2009.
The national index had fallen 29.9% in May and another 2.8% in June.
For more information, visit www.realtor.org.
Keep checking RuhlHomes.com for the most up to date information on the real estate market!
Courtesy of: RisMedia
Tags: caroline ruhl, first time buyers, home buyer programs, home sales on the rise, housing market, illinois real estate, illinois real estate communities, Illinois Real Estate Market, iowa real estate, iowa real estate communities, Iowa Real Estate Market, pending home sales, pending home sales on the rise, Quad Cities Real Estate, Quad Cities Real Estate Market, Real Estate News, Real Estate Sales Volume, regional markets, Ruhl and Ruhl, ruhl&ruhl, Ruhl&Ruhl Market Share, Ruhl&Ruhl Realtors, RuhlHomes, sales volume, tax credit, tax incentive
Posted in 1862 Mortgage, Real Estate News | No Comments »
Thursday, September 2nd, 2010
Ruhl&Ruhl REALTORS proudly collected 10,947 pounds of food for the 2010 Student Hunger Drive Corporate Challenge and earned the prize for the Most Creative Company at the annual Clucky awards.
“I am so proud of our company’s participation in such a wonderful community organization,” said Caroline Ruhl, President of Ruhl&Ruhl REALTORS. “There was quite the competition between our offices this year, which really pushed our donations to the next level.”
Each of the Ruhl&Ruhl offices that participated, including Bettendorf, Clinton, Corporate, Davenport and Moline, had unique events to get the donations collected, such as penny wars and potlucks.
It was a record setting year for the organization, collecting 77,432 pounds of food for the River Bend Foodbank in the corporate challenge. The Student Food Drive is an effort conducted by area high school students to collect and donate food to the River Bend Foodbank. The Foodbank serves over 300 charitable feeding programs throughout a 22 county service area. This year, the Quad-City Times received the overall prize by collecting 13,144 total pounds of food.
A special thanks goes out to our team of volunteers: Rose Wulgaret, Moline Office; Pat Johnson, Davenport Office; Marybeth Chupka, Bettendorf Office; Norm Vande Kamp, Clinton Office; Doug Himmelman, Corporate Office; Bridget Drenter, Corporate Office; Allyson Holub, Corporate Office and Sally Atwell, Corporate Office.
A family-owned company since 1862, Ruhl&Ruhl REALTORS annually sells nearly 3,800 homes in eastern Iowa, western Illinois and southwestern Wisconsin. Caroline Ruhl is the President and owner of Ruhl&Ruhl REALTORS, and is the fourth generation of the Ruhl family to lead the residential brokerage and home services company. Headquartered in Davenport, Iowa, the company has 250 sales associates and 50 employees based in sales offices located in Bettendorf, Cedar Rapids, Clinton, Coralville, Davenport, DeWitt, Dubuque, Maquoketa, and Muscatine, in Iowa, and in Moline, Illinois. In addition to residential sales, Ruhl&Ruhl offers services in relocation, new home sales, farm sales, senior services, real estate investment, property management and mortgage services through 1862 Mortgage. For more information on Ruhl&Ruhl, visit their website at http://www.ruhlhomes.com/ .
Tags: caroline ruhl, davenport, eastern iowa, giving back to the community, housing market, hunger drive, illinois real estate, illinois real estate communities, Illinois Real Estate Market, iowa real estate, iowa real estate communities, Iowa Real Estate Market, pounds of cans, Quad Cities Real Estate, Real Estate, real estate communities, Real Estate News, Ruhl and Ruhl, ruhl cares, ruhl&ruhl, Ruhl&Ruhl Market Share, Ruhl&Ruhl Realtors, RuhlHomes, Student Hunger, Student Hunger drive
Posted in 1862 Mortgage, Real Estate News | No Comments »
Monday, August 23rd, 2010
A few months ago, a health care bill turned the country upside down on the subject of the “National Real Estate Transfer Tax.” Both sides have argued whether or not the new “Real Estate Tax” exists. Some might even be asking what a Transfer Tax is. Unlike property taxes, real estate transfer taxes are state and local taxes that are assessed on property when ownership of the property is transferred between parties. These taxes are used in many areas to fund programs designed to preserve rapidly depleting spaces in commercial or residential areas, and to fund housing programs for low-income residents.
With all the confusion and controversy we do have a better explanation!
Effective January 1, 2013, singles with annual gross income over $200,000, and married couples with annual gross income over $250,000 will have to pay 3.8% tax on profit from the sale of their property. This is not an income tax. All revenue collected by tax is dedicated to the Medicare hospital insurance program. This tax doesn’t apply to everyone, but it WILL apply to those that profit on the sale of their home.
The up to $500,000 exclusion of gain for married couples (or up to $250,000 for single taxpayers or those who file a separate tax return) has not changed. If you have owned and lived in your home for at least two full years within the five years before the home is sold, you will be able to take the appropriate exclusion.
For example, your adjusted gross income is $150,000. You sell your house and make a profit of $400,000. There is no change in the way you determine your gain. You take your purchase price, add major improvements you have made and subtract that number from the net sales price. If you have lived in your home for at least two out of the last five years, you are eligible to exclude all your profit.
The new tax only applies to home sale gains in excess of the $250,000/$500,000 that push the individual or couple over the annual gross income level of $200,000/$250,000 limit. Everyone’s situation is different. Please consult your tax professional or attorney to determine your qualifications. Click here for more information from the National Association of Realtors. Or visit IRS.gov
Keep checking RuhlHomes.com for the most up to date information on the real estate market!
Tags: agents, caroline ruhl, Health Care Bill, home buyer programs, housing market, illinois real estate communities, Illinois Real Estate Market, iowa real estate, iowa real estate communities, Iowa Real Estate Market, Medicare, Medicare Tax, Quad Cities Real Estate, Quad Cities Real Estate Market, Real Estate News, Real Estate Transfer Tax, regional markets, Ruhl and Ruhl, Ruhl&Ruhl Market Share, Ruhl&Ruhl Realtors, RuhlHomes, tax incentive, Transfer Tax
Posted in Real Estate News, Tips & Hints | No Comments »
Thursday, August 12th, 2010
Caroline Ruhl, President of Ruhl&Ruhl REALTORS, is pleased to announce the addition of a Cedar Rapids Office.
Ruhl&Ruhl is the 96th largest residential real estate company in the country in sales transactions, according to the National Association of Realtors. They are the largest real estate company in eastern Iowa.
Cedar Rapids will be Ruhl&Ruhl’s 10th office – their other residential sales offices are located in Bettendorf, Davenport, Clinton, Coralville, DeWitt, Maquoketa, Muscatine and Dubuque, Iowa; and in Moline, Illinois.
The company belongs to 11 different Multiple Listing Services and properties for sale from all these markets are available to the public on their website at RuhlHomes.com. The 253 agent company has been serving families in the region since 1862 and Caroline Ruhl is the 4th generation of Ruhl’s to lead the organization. Her son, Chris Beason, is the 5th generation and works in their Davenport Office.
“We are excited to open an office in Cedar Rapids so we can better serve our current and future clients in the area,” said Ruhl.
Ruhl&Ruhl currently has 19 agents who belong to the Cedar Rapids MLS and two more in pre-licensing classes. The company recently opened a temporary office located at 383 Collins Road, NE, Suite 100, Cedar Rapids. Working from this office are Cedar Rapids agents Carole and Dana Benson, Kathy Louvar, Tim Stanley, and Mary Kay Starks and Rod Starks from Delhi. Soon to be licensed are Beth Brockette and Marilyn Gill.
Ruhl&Ruhl has been marketing homes in Cedar Rapids for four years with agents from their Coralville office who also belong to the Cedar Rapids MLS. Those agents are: Jim Cannon, Paul Ellis, Travis Hiatt, Chad Keune, Lisa Lynes, Mike Morrow, Kelley Myers, Jean Newlin-Schnake, Anna Pauly, Tia Perez, Marc Simpson, Roxanne Sisneros and Jeremy Willis.
Ruhl&Ruhl will have a grand opening at their new office at 5805 Council Street, NE, Cedar Rapids in November. This state-of-the-art facility is currently in the design and build-out stage.
The people at Ruhl&Ruhl are committed to making the home buying and home selling experience easy, fun and hassle free. “Our clients need sales associates they can trust who will be their knowledgeable advocates, guiding them through the home sale or home purchase process. Our people really care about our clients and strive to exceed expectations. At Ruhl&Ruhl, our people are the difference,” said Ruhl.
In addition to residential sales, Ruhl&Ruhl specializes in relocation services, working with top companies such as Cartus, Primacy, Prudential and SIRVA. The company also offers services in real estate investments, new home sales, land development, farm sales, senior services, property management, home vendor services, and mortgage services through 1862 Mortgage.
Ruhl&Ruhl is a family-owned company that annually sells nearly 3,800 homes in eastern Iowa, western Illinois and southwestern Wisconsin. The company started in a little German grocery store in west Davenport, Iowa, from which insurance and real estate also were sold. Now, Ruhl&Ruhl has grown to more than 253 sales associates, 52 employees and 10 offices, yet their commitment to providing service with quality, value and integrity remains firmly rooted.
For more information on Ruhl&Ruhl, visit our new office at 383 Collins Road, NE, Suite 100, Cedar Rapids, call 319.373.7845 or visit us online at RuhlHomes.com.
Tags: agents, Benson Team, Building, Carole Benson, caroline ruhl, Cedar Rapids, Cedar Rapids Real Estate Market, Cedar Rapids Realtors, housing market, ia, iowa city area, iowa real estate, iowa real estate communities, Iowa Real Estate Market, Kathy Louvar, Mary Kay Starks, multiple listing service, quad cities, Real Estate, Real Estate News, Rod Starks, Ruhl and Ruhl, ruhl&ruhl, Ruhl&Ruhl Cedar Rapids, Ruhl&Ruhl Market Share, Ruhl&Ruhl Realtors, RuhlHomes, Tim Stanley
Posted in 1862 Mortgage, Real Estate News | No Comments »
Friday, July 2nd, 2010
After a close call with the deadline, Congress has passed an extension of the Homebuyer Tax Credit closing deadline until September 30, 2010. The extension applies only to transactions that have signed contracts in place as of April 30, 2010 that have not yet closed. This new deadline applies to both the $8,000 tax credit for first-time homebuyers and the $6,500 tax credit for repeat homebuyers. Congress sited unique circumstances and a back log of closings as factors in not being able to make the original closing date deadline of June 30, 2010.
The legislation is designed to create a seamless extension to the new closing deadline for an eligible transaction. There would be no gap between June 30 and the date the President signs the bill into law, which he is anticipated to do so this week.
Keep checking RuhlHomes.com for the most up to date information on the real estate market.
Tags: agents, caroline ruhl, eastern iowa, first time buyers, home buyer programs, housing market, illinois real estate, illinois real estate communities, Illinois Real Estate Market, iowa real estate, iowa real estate communities, quad cities, Quad Cities Real Estate, Quad Cities Real Estate Market, Real Estate News, Real Estate Sales Volume, ruhl&ruhl, Ruhl&Ruhl Market Share, Ruhl&Ruhl Realtors, RuhlHomes, tax credit, tax incentive
Posted in 1862 Mortgage, Real Estate News | No Comments »
Wednesday, June 16th, 2010
Ruhl&Ruhl REALTORS was recently visited and critiqued by leaders of 15 real estate firms from all different areas of the United States.
Brokers came from Raleigh, North Carolina; Reno, Nevada; Los Angeles, California; Burlington, Vermont, and points in between to help make Ruhl&Ruhl an even better company. “The entire group was very complimentary of our Quad Cities region, and envious of our economic health, particularly our strong and stable real estate market,” notes Caroline Ruhl, President of Ruhl&Ruhl REALTORS.
They were also complimentary of our agents and staff – awed at how friendly, productive and upbeat the entire Ruhl team is.
“The Leadership Council, a group of 15 of the best run independent realty firms in the United States, has been meeting twice a year for the last 12 years to share ideas and critique our host member’s company,” said Steve Murray, a member of the Leadership Council and Editor of REAL Trends, a publishing and communications company considered to be a leading source of analysis and information on the residential brokerage industry.
“After the recent meeting in the Quad Cities, it is certainly apparent that Ruhl&Ruhl deserves its reputation as one of the best led and managed firms in the country.”
Members of the Leadership Council visited Ruhl&Ruhl’s offices and met with agents, managers and staff from each of the company’s offices. They participated in discussions with Ruhl&Ruhl agents in order to make suggestions for improvements in the company.
“This is one of the key ways we focus on continuous improvement and innovation. We are fortunate to have such a knowledgeable and successful group of brokers take their time to advise Ruhl&Ruhl on how to grow and become better,” said Ruhl. “The value is huge and the friendships are priceless. Many great ideas were provided, some of which have already have been implemented and others are in process.”
A family-owned company since 1862, Ruhl&Ruhl REALTORS annually sells approximately 3,400 homes in eastern Iowa, western Illinois and southwestern Wisconsin. Caroline Ruhl is the President and owner of Ruhl&Ruhl REALTORS, and is the fourth generation of the Ruhl family to lead the residential brokerage and home services company. Headquartered in Davenport, Iowa, the company has 250 sales associates and 50 employees based in sales offices located in Bettendorf, Clinton, Coralville, Davenport, DeWitt, Dubuque, Maquoketa, and Muscatine, in Iowa, and in Moline, Illinois. In addition to residential sales, Ruhl&Ruhl offers services in relocation, new home sales, farm sales, senior services, real estate investment, property management and mortgage services through 1862 Mortgage. For more information on Ruhl&Ruhl, visit their website at www.RuhlHomes.com .
Tags: agents, caroline ruhl, davenport, eastern iowa, home, housing market, ia, il, illinois real estate, illinois real estate communities, Illinois Real Estate Market, iowa real estate, iowa real estate communities, Iowa Real Estate Market, Leadership Council, quad cities, Quad Cities Real Estate Market, Real Estate, Real Estate News, Realtor Critiqued, regional markets, Ruhl and Ruhl, Ruhl&Ruhl Market Share, Ruhl&Ruhl Realtors, RuhlHomes
Posted in Real Estate News | No Comments »
Thursday, May 27th, 2010
Missing the tax credit deadline might have seemed like a big mistake to some home buyers, but waiting could have been the smartest thing to do.
Interest rates have fallen so dramatically since April 30th that the typical purchaser of a $350,000 home, financed with a $280,000 mortgage, would have saved a bundle by waiting until May.
At April’s average rate of 5.34 percent, a home buyer would have locked in a 30-year fixed rate loan with a monthly payment of $1,561.82.
The same borrower could have snagged a 30-year fixed rate loan at a rate of 4.625 percent in May and paid $1,439.59 per month.
That’s a $1,467 annual savings. Over 30 years, it’s a $44,003 savings, dwarfing the tax credit.
A family-owned company since 1862, Ruhl&Ruhl REALTORS annually sells approximately 3,400 homes in eastern Iowa, western Illinois and southwestern Wisconsin. Caroline Ruhl is the President and owner of Ruhl&Ruhl REALTORS, and is the fourth generation of the Ruhl family to lead the residential brokerage and home services company. Headquartered in Davenport, Iowa, the company has 250 sales associates and 50 employees based in sales offices located in Bettendorf, Bellevue, Clinton, Coralville, Davenport, DeWitt, Dubuque, Maquoketa, and Muscatine, in Iowa, and in Moline, Illinois. In addition to residential sales, Ruhl&Ruhl offers services in relocation, new home sales, farm sales, senior services, real estate investment, property management and mortgage services through 1862 Mortgage. For more information on Ruhl&Ruhl, visit their website at http://www.ruhlhomes.com/ .
Source: Informa Research Services (05/26/2010)
Tags: agents, buying, first time buyers, home buyer programs, housing market, ia, il, illinois real estate, illinois real estate communities, Illinois Real Estate Market, iowa real estate, iowa real estate communities, Iowa Real Estate Market, quad cities, Real Estate Sales Volume, regional markets, Ruhl&Ruhl Market Share, Ruhl&Ruhl Realtors
Posted in 1862 Mortgage, Real Estate News | No Comments »
Tuesday, April 20th, 2010
Residential new construction in Scott County is off to a promising start. First quarter figures revealed that closed sales of both new houses and new condos were up slightly over the same period in 2009, yielding an overall 13.5% increase in unit sales.
At the same time, pended new construction residential sales in the month of March more than doubled those of March 2009. House sales were particularly strong in the $175,000-$300,000 price range, where closed sales were up 60% from 2009. Meanwhile, sales of homes priced above $400,000 remained unchanged. Due to lack of inventory, no house sales under the $175,000 level were recorded in the Multiple Listing Service. Lack of saleable inventory is also evident in other price ranges, as Scott County’s new house inventory dropped 45% when compared to the 3/31/2009 inventory. Condo sales were also up when compared the 2009, with sales limited to $300,000 and below.
This marked the 4th consecutive quarter with no reported closed condo sales over $300,000 in Scott County. Saleable inventory of new condos dropped 33% since 3/31/2009, but the available inventory is focused on the price ranges that have produced recent sales – under $300,000.
Gains in Scott County new construction sales were offset by slumping numbers in Rock Island County in the first quarter. Only one new house sale was reported to the Multiple Listing Service during the period, while condo sales dropped 56%. The impact was a 55% reduction in closed sales for Rock Island County and a total drop of 2% in unit sales for the combined Scott-Rock Island County market. Overall inventory units dropped 40% in the last twelve months, from 271 to 164. In the critical price point below $225,000 – inventory also dropped 40%, from 100 to 60 units. Two story homes represented 50% of all the new house sales in the area, representing an upturn from the traditional percentage of about 38%.
While confidence on the part of builders and buyers has returned, any chance for a return to the new home sales numbers of 2006 will require more support from the lending and regulatory communities and an acknowledgement from developers and builders that our market will benefit greatly from more emphasis on entry level and move-up price points in residential new construction and this will feed a return to growth in our homebuilding industry.
A family-owned company since 1862, Ruhl&Ruhl REALTORS annually sells approximately 3,400 homes in eastern Iowa, western Illinois and southwestern Wisconsin. Caroline Ruhl is the President and owner of Ruhl&Ruhl REALTORS, and is the fourth generation of the Ruhl family to lead the residential brokerage and home services company. Headquartered in Davenport, Iowa, the company has 250 sales associates and 50 employees based in sales offices located in Bettendorf, Bellevue, Clinton, Coralville, Davenport, DeWitt, Dubuque, Maquoketa, and Muscatine, in Iowa, and in Moline, Illinois. In addition to residential sales, Ruhl&Ruhl offers services in relocation, new home sales, farm sales, senior services, real estate investment, property management and mortgage services through 1862 Mortgage. For more information on Ruhl&Ruhl, visit their website at http://www.ruhlhomes.com/
Tags: Building, caroline ruhl, davenport, eastern iowa, home, housing market, ia, illinois real estate, illinois real estate communities, Illinois Real Estate Market, iowa real estate, iowa real estate communities, new construction, New Construction Home Sales, quad cities, Quad Cities Real Estate, Real Estate News, Rock Island County, Scott County
Posted in Real Estate News | No Comments »
Our local markets continue to provide much more stable home prices than the rest of the country. Real estate continues to be a great investment in our region – based on the appreciation in our markets over the past five years.
