So I put together this little study about todays market and whay it looks like. What I found is that the majority of the area is becoming very balanced and starting to favor sellers. The industry considers a 6 month supply of homes as a balanced market. So if there is a 10 month supply of homes we have a buyers market. Many people thing that it is a buyers market RIGHT now! Here is the thing. In the majority of the the Des Moines metro market there is a 5 month supply to a 7 month supply. Catch you by surprise??? Here are some reasons as to why...
1. Building permits around the area are way down from a year or 2 years ago. This means less new homes.
2. Many of the good deals have been gobbled up and the great deals have started to go away (there still is great deals and I anticipate them being here until consumer confidence comes back to normal.)
3. Many people that wanted more for their homes and decided to take them off the market.
Those 3 factors are going to help those in need of selling. There are still buyers today and with the inventory shrinking it puts all those who own a home (and own it right) in a great position. Here is a graph for you to read and study if you are interested in you particular area.
