SALES STILL STRONG

Cedar Rapids Iowa is still seeing very strong sales, in fact YTD company volume is higher than last year. It still comes down to price, condition and location with buyers in competing offer situations this past week. As you hear the gloom and doom across the country we seem to find a safe haven in our market. Homes priced below 120k are selling very well with multiple offers in some situations, and if priced right we see offers very close to list price. Upper price ranges have also had a lot of activity with more sales this year than over the past 2 years.

FHA and VA financing is becoming the B/C loans of the future with very little or know money down needed in lots of situations. Credit scores below 600 have been able to get financing with FHA which was not possible in the past.

We have not seen any issues with Appraisals at this point but would expect to see some come in short in the near term. Some of the relocations sales have pushed prices lower and other sellers have had to reduce based on some of the competition.

Dan

Cedar Rapids market is still HOT!!!!!!!!!!

Many people have been publishing that the Real Estate market is in the dumps nationwide! In Cedar Rapids Iowa we are still seeing fantastic sales, in fact my real estate office was up 10% in sales volume for August 2007 compared to August of 2006. We see an abundance of listings in our market, but it is the same adage that the properties that are priced right and in good condition are selling quickly.



I have been in Real Estate for 26 years and have gone through the slow times of the early 80's with interest rates in the 17% range. Today buyers can take advantage of 6% fixed rate for 30 years and put a minimal amount down to obtain the loan. We are within 1/2 -3/4% of the lowest rates in the past 50 years.



IT IS AN EXCELLENT TIME TO BUY IN CEDAR RAPIDS IOWA

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