Talk to anyone with a home on the market and there's a lot of frustration. It's actually a great time to buy a home. Interest rates are low, prices are down, and there's a new $8000 tax credit for new homebuyers thanks to the newly passed stimulus plan. So why are things so slow? Well, it's not as slow as in other parts of the country, but I think people are just cautious. Everyday, they are hearing about how bad the economy is. They're worried about where their job will be in 6 months and are simply just staying put. They're in that 'wait and see' mode.
So how much have things slowed down in North Iowa? I've been doing a little research with the county recorder's office. This is where the deeds (i.e. home sales) get recorded when they exchange hands during a property agreement.
Here's what Colleen Pearce, the Cerro Gordo County Recorder told me. "It's been very slow compared to even last year and that was not as busy as the year before. We used to have days where 100 documents would come through here in a day (that's all documents, not just home sales). Now we have about 40 documents a day."
From 2003 to 2007, the number of properties sold averaged 1,834. But those sales fell by 20.338% in 2008 to 1,461.
And here is how 2009 is starting off. In January, records show there were only 74 home sales in Cerro Gordo County. That's a 35% decrease from January 2008 which had 114 sales. Here are the numbers up close.
YEAR/DEEDS (Home Sales) RECORDED
2003/ 1877
2004/ 2023
2005/ 1960
2006/ 1729
2007/ 1783
2008/ 1461
So how much have things slowed down in North Iowa? I've been doing a little research with the county recorder's office. This is where the deeds (i.e. home sales) get recorded when they exchange hands during a property agreement.
Here's what Colleen Pearce, the Cerro Gordo County Recorder told me. "It's been very slow compared to even last year and that was not as busy as the year before. We used to have days where 100 documents would come through here in a day (that's all documents, not just home sales). Now we have about 40 documents a day."
From 2003 to 2007, the number of properties sold averaged 1,834. But those sales fell by 20.338% in 2008 to 1,461.
And here is how 2009 is starting off. In January, records show there were only 74 home sales in Cerro Gordo County. That's a 35% decrease from January 2008 which had 114 sales. Here are the numbers up close.
YEAR/DEEDS (Home Sales) RECORDED
2003/ 1877
2004/ 2023
2005/ 1960
2006/ 1729
2007/ 1783
2008/ 1461
The good news is banks in Mason City, Iowa are not facing the banking crisis on Wall Street. For example, the folks at Farmer's State Bank have told me they want to give out more mortgages. North Iowa is a great place to live. And we're poised to move ahead at great strides once confidence is restored. The air is clean, it's a great place to raise a family, we have lots of recreational opportunities with Clear Lake, bike trails, East Park, Lime Creek Nature Center, the list goes on and on. Plus, we have great choices in education, with sound public, parochial schools and a growing North Iowa Area Community College.
Frustration won't last forever. Keep your chin up. Spring is just a few weeks away. Better times will come.
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