Iowa Housing Market Update and Flood Insurance

According to the Iowa Association of REALTORS®, home prices were up and home sales were down for February.

graph 3-19-2014*Benton County Board has not sent in statistics yet.

Kathy Miller, IAR 2014 President, says, “The extreme cold, snow, and wind that we’ve experienced this winter, has definitely influenced buyers and sellers across the state.  Sellers are inclined to wait for warmer weather to list, and buyers are reluctant to move in the inclement weather we’ve experienced.”  Miller expresses optimism by saying, “However, spring is in the air; and we’re sure to see an increase in activity in March.  Interest rates remain low, which should bring buyers to the table and help sellers get their properties sold.”

On another housing note …

The Homeowners Flood Affordability Act (H.R. 3370) has now passed the House & Senate.

According to the National Association of REALTORS®, “As passed, the bill repeals FEMA’s authority to increase premium rates at time of sale or new flood map, and refunds the excessive premium to those who bought a property before FEMA warned them of the rate increase. The bill limits premium increases to 18% annually on newer properties and 25% for some older ones. Additionally, the bill adds a small assessment on policies until everyone is paying full cost for flood insurance.”

The National Association of REALTORS® has put together a side-by-side comparison:

graph 2 3-19-2014

Now insuring a home will not carry the burden of overpriced flood insurance AND it won’t deter buyers if your home needs flood insurance.

Call me today for more information on the local housing market and how this effects the sale of your home!

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