Home sales soar in Siouxland - KTIV News 4 Sioux City IA: News, Weather and Sports

Home sales soar in Siouxland

SIOUX CITY, Iowa (KTIV) - It's pretty likely you've driven past a slew of "for sale" signs outside homes in the tri-state area recently, and maybe you've even considered buying or selling yourself.

The Lynch family has called 2222 South St. Aubin Street in Sioux City's Morningside area home for eight years, but they didn't plan to be there this long.

"We had it on the market about three years ago, and we had some interest in the house, but we never got any offers on the house," Homeowner Sonora Lynch said.

The real estate market has changed a lot since their first attempt.

"Home sales are really strong. They're very similar to what they were in 2013, which was a great year, a great leap up from 2012," United Real Estate Solutions President McManamy said.

McManamy said this trend isn't something realtors are seeing nationwide. In fact, real estate sales were down 7.5-percent nationally just last month, which is actually a plus for the tri-state area.

"The national association's, the real estate market, may be struggling a little bit, that probably helps us keep those interest rates low here in Siouxland," McManamy said.

McManamy said with low interest rates and the tight rental market in our area, it's a good time for both buyers and sellers. Sonora Lynch agrees. She put her house back on the market about three weeks ago.

The Lynch's had about two dozen people come through their door in less than a week. They said a lot of people expressed interest in what they saw, but they were still surprised when they received an offer so quickly.

"The first day we had it on the market, we had several showings, second day, we had a couple more, by the fourth day, we already had somebody that wanted to buy the house, and they wanted an answer that night. We were totally not expecting it just because what happened three years ago, because like I said, we had interest, but not offers," Lynch said.

Lynch said they came down by a few thousand dollars on the price, but they're satisfied with the deal. The house sold for $94,900.

"Probably the most active, the most sales have occurred in the 80-100-thousand dollar price range," McManamy said.

McManamy said he expects this trend to continue,and if you're a buyer in the marketplace, you may need to make a quick decision because there are buyers lining up behind you. And, if you're a seller, you'll most likely be successful. 

Right now, real estate experts said the interest rate is half the rate it has been in the past. This proves why it's a good time to buy now. 

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