Thank you for visiting our open houses this Sunday.  We appreciate your interest.

 Here is a portion of a great article published by Realty Times on March 22, 2012, by Broderick Perkins.  Follow the link below this section to read the entire article.

Zillow's new Zillow Rent Index confirms Best 100 findings

Zillow's corroborating January Zillow Rent Index (ZRI), released for the first time ever this month, showed year-over-year rent gains in 69.2 percent of metropolitan areas, compared to home price gains in only 7.3 percent of the metro areas.

Nationwide, median rents rose an average 3 percent from January 2011 to January 2012, but home values continued to fall, declining 4.6 percent during the period, according to Zillow's January Real Estate Market Reports.

Despite the affordability created by cheaper home prices and record low interest rates, tight credit and still relatively high unemployment levels continue to shut the door on many potential owner-occupants.

Investors, however, are having a field day as demand surges for housing to rent.

"The flourishing rental market is the silver lining to the nation's housing downturn. The inaugural ZRI shows us a healthy and growing rental market across the majority of the country, even as home values continue to fall," said Zillow's chief economist Dr. Stan Humphries.

Zillow found rents rising as much as home prices fell In some large markets, including Chicago where rents were up 9.1 percent, year-over-year, ending in January, while home values fell 10.4 percent. In the Minneapolis-St. Paul, MN metro, rents rose 11 percent and home values fell 8.1 percent.

To view entire article follow this link,  realtytimes.com/rtpages/20120322_rentalmrkts.htm

The Market...Now What?

Once again the real estate market has everyone wondering "what's going to happen" especially in Siouxland.  The rising waters and flooding has eliminated an entire community to buy and sell in, at least for several months.  The Dakota Dunes and surrounding areas have been a large market base, especially for the buyer who is looking for a newer home.

In the last 30 days, as a Realtor, I have been asked how this has affected the real estate market.  When some homeowners were notified of the predicted water and for the length of time they were to be affected, there was a brief panic rush to find a place to "hunker down." Nearly every condo or townhome under $200,000 sold with in a 10 day period.  Some upper priced homes were sold at near-to-list price.  Asa result of this rush, there have been several homes listed for sale.  There is suddenly a new market of buyers.  A rental is scarce to lease form Sioux City to Le Mars.

Today the rush has calmed down and most displaced homeowners are taking the "wait and see" approach.  The levey is holding, so water damage at this point is minimal.  I think the prospect for new construction in Sioux City, especially the Whispering Creek area is high.  Also the demand for a high-end rental remains strong and will remain so for the next few months.