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Home Prices Continue to Rise Nationwide
Updated: Saturday, August 3 2013, 01:14 PM CDT
IOWA CITY, IA (CBS 2/FOX 28)--Another sign of economic recovery since 2008 is rising home prices.
A new report shows that they're up nationwide, including right here in the corridor, but finding the perfect home may not be so easy.
There are still many out there looking to buy a home and for some of those buyers, there's not near enough houses in the market to choose from.
It's been two week since Bond Drager bought her first home and she says it was quite a struggle.
"We didn't really feel like we had a ton to choose from as far as things to look at,” she said.
Bond says she and her husband found two houses that caught their eyes but
"We got bid out very quickly by other people or just didn't get our bid in quite quickly enough for them to see it in time,” she said.
That's the story nationwide. There are lots of bidding wars in a market with a tight supply of homes available for sale.
"We have clients rushing out to see properties within say an hour or two of them being listed. We're seeing multiple offers on the first day,” said Lepic Kroeger Realtor Ryan, O’Leary.
Experts say with mortgage interest rates rising, buyers want to make a deal for the home now, while the rates are still reasonable.
Add that to a rising consumer confidence and "combining all these factors almost any real estate market should be strong particularly compared to years past,” O’Leary said.
O'Leary says with an improving economy and reasonable interest rates, there's a chance prices will rise even further, which is good for the market.
"It feels really good to know that we actually got in where we wanted and got the house that we wanted and are in a nice location that we can stay in for a really long time,” Bond said.
Now rising home prices did affect bond, her new home is 15,000 dollars more than her original budget.