MAPLETON, Iowa (KCAU) — The housing market in Siouxland does not look the same compared to a year ago and recent action by the Federal Reserve could impact buyers and sellers in Siouxland.
Earlier this week, the Federal Reserve raised interest rates by 0.75%. Kim Smith is selling her home in Mapleton, Iowa. While she worries the action by the Federal Reserve could slow down the market, she said she’s trying to remain optimistic.
“There’s a housing shortage so that’s not going to go away,” Smith said. “That’s only going to get worse and we really looked at where we want to spend our time, how we spend our time and we looked at things we can control and things we can’t control.”
Aaron Bircher is a broker with RE/MAX Prime in Sioux City. He said the market has cooled off compared to last year and now buyers and sellers are returning to the basics.
“There’s still a housing shortage, things are still moving very quickly, but we are seeing some market times build and we’re back to real estate 101, holding open houses, and working through the process,” Bircher said.
Mallori Hoffert is a realtor with CENTURY 21 ProLink. She said that if a house is reasonably priced and in good condition, it should receive offers in under a week, but the hot housing market in 2021 left some buyers with a hangover of sorts.
“Buyers kind of got burnt out on the craziness,” Hoffert said. “The fast pace, the need to be competing you know with multiple people all the time.”
Jared Noteboom is a mortgage loan officer with Central Bank. He said more listings have come up recently in Siouxland but he said that sellers were spoiled over the last few years and now buyers are being patient.
“Post-COVID we saw home prices increase at an exponential rate,” Noteboom said. “Now we’re starting to see those more level off so,I think sellers are starting to see more buyer reservations.”
Noteboom said interest rates are hovering around 5% and there is definitely still a lot of uncertainty in the housing market.