Iowa Falls, IA Real Estate & Homes for Sale | realtor.com® (2024)

FAQs

What is the most asked question to real estate agent? ›

Iowa Housing Market Overview

What is the housing market like right now? In May 2024, home prices in Iowa were up 5.1% compared to last year, selling for a median price. On average, the number of homes sold was up 8.3% year over year and there were 3,749 homes sold in May this year, up 3,447 homes sold in May last year.

The Iowa real estate market has prospered in the wake of a strengthening economy. Unemployment numbers look promising, and both current and future job growth expectations are close enough to the national average to support a more active real estate industry.

Here are some general FHA loan requirements for Iowa. A credit score of 580 or higher: A lender may accept credit scores of 500-579 under certain conditions. A credit score lower than 580 will require a larger down payment. Minimum of two years employment: Must have verifiable, steady, and consistent income.

Skip construction and move into a home in Iowa – your wallet will thank you! Homeowners spend $364,040 in total to build a house in the Hawkeye State, which is $132,040 more than the median sale price. Expensive labor, supply chain issues, and a rise in material costs can further increase your expenses.

In Iowa, the closing costs for sellers are approximately 8% to 10% of the home's agreement value, while buyers can expect to pay around 2% to 5% of the home's purchase price. Keep in mind, though, that closing costs will vary depending on the price of your home and the complexity of the home sale.

Where is the most affordable place to live in Iowa? ›

The priciest city in Iowa is Spencer, where the cost of living is 22% higher compared to the state average and 15% higher than in the rest of the U.S. The cheapest major city in Iowa is Sioux City, with a cost of living 16% lower below the state average and 20% lower than the national average.

The eternal question of whether it's the right time to buy or sell a home is a perennial favorite among internet searches. Timing the real estate market perfectly is challenging, and the decision to buy or sell should be based on individual circ*mstances and objectives.

At a minimum, ask about their commission fee, how long they've been in business, how often they communicate with clients and how they negotiate with sellers. You might also ask about their availability for showings and how they would approach a bidding war.