Learn More About Iowa City Homes with Michael McEleney’s Extensive Local Expertise.

You need an agent who understands the different types of Iowa City Homes available and the various Iowa City neighborhoods. Education is an important facet of my Iowa City Real Estate business. As a resident of Iowa City for over 13 years, I really know the neighborhoods inside and out. In addition, I’m quite confortable showing my clients all over greater Johnson County. Whether searching the growing corridor community of North Liberty, exploring the Midwestern charm of Coralville suburbia or historic peacefulness of West Branch; My clients know that I’ll look for areas that best suit their needs, interests and lifestyles. I offer my clients a 100% satisfaction guarantee as I strive to find the most suitable matches for each individual.

Consider location. With Iowa City Real Estate, location will always remain King. How far is the house from where you work? Can you handle the time/money involved in the commute? If you have young kids or are planning to have them, how far are the grandparents from the house? (They tend to be the best babysitters.) What about schools, restaurants and shops?

Set a budget. It’s nice to say ‘buy within your budget’ but that might not realistic. Do a quick budget estimate, look at some houses that you might be interested in, and then revise the budget or revise the houses. If you really can’t afford a house then don’t buy one.

Know your market. It’s critical that you know the market you are looking in. The asking prices for houses are often not indicative of their true value. The only way to be able to estimate value is to look at as many houses as possible. Have your Realtor provide you with sold data from the past 6 months-1 year depending on the number of comparable properties available.

Don’t end up house poor. Sometimes homebuyers ‘fall in love’ with a house or neighborhood (or even just the idea of owning a house). This can lead to regret when the novelty wears off and you don’t have any money to do the things you’d like. Try living for six months on a ‘pretend’ mortgage payment and see how it goes. Life is simply too short to live mortgage to mortgage. 

Make a decision. Once you know your market and you have obtained the data needed, you should be able to purchase a house fairly quickly. If you are looking for the perfect house or trying to time the market, then you will never buy a house. The reality is that you could be happy with many of the houses you look at, so as long as you can eliminate the worst choices then you will be thrilled with your new home.

Don’t blow your budget on remodels and furniture. When many people buy a home, the mortgage payments are so large that they have to be ‘made to fit’ into their budget, straining other priorities. While this is not the best way to buy a house, some buyers then make things worse by spending more money on renovations and home decorating. Unless you buy a total wreck of a house, you do not need to spend big bucks on renovations. You can live with the non-granite kitchen counter and the couch set that doesn’t fit the room perfectly.

Qualify yourself. Ideally, first-time homebuyers would know how much they can afford to spend before the mortgage lender tells them how much they qualify for. By calculating their debt-to-income ratio and factoring in a down payment, buyers should have a good idea of what they can afford to invest, both upfront and on a monthly basis, when it comes to their home.Though there’s not a fixed debt-to-income ratio that lenders require, the old standard dictates that no more than 28 percent of your gross monthly income be devoted to housing costs, called the front-end ratio.Including all debts with housing costs is the back-end ratio, and lenders prefer it to be under 41 percent.

Organize documents. The documents homebuyers must produce to be considered for a home mortgage are those which authenticate their income and taxes.Typically, mortgage lenders will request two recent pay-stubs, the previous two years’ W-2s, tax returns and the last two months of bank statements.

Evaluate assets and liabilities. So you don’t owe too much money and your payments are up to date. But how do you spend your money? Do you have piles of money left over every month or are you on a shoestring budget? A first-time homebuyer should have a good idea of what is owed and what is coming in. You should understand a little bit about monthly cash flow. Try to track your spending for a couple of months to see where your money is going.Additionally, buyers should have an idea of how lenders will view their income, and that requires becoming familiar with the basics of mortgage lending.For instance, some professionals, such as the self-employed or straight-commission sales person, may have a more difficult time getting a loan these days than others. Gone are the days of the no-doc loan, thanks to the abuses of a couple years ago.

Check your credit. The credit score of the buyer may be the most important factor when it comes to qualifying for a loan these days. To get a sense of where your credit stands, visit with one of my tried and true local lenders located on one of the home page tabs. Scour the reports for mistakes, unpaid accounts or collection accounts.Just because you pay everything on time every month doesn’t mean your credit is stellar, however.

Working with First-Time Home Buyers here in the Iowa City Area is a very rewarding part of my job and I look forward to assisting you with your house hunt. I hope that you will consider allowing me to make your tour enjoyable while providing you with the detailed data you need to make a well-informed decision.  -Mike

It’s no surprise that this business-friendly culture has attracted many of the people living in Iowa City homes. The statistics show a number of local residents working in management, administration and finance. They’re highly educated high earners working in companies with 500 or less employees. More than 45% of the US private payroll consists of small businesses, so it’s incredibly important that “the little guys succeed.”

The average Iowa City real estate was built in 1981 at the beginning of the housing boom. The diverse range of architecture ranges from Craftsman, Bungalows and Prairie Four-Squares to Queen Anne Victorians, Moffit Stone Cottages and Greek Revivals. The renter vs. owner ratio in Iowa City real estate is about half and half, currently. With the university being so close by, there are a number of students in need of rental units in the area.

While statistics can never tell the full story of living in Iowa City real estate, it can certainly give you a brief overview of what you can expect. With 6.5% population growth, there are now more than 67,000 residents living in Iowa City real estate. On average, these residents are 28 years old and single, with an annual income of $40,912. The vast majority – 64% — are registered Democrats, with smaller proportions of Republicans and Independents. People living here enjoy a low unemployment rate of just 3.1% and saw recent job growth of 1.4%, while many other communities are hemorrhaging jobs by the thousands. The top jobs for Iowa City real estate lovers are: medical staff at the University of Iowa hospitals and clinics, professors and administrative staff at the University of Iowa, teachers in the Iowa City School District, care workers at the US Veterans Medical Center, test developers at the ACT Test Examination Center and education programmers at Pearson Education.

The most popular neighborhoods for Iowa City homes include: Mann, Wood, Twain, Hoover and Longfellow. The average list price is increasing in highly coveted nooks like Mann (average list price of $326,545) and Longfellow (average list price of $239,888); but some neighborhoods are dropping their list prices to attract new buyers, such as: Wood ($140,676 / list price down 1.5%), Twain ($118,840 / list price down 2.3%) and Hoover ($258,913 / list price down 4.1%).

Of course other neighborhoods of Iowa City homes are showing more drastic changes under the “Movers and Shakers” category. For instance, Hills saw a 27.3% spike in listing price to an average of $303,817. Lucas is up 4.4% to $467,307. These upscale neighborhoods are attracting the most buyers and offer the most competitive prices on high-end homes. On the other hand, Hoover, Lincoln and Weber have been dropping prices from their once luxury bracket to a more middle class enticing bracket.

One reason to look at Iowa City homes is that this region has been blessed with yet another award in recognition of its excellence. In 2005, the Iowa Department of Cultural Affairs formed the Great Places program to “promote bold thought, innovation, and entrepreneurship at the local and regional level in Iowa.” Once a neighborhood, city, county or region meets 7 criteria, they will be eligible to receive technical assistance for new projects, historic tax credits, grant funding and recognition for their achievements. According to the program founders, there are 7 Dimensions of a “Great Place”:

1. A Unique Sense of Place: An Iowa Great Place values historic roots, while welcoming newcomers.
2. Engaging Experiences: An Iowa Great Place supports community expression and interaction.
3. A Sustainable Environment: An Iowa Great Place supports clean, healthy, accessible communities.
4. A Rich, Diverse Social Fabric: An Iowa Great Place promotes opportunity and social collaboration.
5. A Vital, Creative Economy: An Iowa Great Place has a balanced, growing, rewarding mix of jobs.
6. A Strong Foundation: An Iowa Great Place invests in itself physically and philosophically.
7. A Creative Culture: An Iowa Great Place displays a shared optimism and welcomes new ideas.

As of October 2009, Iowa City, Coralville and North Liberty have been designated as an Iowa Great Place. According to the program directors, “Pound for pound, this area constitutes the most literate community in the world.” They discuss how the United Nations Educational, Scientific and Cultural Organization (UNESCO) recently named Iowa City a distinguished “City of Literature,” along with just two others in the world – Edinburgh, Scotland and Melbourne, Australia. They also mentioned the University of Iowa’s writers’ workshop and international writing program, which has attracted some of the best writers from around the globe, including Pulitzer Prize winners and US Poet Laureates.  People living in Iowa City real estate have 300 places to buy a book. They can choose from 13 museums, 10 literary presses, 9 scheduled reading programs, five writing outreach programs and six community/professional theater companies. Given these statistics, it’s hard to deny the creativity, diversity and cultural richness of the area surrounding Iowa City homes.

]]> http://iowacityhomesrealestate.com/iowa-city-homes-real-estate/iowa-city-real-estate-wins-%e2%80%9ciowa-great-place%e2%80%9d-recognition-award-2.html/feed 0 http://iowacityhomesrealestate.com/iowa-city-homes-real-estate/iowa-city-homes-leading-economic-recovery-2.html http://iowacityhomesrealestate.com/iowa-city-homes-real-estate/iowa-city-homes-leading-economic-recovery-2.html#comments Mon, 01 Feb 2010 14:03:10 +0000 admin http://iowacityhomesrealestate.com/?p=76 Iowa City Homes Leading Economic Recovery

Recently, MSNBC mentioned Iowa City real estate as one of 118 metro areas in the nation that are leading the economic recovery. In fact, Iowa City was only one of 10 / 384 metros that gained jobs since November 2008. Even though job losses have been reported in the hospitality, lodging and goods producing sectors, Iowa City homes attract people looking for stable work at the university and local hospitals. Jobs have increased in the trade/transportation/utilities sector and the government sector, while remaining stable in the professional business services sector. The region from Cedar Rapids to Iowa City is often referred to as “the Technology Corridor” because of the cluster of more than 250 local employers like Oral B, Schneider Electric and Rockwell Collins. Top employers of people living in Iowa City real estate include: the University of Iowa Hospital, the University of Iowa, the Iowa City school district, the US Veterans Medical Center, American College Testing (ACT) and Pearson Education.

Opportunities for Iowa City homes residents will abound throughout 2014 for: registered nurses, customer service representatives, freight/transport truck drivers, retail associates, food prep staff, office clerks, child care workers, nursing aides, elementary school teachers and business operations specialists. Substantial job openings are also expected in accounting, auditing, computer software applications, computer system analyzing, network systems / data communications, management analyzing and network/ computer systems administration.

Last year, Forbes Magazine ranked Iowa City real estate the #2 Place for Business and Careers and Sperling Magazine said Iowa City was one of the “10 Most Affordable Places to Live and Work” in the country. Iowa City is set up with ample housing and well-grounded jobs in stable industries, so we’ve managed to weather the economic storm better than most places in America. For this reason, people will continue to flock to Iowa City homes to pursue the American Dream.

For instance, if you’re a young college student looking to situate yourself amid all the other creative young minds, I’d take you to the University Heights area of Iowa City real estate. Here you’ll see what inspired the likes of Ray Bradbury, Flannery O’Connor, Ashton Kutcher, Gene Wilder and Kurt Vonnegut. You’ll also find ample shopping, bars, restaurants and amenities near the University of Iowa campus. Whether you’re looking for a Queen Anne Victorian, Italianate, Beaux Arts, Contemporary or Colonial Revival style architecture, you’ll find it in this vast array of Iowa City homes.

Learn More About Iowa City Homes with Michael J. McEleney’s Extensive Local Expertise.

You’ll also want an agent who understands the different types of Iowa City homes available and the various Iowa City neighborhoods. Education is an important facet of my Iowa City real estate business. As a resident of Iowa City for over 12 years, I really know the neighborhoods inside and out. My clients know that I’ll look for areas that best suit their needs, interests and lifestyles. I offer my clients a 100% satisfaction guarantee as I strive to find the most suitable matches for each individual.