Home prices are up, but fewer people are buying - KWWL - Eastern Iowa Breaking News, Weather, Closings

Home prices are up, but fewer people are buying

WATERLOO (KWWL) -- Iowa realtors are reporting mixed news about the state's housing market. In December, the average purchase price jumped nearly seven percent from the month before.

But comparing the number of homes sold from November to December, the news is not as great. Realtors closed the deal on about thirty-five percent fewer homes.

The Morgan family relies on faith to get them through trying times. For example - trying to sell their home.

"We have been getting hits, and we believe we're going to get it sold soon," said father Steven Morgan.

Every few weeks, the Morgan's pack up for the afternoon, and their realtor, Leila Granger moves in.

"You don't sell your home like you live in your home. You have to keep it up," said Granger.

But here's the thing - the Morgan's have basically been living in a showroom for eight months. So with no offers, they finally decided to drop the price.

"We have to make sure we're pricing them correctly, or it could take a little bit longer to sell," noted Granger.

"Will there be a loss? Yes, there's going to be a loss. Because it's a buyers market," Morgan admitted.

The Morgan's are hoping a lower price, along with the home-buyer tax credit, will lead to a better January.

"Thank god they extended it. I believe that could really help," Morgan added.

Granger said the good thing about the winter months is families looking at homes are usually serious buyers. And right now, along with the tax credit, they're also benefiting from lower interest rates.

An additional benefit for potential buyers? The Morgan's said what they will miss most about their home, is their neighbors. So, the family who buys their home can look forward to making friends on the block.

Online Reporter Colleen O'Shaughnessy

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