RPM Iowa Year in Review

It’s been a big year in real estate, and a big year at RPM Iowa too. As we enter 2023, let’s do a quick recap of the 2022 real estate market. While we helped our clients grow in real estate investment, we happened to grow in size too- RPM Iowa added 14 new team members in 2022! 

But most importantly, we helped 50 people build wealth through real estate this year… RPM Iowa onboarded 162 new units in 2022, with an average rent of $1,598. In total, we managed over $150,000,000 in real estate! How did we do it? Well for starters, we took over 10,000 calls in 2022! It’s no small feat for our team, and we know it’s not for you either. Building wealth through real estate can be a tough journey to navigate, and we are honored to guide you the whole way through.

The 2022 Real Estate Market

Let’s take a look back at the rollercoaster that was the year 2022. For the 2022 real estate market, the year was split into two. The first half (January-June) was quite different than the latter half of the year. The first half of 2022 consisted of a nationwide housing shortage, low inventory, and historically low mortgage rates. It was a seller’s market, to say the least.

In the second half of 2022, things shifted. Demand fell, which led to higher inventory. The seasonal decline is typical and usually lands between 5%-7%. But as of December 2022, prices are down almost 10% from their May peak. Although the shift seems drastic, they’re not out of control. Mortgage rates came down in late 2022, and the drop-off seems to be less steep.

You may be wondering, what will 2023 look like? Well, experts are predicting a national drop in home prices. One market expert, Rick Sharga, estimates a 5% drop nationally. But fear not, in a housing market crash you typically see a 20% to 30% drop in home prices. Sharga states, ”There are a lot more regulations and restrictions in the mortgage market that make it a lot stronger, and less volatile and less risky than it was in the market after 2008… I think we’re more likely to see the market cool, rather than crash”. All in all, only time will tell. But if you want expert advice, reach out to one of our Account Executives. They can guide you through the real estate market with ease, or at least much better than our blog writer can. So what are you waiting for?

Contact us today for expert guidance on all of your investing needs.