Preparing for the Quad Cities Real Estate Market

Most business owners know that the real estate market is the backbone of every successful community; buyers move in, have families, open businesses, shop locally and so on. Property transactions have a ripple effect that is often a key predictor of economic growth.

So, how can property owners, both commercial and residential, prepare for the inevitable ups and downs of the market and ensure long-term equity growth and a solid investment? Here are some things to focus on:

History matters. The market is known for certain cycles and patterns, which can aid in making educated guesses about when to buy and when to sell. Look at the record of market data in your area. Your local realtor association tracks market data and can point you in the right direction.

Know your priorities. Do you have capital tied up in your business? Do you anticipate needing to move in the near future for a new job or an expanding family? All of these factors will affect your strategy.

Check your finances. You’re going to need cash for down payments, deposits, earnest money, repairs, the list goes on and on! Have you spoken with a lender to see what you’re qualified for? Have you crafted a budget and checked your credit score? This side of things can get complicated, so lean on your realtor to point you in the right direction for your individual needs.

Use a realtor. The code of ethics all realtors abide by may make the difference between a seamless, painless experience and potential disaster. Choose a realtor who has the education, experience and support to be exactly what you need.

Track your data. How have property values changed in your area, whether it’s your business or your personal residence? Do you have equity in your property? Are you relying on outside financing to supplement a transaction? Knowing how your money has behaved in the past will inform your timing and strategy.

Overall, preparing for the worst but hoping for the best is something we can all try to do. I’m hoping for a successful year for all of us here in the Quad Cities, but you can bet I’m also preparing for whatever comes next. QCBN

By M. Faye Humphrey

Faye Humphrey is the 2023 president of the Prescott Area Association of REALTORS.

About PAAR:
The Prescott Area Association of REALTORS (PAAR) is the trade association representing more than 2,000 REALTORS serving the greater Quad Cities area. Established in 1944, PAAR’s mission is to advocate for private property rights, and provide its members with resources to foster their business success. The term REALTOR is a registered trademark, which identifies real estate professionals who subscribe to a strict code of ethics as members of the National Association of REALTORS.