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Real Estate News

Rockford Housing Market

Stateline housing sales down 33% in the month of May

July 2, 2020-A low housing supply lead to a disappointing month of may for local home sales.

Winnebago, Boone and Ogle counties saw a combined 33% dip in sales compared to May of last year.

While overall sale numbers took a tumble as well.

However, the average turnaround time to sell homes is only 51 days, which is equal to May 2019. Experts say the low supply in houses creates a difficult situation for buyers.

Read more HERE

Stateline families take advantage of record low mortgage rates and interest rates

July 8, 2020- Right before the 4th, mortgage rates dropped to a new record low for the 5th straight week. One South Beloit couple took advantage of the new record rate for a major upgrade in homes.

Andrew and Kayla Scheffer worked with Quantam Mortgage to move into a home hundreds of thousands of dollars higher than their current home.

Much of this upgrade is driven by how much lower the Scheffer’s monthly mortgage payment will be, due to the never lower mortgage rate of 3.35%. It’s a big reason why homes are often getting snatched up within the first few hours they’re on the market.

Read more HERE

Inventory shortage boosts demand, sale prices for Rockford area homes

July 20, 2020-The number of homes for sale in the region fell to historic lows in June, according to the Rockford Area Association of Realtors.

The inventory of homes on the market declined by nearly 36% in Winnebago, Boone and Ogle counties compared to figures from June 2019.

Read more HERE.

Rockford housing market brings one native back to his roots

July 23, 2020-“It’s a beautiful home and a beautiful property and we think we got a lot of value for it,” said Marc Strandquist.

Low interest rates and Rockford's affordable housing market are what brought Marc Strandquist back to the Forest City, but living closer to his family is what sealed the deal.

Read more HERE.

Hispanic community increasing homeownership in Rockford

July 26, 2020- For many, chasing ‘The American Dream’ can mean different things but for some owning their own home is an accomplishment of a major milestone.

“All of my family members are really proud of me for doing this big step in life,” explained new homeowner Catherine Villegas.

At 20-years-old, Catherine Villegas made a big step in her life by becoming a homeowner. She comes from a Mexican-American family and credits them for helping her make the leap.

“They always taught me to save up money at a very young age because I started working at 16 and I’ve been saving ever since,” Villegas said.

Read more HERE

Rockford housing market sees record-setting inventory drop

August 12, 2020-

As families look to settle down in the Rockford region, the housing market's record setting drop in inventory encourages them to strike while the iron is hot.

"We have a lot of new houses being built, but we've got a lot of infill too, houses in town that are basically selling as fast as they go on the market," said Rockton Mayor Dale Adams.

The Rockford housing market is taking an inventory tumble, marking the sixth straight year of record-setting drops in the number of homes available for eager buyers.

Read more HERE.

Rockford area home sales reach highest average price on record

August 26, 2020 - The average sale price of a single-family home in Winnebago, Boone and Ogle counties rose to $151,247 in July, marking a 4% increase from July 2019 and representing the highest average sales figure in the region in 24 years of tracking by the Rockford Area Association of Realtors.

Single-family home sales in July surged nearly 14% compared to the same month last year, the organization said.

Read more HERE.

Home sales in Stateline booming as nation sees record-low mortgage rates

August 26, 2020- Home sales across the nation are booming as mortgage rates hit record lows. One local realtor shared what’s behind the buying frenzy and says the deals are good enough to draw those who’ve moved out of their hometown back after decades away.

Realtors say the Statelinee housing market has drastically improved over the last several years. Rather than looking to move out of the area, people are looking to move in.

“If you look back at the lows in the region, 2012, ’13, ’14, realtors couldn’t price the homes low enough. Now it’s the reverse, they can’t seem to price them high enough. There’s just enormous demand out there from buyers,” said Conor Brown, the CEO of Rockford Area Realtors.

Read more HERE.

Homes in the Rockford area sell at record-setting prices in July

August 27, 2020 - Homes in the Rockford area sold at record-setting prices in July as home prices rose to its highest in 24 years, according to Rockford Area Realtors.

"We crested over $150,000, which is quite significant considering all of the economic constraints we've seen here in the past few months, as well as dealing with a global pandemic," Conor Brown, Rockford Area Realtors CEO, said.

H as housing inventory continues to fall across the Rockford region. The average price of a home in Boone County also hit a new high with an average price of more than $208,000.

Read more HERE.

 

Rockford area sees record-breaking home sale prices

August 27, 2020 - “All we can really know for sure is where we currently are and where we’ve been in recent past. Obviously, we can’t predict the future,” said Christi Steines, president of the Belvidere Board of Realtors.

The greater Rockford area welcomes a huge boom in home sales and celebrates its highest sale prices, with an average of $151,247.

"People feel real estate is still one of the safest investments. We had some volatility with the stock market earlier and I think that scared people from that way; long term investment, real estate, is still one of the most solid investments. So, I think people are looking at, 'where is my money safest?'" said realtor Michelle Huber.

Read more HERE

Byron broker says now is not the time for Byron homeowners to sell their home

September 1, 2020-  Some Byron residents are left wondering how much of a change they will see in the Ogle County community after the announcement of the closure of the Exelon Nuclear Power Plant in 2021.

On the top of many minds is the future of their homes. Byron broker, Alisa Patterson, said she has been getting calls from families about whether they should sell their homes now. Patterson said first, people need to evaluate where they are in life before making any moves.

Read more HERE.

Rockford housing market hits all-time high

September 15, 2020 - The month of July saw the highest average sale price of a home in the Rockford market in 24 years.

This was a big topic at the Rockford Area Realtors 2020 State of the Union Thursday night at the Embassy Suites Hotel in Rockford.

Homes, on average, sold for over $151,267. In 2020, the price of homes sold jumped up 8%, topping both state and national averages.

Read more HERE.

Rockford housing market trends

September 23, 20202- Rockford housing market is on the rise and upwards trends bode well for homeowners.

"We had maybe ten showings within the first 12 hours on the market and within 6 hours we had probably 6 offers on the table,"  Fidel Batres.

 

Read more HERE

Low housing inventory pushes buyers to build new homes

October 1, 2020 - Home sales jumped nearly 9% in August to a record high, according to the National Association of Realtors. The group says the numbers point to continued strong sales into October.

Contract signings are up more than 24 % compared to last year after it fell earlier in the year because of the pandemic.

Historically low interest rates pushed buyers to the market even as home prices rise due to lack of inventory.

Read more HERE.

Rare Rockford home to hit the market

October 5, 2020 -

A home on Old Wood rd. will hit the Rockford housing market in the coming week, but unlike most on the block, this house was built by Sears.

“Sears is one of nine companies that marketed mail-order houses on a nationwide basis," Architectural Historian Rebecca Hunter said.

Hunter’s job is to research mail-order homes. The structures are rare, and we’re precut in stores instead of being hand made on-site. Hunter says she has never walked through a Sears Malden home before, and that she was not disappointed.

Read more HERE.

Local man finds three houses in red-hot Rockford housing market

October 6, 2020 - Real estate data shows the local housing market has been moving at a blistering pace. Rockford has seen broken records for highest home price, lowest inventory, and quickest time to sell in August.

One recent buyer tells us that finding the right properties is all about timing.

During the pandemic, accountant Chad Mashburn and his family looked into buying a home closer to work. The father of four ended up finding that home in Poplar Grove, but Mashburn says he wanted to venture out and look into rental properties.

Read more HERE.

Covid 19 Impact on Local Real Estate

Rockford Real Estate experts offer advice for home buyers and sellers during this pandemic

May 10, 2020 - Rockford Real Estate experts offer advice for home buyers and sellers during the COVID-19 pandemic.

Ashleigh Geist and her fiancé Allen Pelton are first-time buyers settling into their new Machesney Park home.

"It's definitely exciting," said Geist. "Allen and I looked at eachother and we're like 'oh hey we're homeowners', and then we just automatically thought of what we could do with the whole house," said Geist.

Read More HERE.

Rockford home sales on the decline, interest rates drop

May 22, 2020 -COVID-19 is playing havoc on local housing numbers, as housing sales have dropped for the first time this year.

Throughout Winnebago, Boone and Ogle counties, 346 homes were sold in April, down about nearly 9-percent from the same time last year.

The price of homes is on the rise, however. The average selling price of a home was over $141,000, which was $16,000 more than last year’s average price.

Read more HERE.

house at twilight

Last Month's Rockford Year-Over-Year Home Inventory Hit An All Time Low

July 24, 2020- People are still buying houses during the pandemic. But what happens when the demand is greater than the supply? You get a seller’s market. This June marked the biggest year-over-year housing inventory drop in Rockford’s history.

Conor Brown is the CEO of Rockford Area Realtors. He said there were a number of factors contributing to this housing shortage. COVID-19 was one of them.

Read more HERE

Stateline real estate agents find success despite coronavirus pandemic

May 25, 2020 - Inventory shortages and rising home prices make business difficult for many area realtors. But one Stateline real estate agent is making it work despite the challenges.

"It's been getting busier and busier and busier," said Real Estate Agent Michelle Huber.

Read more HERE.

Longtime Rockton couple sells their home during the pandemic

June 30, 2020- The COVID-19 pandemic creates many obstacles for the real estate industry however one Rockton couple found a way around those barriers using determination and good timing.

“It’s relieving I mean we love this neighborhood,” said Rockton resident Judy Duncan.

Judy and Joe Duncan love Rockton so much they chose to build their life together there and raise their family.

“We moved here 24 years ago from suburban New York and we knew no one and made a lot of friends, but we had no family or anything here so now we are going to family, so that’s kind of exciting yeah that’s exciting,” said Duncan.

Read more HERE.

REALTORS® in the News

Young Professionals Network hosts fundraiser benefiting Family Peace Center

March 11, 2020 - 23 News Anchor Shannon Kelly had the chance to get behind the bar along with Mayor Tom Mcnamara for the Rockford area realtors Young Professionals Network celebrity bartending event. The main attraction was dare-aoke.

Read more HERE.

Rockford Area REALTORS® donate $10K to help local Family Peace Center

December 6, 2020 - The Young Professionals Network of the Rockford Area REALTORS® (RAR) showed its support this week for a project designed to help local survivors of domestic violence, sexual assault, child abuse, elder abuse and human trafficking.

Read more HERE.

Three local REALTOR® associations support their communities

August 14, 2020- Members of the Heartland REALTOR® Organization (HRO) of greater McHenry County, the REALTOR® Association of Northwestern Illinois (RANWIL) and the Rockford Area REALTORS® showed their community spirit in memorable ways during the COVID-19 pandemic.

As inspiration for their actions, the local associations drew from the RPAC Hearts for Healthcare Workers Challenge.

Read more HERE