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Real Estate News

Covid 19 Impact on Local Real Estate

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

Rockford housing market continues to rise despite COVID-19 crisis

April 15, 2020 - ROCKFORD, Ill. (WTVO) — Despite the pandemic, the Rockford housing market is going full steam ahead. The Rockford area saw more houses sold during a month of March than the past 14 years.

Average prices for homes increased more than 10% or $12,000. Realtors sold 11 more homes this March compared to last March, making for over a 3% increase. However, the increase isn’t as big compared to January or February’s numbers.

Read more HERE.

Rockford’s housing market could tumble in the coming months despite strong March

April 15, 2020- ROCKFORD (WREX) — Despite the COVID-19 pandemic shutting down most of the country in March, Rockford Area Realtors say the market didn't miss a beat.

According to Rockford Area Realtors, the market grew for the fifth month in a row with the average house also selling for more money.

Read more HERE.

Real Estate and Covid-19

April 11, 2020- As you all know, Illinois is under a stay-at-home mandate ordered by Gov. Pritzker that requires all non-essential services to be shut down and all residents to stay home. While this has had a huge impact on all businesses, it is also having an impact on the real estate market.

Read more HERE.

house at twilight

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.

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

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.

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 Housing Market

Rockford housing market sales see increase in March

April 15, 2020 -ROCKFORD, Ill. (WIFR) ----- "You may not have a lot of buyer activity but for those buyers that are out there looking, they're very serious," said broker Brittany Schultz.

The March housing numbers are in and in spite of the economy's freeze amid COVID-19, the Rockford region saw an increase of 3.3 percent from last year.

Read more HERE.

Home sales plunge nationwide, Rockford home sales not as dire

April 24, 2020- U.S. new home sales plunged 15.4% in March as the coronavirus-related shutdowns that began in the middle of the month began to rattle the housing market.

The Commerce Department reported Thursday that sales of new single-family homes dropped to a seasonally adjusted annual rate of 627,000 last month after sales had fallen 4.6% in February.

Read more HERE.

Rockford-area home sales down, prices up

May 22, 2020 – Home prices in the Rockford area hit a 14-year high last month, though the COVID-19 pandemic has slowed the region’s robust housing market, according to the Rockford Area Association of Realtors.

Single family home sales in Winnebago, Boone and Ogle counties were down about 9% during April compared with the same month last year.

Read more HERE.

Rockford Area Realtors see a dip in home sales despite high demand

May 22, 2020 -Housing sales in the Rockford area took a hit due to COVID-19. But the decline is not because the virus is deterring people from buying.

In Winnebago, Boone or Ogle counties, houses draw in buyers like a moth to a flame.

"Buyers are hungry for what's out there. If it's in good condition, good price, it's going to go quickly," said Gambino Realtors Vice President Heather Porter.

Read more HERE.

A Rockford entrepreneur puts a spin on your typical Airbnb

A Rockford entrepreneur puts a spin on your typical Airbnb

June 11, 2020 - A Rockford entrepreneur puts a spin on your typical Airbnb to re-invest in the community.

"Somewhere people can come have a unique experience and enjoy the culture that Rockford brings," said Joshua Beitel, RKFD Properties owner.

After reviewing 35 homes Beitel found the perfect property to start his business.

"The goal with RKFD properties is to buy, rent and sell homes. With this property here I am looking to rehab it and turn it into a local Airbnb," Beitel said.

Read more HERE.

Housing numbers for May hold good and bad news

June 30, 2020- May housing numbers in the Stateline are out–and there’s some good and bad news.

Due to the pandemic, only 337 homes sold last month. That is down 33% from the same time last year. However, there is a silver-lining.

Rockford Area Realtors says there is a huge group of people trying to buy a home right now. Since inventory is low, the houses are selling fast.

Read more HERE

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

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.