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June
14
14
Is Rockford a Buyer's Market?
Many people are currently asking if Rockford is a buyer's market. Let's look at the numbers. Right now, a lack of new listings is driving the time it takes to sell a home to historic lows. Last year, it took nearly 10 months to sell a home in the Rockford real estate market but this past May it took less than 6 months. That's nearly 4 months less time. The last time the absorption rate was this low was in summer 2007.
The Rockford market housing inventory his 1,870 homes this May, almost 30 percent less than last year at this time. At the mid-level price range, multiple offers are competing for a scant supply of homes for sale. Properties are getting asking price and then some. Prices for mid-level homes are up double digit year over year and rising at a brisk pace.
One of the theories of real estate is that a six-month supply of homes is considered a balanced market. When inventory rises, buyers get the upper hand and prices turn soft; with lower supply, sellers call the shots and prices rise faster than normal.
Frank Wehrstein urges brokers to continue to drive new listings, specifically in the $120,000 – $160,000 range, where demand is strongest. The incentive for sellers is their ability to get a stronger price than a year ago, while still being able to take advantage of great pricing on their move-up home.
One of the quickest ways to build inventory this time of year is to work expired listings. Every year, June 30th is second only to December 31st for the number of listings expired. And these listings are with homeowners who have already established that they want to hire the services of a real estate professional.
The current housing recovery has plenty of room to continue to grow especially if added inventory helps drive the market.
If you're looking to sell your home, there's never been a better time! Click here and one of our real estate agents will be in touch today!