Today's Selling Tips

Market Indicators

Disregard national news ~ every market is unique. Propery values depend upon local variables:

Supply and Demand Set Prices 

We’re in an imbalanced housing market now, but it’s not as severe as previous markets. In the early 1980’s, manufacturing went South, unemployment reached the highest in the nation at 25%, mortgage interest rates were the highest in our recorded history at over 17% and home sales were depressed for six years.

Quality of Life

Recreation and entertainment opportunities greatly enhance our property’s value. Theater, art, music, dance, museums, sports and exceptional parks and forest preserves, the riverfront and lake help maintain value.

Education

In addition to the many public schools, there are at least 7 private and 25 porochial, and 3 charter schools plus 10 colleges and universities here.

Employment supply and job stability are powerful influencers since they directly impact consumer confidence. Currently, over 85% of this region’s labor force is employed which still compares favorably to our typical 95% during strong economic times.

This is a resilient region with a legacy of  creativity, initiative and determination to recreate a vibrant economy and community. Manufacturing still employs 30,000 skilled workers, and our medical community continues to expand which includes 3 hospitals with over 1,000 beds, Illinois University College of Medicine and Crusader Clinic.

Local economic development entities are working diligently to match community attributes and workforce skills with the desires and needs of potential new employers. This area will be poised for growth as soon as the financial markets stabilize and respond to the federal economic stimulus plans.

Transportation

Few areas are as strategically located as Rockford, I-90, I-39, US-20, US-51, Chicago-Rockford International Airport and rail criss-cross this area. It is a hub for commerce.

Pricing to Sell

A property priced right is half sold! In tight economic times, price is usually the reason no one has made an offer to purchase and sometimes not even looking at it. Various resources have been used by homeowners to guesstimate the value, such as: insurance valuations, property tax assessments, friends and neighbors and internet sales data.

The appreciation rate and market time are also valuable factors in pricing. Your pricing exercise should include data on how long its taking to sell (days on market) a comparable property and also to what degree property values in a specific area are appreciating, stable or declining (grid appreciation). Historical changes in value help sellers to compare what they paid compared to todays market value.

The appreciation rate for a median price single family home in 2008 compared to 2005 declined in certain grids of our market, but have risen in other grids. Rockford Area Association of Realtors has divided our market into 104 grids. Some continued to increase in value while others experienced negative growth.

A Realtors Comparative Market Analysis considers all of the above, but relies most heavily upon data from the local Realtor Association. The Multiple Listing Service covers past, current and future evaluation. It details comparable properties within your propertys grid and similar locations which have been sold, expired or withdrawn plus those currently competing for qualified buyers in the current market.

Were here to answer your questions and guide you in the right direction with all your real estate needs.