REAL ESTATE MARKET SNAPSHOT: Housing Supply Continues to Drop; Prices are on the Rise

According to key indicators in a report provided by Midwest Real Estate Data LLC for Three Rivers Association of REALTORS®, it is predominantly a seller’s market in Will and Grundy Counties. Inventory levels fell 17.9 percent from 2,995 units to 2,459 units or a 3.1 month’s supply. Also on the downward slide is market time which is at 64 days compared to 70 days a year ago. The median sales price is now at $210,000 - up from $200,000 at this time a year ago. Multiple-offer situations over asking price are not uncommon in many communities. The report cites a favorable economy and the low unemployment rate as contributing factors toward these developments. Another reflection of the strong employment growth is the decreasing percentage of homes closed that are either foreclosures or short sales. Through July of this year, 9.5 percent or 87 out of 911 closed home sales fell into one of those categories. In 2016, it was 12.3 percent.

The effect of the shortage of new construction particularly in the median to upper median price range is being felt primarily among first-time buyers as the number of entry-level homes available is at a premium. Normally, new home development provides an important link in the chain that enables many home owners to move on, freeing up the supply of homes at every level. However, despite these circumstances, Three Rivers Association of REALTORS® leadership believes that it is still advantageous for buyers to pursue their dream of home ownership. Association President-elect Ken Pytlewski noted that lenders are also loosening up on mortgage qualification requirements as well as offering new loan Programs, giving buyers the ability to purchase with a minimal down payment.

The City of Joliet is having a Housing Expo on September 9th during which buyers can meet with

lenders and REALTORS® who can assist them in the home buying process. There will also be

information about money that is available to help you with your down payment.

You can get more information about the Expo by calling 815-722-0722, or visit the Three Rivers Association of Realtors website.

Get a Head Start on the Winter Housing Market

Spring and summer may be traditionally known as a buyer’s market, but did you know winter is the best time to sell your home? According to REALTOR® Magazine online, a new study by the real estate brokerage Redfin found that sellers who list and buyers who buy often find the winter season the most advantageous time to make a move in real estate.

The study found that historically, February is the best month to list your home for sale, so now is a great time to get a head start on the market! Buyers are motivated to close, so a larger percentage of homes listed in February sell within 90 days, sometimes even above their list price! Listing during the winter months has resulted in higher percentages of above-asking-price sales than listing during any others months, aside from April and May.

So why do sellers benefit from listing in the winter? A less competitive market! Since most sellers wait until spring to list their homes, listing yours in the winter means it will stand out. More potential buyers will be looking at your property, and these wintertime house-hunters are motivated to buy. There are fewer “window shoppers” in the winter, so when a buyer comes to look at your home, they are generally pretty serious about buying.

If you’re a buyer looking in the winter, it’s good news for you, too! Just as the seller pool is smaller and less competitive in the winter, the same can be said about buyers. Since most people prefer to do their house-hunting in warmer months, sellers may be more willing to negotiate on price or be flexible on terms with a wintertime buyer.

Whether you’re buying or selling this winter, trust the Three Rivers Association of REALTORS® to provide you with superior service! The Three Rivers Association of REALTORS® is a professional trade association of over 1,000 licensed real estate agents. For more information, visit our website today!  

New Year, New Home: A Checklist For First-Time Homebuyers

Are you preparing for the New Year with plans to buy a new home?  Buying your first property is an exciting endeavor.  Owning a home truly is the American dream!  Fortunately, navigating the housing market and financing world doesn’t have to be intimidating with help from a REALTOR®.  To stay prepared during the home-buying experience, follow our checklist specifically tailored for first-time homebuyers:

Savings

Are you questioning whether or not you can afford a home based on income and savings?  Many people are surprised to find that they can afford a home.  With the help of REALTORS® and lenders, it is relatively easy to create a plan for paying your mortgage.  Based on savings and income, there is a home that will fit your budget.  

Income

Can you afford to pay the bills on a monthly basis?  This is possibly the most important step when looking for your first home.  If you are currently renting, chances are you can afford a home!  While you have to think about payments including water, gas, and home-related costs, they are typically of similar cost to renting.  In some cases, it can even be substantially cheaper to buy than rent.

Credit Score

Many first-time buyers are under popular belief that they have to have a perfect credit score in order to put a down payment on a home.  With the average credit score of approved loans continuously lowering, you can now get a loan if you have lower than an 800 credit score!  

Realtors

A great step in buying your first home is enlisting the help of a reliable real estate agent.  REALTORS® have extensive knowledge and expertise in the housing market and will find you the best homes in the area.  They can also assist you in negotiating price, closing costs and answering all of your questions.  Your dream is possible, with help from a dedicated team!

At Three Rivers Association of REALTORS®, we aim to address real estate issues in the community and work to provide a good housing market for Will and Grundy County.  We offer realtors in the area a wide, but industry-specific range of services.  To learn more about Three Rivers Association of REALTORS®, or to find a REALTOR, visit www.trarealtors.net.

Three Rivers Association of Realtors Can Help!

Located in Joliet, Illinois, Three Rivers Association of Realtors is a non-profit organization that serves more than 950 realtor and affiliate members. Our association represents the realtors in Will and Grundy County and helps resolve a range of industry related disputes.

Working closely with municipal leaders and congress members, it is our mission to help provide a good housing market for the community. Three Rivers helps realtors in the area with a wide, but industry-specific range of services. Our multiple listing service, education programs and extensive political action programs are just a few of the services we provide. Take a look at what our non-profit can offer:

• Speak to and address real estate issues
• Enhance the public image of our members
• Consumer outreach
• Provides opportunity for professional growth and education
• Communicates information to our members to help them succeed in their business activities
• Identifies, anticipates, and addresses economic and marketing trends in the real estate industry
• Works with congress on issues like mortgage interest deduction, flood insurance and all -effect home ownership
• Public relations and government affairs

Three Rivers works with the Illinois Association of Realtors and the National Association of Realtors in an effort to provide members with the tools necessary to remain successful. We aim to enhance the ability and opportunity for realtors to conduct their business successfully, ethically, and to promote the preservation of the right to won, transfer and use real property.

Changes in the real estate industry are ever evolving; let Three Rivers help you navigate your real estate issues and the housing market today! To learn more about Three Rivers Association of Realtors, give us a call at 815-744-4520 or visit www.trarealtors.net.