Real Estate Market

Fox Valley Market Trends - November 2018

National Real Estate Overview

Note: September 2018 data below are the most recent released by the National Association of Realtors.

Existing-home sales declined in September after a month of stagnation in August, according to the National Association of Realtors®. All four major regions saw no gain in sales activity.

Total existing-home sales (transactions including single-family homes, townhomes, condominiums and co-ops) did not change from July and remained at a seasonally adjusted rate of 5.34 million in August. Sales are now down 1.5 percent from a year ago (5.42 million in August 2017).  

 NAR's chief economist, Lawrence Yun says rising interest rates have led to a decline in sales across all regions of the country. “This is the lowest existing home sales level since November 2015,” he said. “A decade’s high mortgage rates are preventing consumers from making quick decisions on home purchases. All the while, affordable home listings remain low, continuing to spur underperforming sales activity across the country.”

The median existing-home price for all housing types in September was $258,100, up 4.2 percent from September 2017 ($247,600). September’s price increase marks the 79th straight month of year-over-year gains.

Total housing inventory at the end of September decreased from 1.91 million in August to 1.88 million existing homes available for sale, and is up from 1.86 million a year ago. Unsold inventory is at a 4.4-month supply at the current sales pace, up from 4.3 last month and 4.2 months a year ago.  

Properties typically stayed on the market for 32 days in September, up from 29 days in August but down from 34 days a year ago. Forty-seven percent of homes sold in September were on the market for less than a month.

Per Freddie Mac data, the average commitment rate for a 30-year, conventional, fixed-rate mortgage increased to 4.63 percent in September from 4.55 percent in August. The average commitment rate for all of 2017 was 3.99 percent.

First-time buyers were responsible for 32 percent of sales in September, up from last month (31 percent) and a year ago (29 percent).


Seller Strategy

Selling your home in today's market requires strategy and execution. Here are some tips to help sellers reduce their time on market while getting excellent value:

 

  • Make it shine. Buyers are attracted to attractive homes. To make your home stand out, mow the lawn, rake the leaves, wash your windows, and clean the carpets. These small things can make a big difference.
  • Remove clutter. Not only do clean homes show better, but tidy homes offer more to the imagination. One person's treasure is another person's trash. Removing unnecessary clutter will help potential buyers envision their own potential for the home.
  • Consider removing art and personal keepsakes. This one is tough for certain people emotionally, but don't take it personally. Some savvy sellers go beyond de-cluttering and remove all (or most) of their personal artwork, family photos and personal mementos to make easier for potential buyers to imagine the home being theirs.  
  • Pay attention to the market. Work with your agent and price your home to sell. A competitively priced home is the one that sells first, and in this market that counts for a lot. Even in fast-moving markets in many parts of the United States, overpricing your home can lead to selling it for less or incurring greater holding costs than if you had priced the house appropriately in the first place. An experienced agent will help you arrive at the most advantageous price for your home.

 

 

These simple tips can help you sell your home and take advantage of our today's market. Please contact us if you have any questions about selling your home. We are here to help!


 


Get Your Fox River Valley Home Ready for Thanksgiving Guests!

Thanksgiving is next week! If you are hosting the big feast at your Fox River Valley  home, now is the perfect time to prepare so you feel less stress as the day approaches. Along with planning out your delicious menu, get your home ready so all your guests will be comfy and happy this holiday!



1. Keep It Bright!

You know your home like the back of your hand but your guests don't. Make sure that everyone can safely navigate throughout your home no matter what time of day it is. Check that all outdoor lights are working. Add nightlights to hallways and in bedrooms and bathrooms that guests will be using.

2. Clear The Space!

Remove all unnecessary clutter to accomodate more people in your house. Store these items out of the way in closests and the basement. Make sure you have ample space on counters and tables for all of your food prep.

3. Say Welcome!

Create an amazing first impression for guests as they enter your home by focusing on the foyer. Add some welcoming touches for a festive, homey feel. At the same time, keep it functional for your guests. With the colder weather, you will need ample space for guests to place their coats, shoes, and gear.

4. Get Your Kitchen Ready!

Your kitchen will be the central hub of your home next week so make sure that it is ready to go before the cooking starts. Have all essential items easily accessible. Make it possible for guests to keep you company as you cook by creating a comfortable hang spot for them in the kitchen.

5. Feels Like Home!

If guests are spending the night, make sure that they will be as comfortable as possible. Stock up on warm bedding for them to use. Even if they aren't sleeping over, have spots throughout your home where they can relax since we all get tired after the big feast!

6. Stock Up!

Make sure that all essential items are available in your home's bathroom to account for your additional guests. Stock up on toilet paper, towels, and toiletries for them to use. Keep these items in spots that are easy for guests to locate when they are needed.



The Rullo Team wishes everyone a very Happy Thanksgiving!