Real Estate Market

Fox Valley Market Trends - March 2019

National Real Estate Overview

Note: January 2019 data below are the most recent released by the National Association of Realtors.

Existing-home sales experienced a minor drop for the third consecutive month in January, according to the National Association of Realtors®. Of the four major U.S. regions, only the Northeast saw an uptick in sales activity in January.

Total existing-home sales (transactions including single-family homes, townhomes, condominiums and co-ops) decreased 1.2 percent from December to a seasonally adjusted annual rate of 4.94 million in January. Sales were down 8.5 percent from a year ago (5.40 million in January 2018).


National Association of Realtors January 2019 DataNAR's chief economist, Lawrence Yun says January's home sales of 4.94 million were the lowest since November 2015, but that he does not expect the numbers to decline further going forward. “Existing home sales in January were weak compared to historical norms; however, they are likely to have reached a cyclical low. Moderating home prices combined with gains in household income will boost housing affordability, bringing more buyers to the market in the coming months.”

The median existing-home price for all housing types in January was $247,500, up 2.8 percent from January 2018 ($240,800). January’s price increase marks the 83rd straight month of year-over-year gains.

Total housing inventory at the end of January increased to 1.59 million, up from 1.53 million existing homes available for sale in December, and represents an increase from 1.52 million a year ago. Unsold inventory is at a 3.9-month supply at the current sales pace, up from 3.7 months in December and from 3.4 months in January 2018.

Properties remained on the market for an average of 49 days in January, up from 46 days in December and 42 days a year ago. Thirty-eight percent of homes sold in January 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 decreased to 4.46 percent in January from 4.64 percent in December. The average commitment rate for all of 2018 was 4.54 percent.

First-time buyers were responsible for 29 percent of sales in January, down from last month (32 percent), but the same as a year ago. 

How's Your Selling Strategy

Sellers, you have an excellent opportunity to sell your home this season -- if you have the right pricing strategy in place from the start! Studies show that the longer a property stays on the market, the less the seller will net upon the sale. 

It is very important to price your property at a competitive market value at the signing of your listing contract. In some places, the market is so competitive that even over-pricing by a few thousand dollars could mean that your house will not sell. And in some of today's particularly hot markets where we're seeing bidding wars, you still want to work with your agent to set the right starting price from the outset to give yourself every advantage.

An Overpriced Home:
· Minimizes offers
· Decreases agents response
· Limits qualified buyers
· Decreases showings
· Decreases prospects
· Limits financing
· Wastes advertising dollars
· Nets less for the seller 

When you are ready, contact us today for a personal market value analysis of your home. No hassles or obligation - just honest advice on how to get top dollar for your home!

The Rullo Team... Named Top Real Estate Team In Northern Illinois!

 

For the 22nd consecutive year, Alex Rullo - Broker with RE/MAX All Pro in St. Charles, was honored for his production in 2018 at the annual RE/MAX R4 International Convention. Out of over 2,300 sales associates in the Northern Illinois region, Alex and The Rullo Team are ranked #12!

 

Alex and his wife Vicky Rullo, also a RE/MAX Broker, have consistently placed in the Top 1% of All Realtors Nationally. Rullo is a charter member of the RE/MAX International Hall of Fame. He has also earned the coveted Circle of Legends Award, the Chairman’s Award as well as the Lifetime Achievement Award, which is the equivalent of three Hall of Fame Awards.

 

Alex and Vicky provide their clients with the highest level of service by offering a full team of professionals with experience and cutting edge skills. The Rullo Team includes Brokers, Sandy Selander and Adam Rullo, Client Care Coordinator, Denise Huelskamp, and Special Project Manager, Kristi Capo. The Rullo Team can be reached at 630-513-1771, rullos@rullos.com or visit their website at www.therulloteam.com to view any home in the USA!