Real Estate Market

Fox Valley Market Trends - January 2019

National Real Estate Overview

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

Existing-home sales increased in November, according to the National Association of Realtors®, marking two consecutive months of increases. Three of four major U.S. regions saw gains in sales activity last month.

Total existing-home sales (transactions including single-family homes, townhomes, condominiums and co-ops) increased 1.9 percent from October to a seasonally adjusted rate of 5.32 million in November. Sales are now down 7.0 percent from a year ago (5.72 million in November 2017).

National Association of Realtors November 2018 DataNAR's chief economist, Lawrence Yun says two consecutive months of increases is a welcomed sign for the market. “The market conditions in November were mixed, with good signs of stabilizing home sales compared to recent months, though down significantly from one year ago. Rising inventory is clearly taming home price appreciation.”

The median existing-home price for all housing types in November was $257,700, up 4.2 percent from November 2017 ($247,200). November’s price increase marks the 81st straight month of year-over-year gains.

Total housing inventory at the end of November decreased to 1.74 million, down from 1.85 million existing homes available for sale in October. This represents an increase from 1.67 million a year ago, however. Unsold inventory is at a 3.9-month supply at the current sales pace, down from 4.3 last month and up from 3.5 months a year ago.

Properties typically stayed on the market for 42 days in November, up from 36 days in October and 40 days a year ago. Forty-three percent of homes sold in November 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 4.87 percent in November from 4.83 percent in October. The average commitment rate for all of 2017 was 3.99 percent.

First-time buyers were responsible for 33 percent of sales in November, up from last month and a year ago (31 percent and 29 percent, respectively).

What's Your Credit Score

Your credit score is a composite snapshot of your credit history. A high credit score takes time to cultivate, and is not likely to rise much in a short period of time. Generally speaking, you want to make sure you pay your bills on time, keep outstanding debt levels to a reasonable amount for each account, and avoid closing accounts you've successfully paid-off and managed. Don't lose hope if you have less than perfect credit, there are still good loan programs out there for responsible borrowers. We have a list of preferred local lenders who can help you find the best financing programs for your specific needs.

Contact us and take advantage of today's low interest rates!

Here are some great resources to learn more about credit scores, and to get a free credit score and report:

New Year's Resolutions For Your Fox River Valley Home!

The New Year is here! That means it is time to set your New years resolutions. When thinking about all that you want to achieve in the New Year, do not forget about improvements that you can make to your home. 2019 is the perfect time to make sure that your home is in tip top shape. Here are our top New Year's Resolutions for your Fox River Valley home.

 

1. Set a Budget.

Before determining any of your other home improvement goals, you should create a budget for yourself. This will ensure that you do not overspend when making improvements and will help you when unexpected maintenance costs pop up! If you are able to make it throughout the year without spending all the money you set aside (Lucky you!), continue to save the money into the following year when you might need it.

2. Focus on Decluttering.

We all accumulate a lot of stuff over the years. Start of the New Year right by getting rid of items that you truly do not need. Donate anything that is still in good condition. If there are items that you do not regularly use but have sentimental value, put them away in storage for the future. You will feel less stress throughout the year by only having the things in your home that are necessary. It will save you time on cleaning and tidying up.

3. Reduce Water and Energy Usage.

Help conserve our planet's natural resources while saving money yourself by making improvements to your home that cut excess water and energy usage. You can reduce the amount of water your home uses by installing low flow showerheads and high efficiency toilets. To improve the efficiency of your heating and cooling systems, seal and insulate your ductwork.

4. Improve Indoor Air Quality.

Keep your family healthy by improving the air quality in your home. Reduce harmful pollutants by using high quality furnace filters and changing them regularly. Invest in air cleaners that can be utilized in individual rooms to remove specific irritants. Make sure that smoke and kitchen fumes are properly ventilated outside of your home from the kitchen. The same goes for the excess humidity in your bathrooms.

5. Install Maintenance Free Materials.

Spend the time in 2019 installing maintenance free materials throughout your home. This will reduce recurring stress throughout the year by eliminating upkeep and will make the need for continual improvements a thing of the past. Within your home, use ceramic tiles that are extremely tough and stain and moisture resistant. They will make your floors look fantastic for years without any need for repair. On the outside of your home, use fiber cement siding, which is weather proof and resists insects, fire, dent, and rot. This siding will last you for over 50 years without need for replacement!

6. Achieve Other Resolutions While Improving Your Home!

You will have more personal resolutions that you make this New Year. Work to achieve those resolutions while making improvements to your home. It's incredibly easy to do. If focusing on exercising more is one of your goals for 2019, focus on do it yourself projects around the home. You can burn calories by taking on simple tasks, such as caulking, cleaning, painting, and yard work. If your resolution is to spend more time with family, focus on projects around the home that you all can work on together and find fun ways to complete the task as a team.



For more great homeowner tips, visit our Website and follow us on Facebook!