Real Estate Market

Fox Valley Market Trends - September 2017

Local Housing Market Report

Note: Data below is from July, the most recent data compiled by the National Association of Realtors®.

 

While July's listings went under contract in less than 30 days for the fourth consecutive month due to high buyer demand, overall sales of existing homes declined as sales dips in the Northeast and Midwest outweighed sales gains in the South and West, based on data from the National Association of Realtors® (NAR).

 

Total sales of existing homes -- measuring transactions for single-family homes, townhomes, condominiums and co-ops -- dipped 1.3% to a seasonally adjusted annual rate of 5.44 million in July from 5.51 million in June. July’s sales pace remains 2.1% higher than a year ago, but is the lowest this year.


Existing Home Sales By Region

NAR's chief economist, Lawrence Yun, said the latter half of the year started off on a bit of a sour note as July's existing sales inched backward. “Buyer interest in most of the country has held up strongly this summer and homes are selling fast, but the negative effect of not enough inventory to choose from and its pressure on overall affordability put the brakes on what should’ve been a higher sales pace,” Yun said, adding that “Contract activity has mostly trended downward since February and ultimately put a large dent on closings last month.”

 

Housing Data Takeaways

  • Nationally, July's median existing-home price for all housing types was $258,300, up 6.2% from July 2016 ($243,200). This represents the 65th consecutive month of year-over-year gains.

  • Total housing inventory by the end of July fell 1.0% to 1.92 million existing homes available for sale, is now 9.0% lower than a year ago (2.11 million) and has fallen year-over-year for 26 straight months. Nationally, unsold inventory offers a 4.2-month supply at the current sales pace, down from 4.8 months one year ago.

  • First-time buyers nationally drove 33% of sales in July, up from 32% both in June and a year ago. The share of first-time buyers for all of 2016 was 35%.

  • Freddie Mac data shows the average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 3.97 percent in July, up from 3.90 percent in June. The average rate for all of 2016 was 3.65%.

Geneva Housing Market Statistics

Median Home Price: $399,888

4 Bedrooms/2 Bathrooms

Average Square Footage: 2,700

Price per Square Foot:  $155

Number of Homes on the Market: 253


What's Your Credit Score?

Credit Score image from Credit.comYour credit score is a composite snapshot of your credit history. A high credit score takes time to cultivate, and is not likely to raise 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:


 

Perk up your Fall Landscaping with these Great Tips!

Fall in the Fox Valley is a spectacular time of year! The beautiful colors of orange, red, yellow and more add much needed color to the cooler months. If you're looking to sell your home, or just add a little 'spice' to your landscape, check out these great Fall 2017 Landscaping Trends!

 

1. Modern Fireplace Features that incorporate Technology

 

2. Contemporary Groupings for Fall's favorite plants- Chrysanthemums, sunflowers, mums and the ambiance of the natural colors of the leaves on the trees!

 

3. Create areas for Entertaining with choice lighting- Pendant lights and hanging old fashioned light strands give your area great atmosphere appeal.

 

4. Utilize Natural Elements- Porcelain tiles, metal fixtures and a collage of floral pots, hanging lanterns and great outdoor organic rugs in the colors of the season.

 

For more homeowner tips, visit our website: www.therulloteam.com

 

 

Resource: HouseBeautiful