Real Estate Market

Fox Valley Market Trends - December 2017

Local Housing Market Report

Note: October data below is the most recent published by the National Association of Realtors®.

 

Data from the National Association of Realtors® (NAR) shows sales of existing homes grew in October to the briskest pace since early summer, but an ongoing lack of supply resulted in fewer closings for a second straight month.

 

Nationally, total sales of existing homes (counts completed transactions for single-family homes, townhomes, condominiums and co-ops) bumped up 2.0% to 5.48 million in October from 5.37 million in September. Despite the uptick in velocity, sales remain 0.9% lower than one year ago.


Existing Home Sales By Region


NAR's chief economist, Lawrence Yun, indicated that October's sales activity picked up for the second consecutive month, with increases across all four major regions. "Job growth in most of the country continues to carry on at a robust level and is starting to slowly push up wages, which is in turn giving households added assurance that now is a good time to buy a home" Yun said. He added that "While the housing market gained a little more momentum last month, sales are still below year ago levels because low inventory is limiting choices for prospective buyers and keeping price growth elevated."


Housing Data Takeaways

  • The median existing-home price (all housing types) in October was $247,000, up 5.5% from October 2016 ($234,100). October's price increase marks 68th months in a row of year-over-year gains.

  • On average U.S. properties stayed on the market for 34 days in October, unchanged from September and down from 41 days a year ago. Forty-seven percent of homes sold in October were on the market for less than a month.

  • Mortgage data from Freddie Mac shows the average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 3.90% in October  from 3.81% in September. For all of 2016, the average commitment rate was 3.65%.

  • Nationally, first-time buyers drove 32% of October's sales, up from 29% in September but a drop from 33% one year ago.

 

St. Charles Housing Market Statistics

Median Home Price: $479,900

4 Bedrooms/3.5 Bathrooms

Average Square Footage: 3,278

Price per Square Foot:  $147

Number of Homes on the Market: 479


 

Winterize Your Fox River Valley Home!

Winter is upon us! Our days will be filled with cold temperatures and snowfalls. Keep your Fox River Valley home toasty all season long while saving money on your energy costs! Focus on these elements of your home to prepare it for the winter!


  • Energy Monitor - Install this helpful tool to learn where your home uses the most energy so you can easily discover ways to cut costs.

  • Windows - Use a Window Insulation Kit to add an extra layer against the cold. Be sure to properly caulk around all windows to avoid leaks.  add an additional buffer against cold air.

  • Doors - Add a draft blocker underneath all outdoor doors. Be sure to caulk and weatherstrip as needed. Consider switching to a Storm Door for added energy efficiency.

  • Furnace - Change the filters to increase airflow and remove illness inducing irritants. Have the system professionally cleaned and adjusted. Save money in the long run by upgrading to an Energy Efficient Furnace. keep your family healthy all season.

  • Insulation - Just as you do to go outside, your home needs to wear some added layers this season. Add insulation between walls, to the basement ceiling, and the attic floor. Also, wrap insulation around your pipes to avoid costly issues from freezing.

  • Thermostat - Keep heating costs low by turning down the heat whenever you leave the house. Also consider reducing the temperature by a couple degress and cuddling up with a warm blanket instead!

For additional helpful home owner’s tips, check out our website at http://www.therulloteam.com/!

 


Investing in Real Estate

Today's low interest rates and stabilized home prices have created some great investment opportunities!


Investing in real estate has unique advantages over other types of investments. Of course, wise investors may have various instruments in their portfolio, but real estate has a long-term track record of proving its worth.


Here are some of real estate investing's advantages:


  • Interest in mortgage loans are tax-deductible. Investors can lower their tax liability while increasing their equity.

  • Renters pay down your mortgage loan. Investors reap the benefits of rental income, which offsets your mortgage cost and build equity.

  • Real Estate values increase over the long term. Real Estate is limited and will always be in demand.

  • 1031 exchanges are available to defer taxable income when you are ready to sell.


Many investors are taking advantage of these great market conditions. Have questions? Give us a call. We are happy to help!