Real Estate Market

Fox Valley Market Trends - September 2018

National Real Estate Overview

Note: July 2018 data below is the most recent from the National Association of Realtors

According to the most recent data from the National Association of Realtors® (July), existing-home sales subsided for the fourth straight month in July to their slowest pace in over two years, according to the National Association of Realtors®. The West was the only major region with an increase in sales last month.

NAR Housing Snapshot July 2018

<Total existing-home sales (completed transactions for single-family homes, townhomes, condominiums, and co-ops), decreased 0.7 percent to a seasonally adjusted annual rate of 5.34 million in July from 5.38 million in June. With last month’s decline, sales are now 1.5 percent below a year ago and have fallen on an annual basis for five straight months.

NAR's chief economist, Lawrence Yun, says the continuous solid gains in home prices have now steadily reduced demand. “Led by a notable decrease in closings in the Northeast, existing home sales trailed off again last month, sliding to their slowest pace since February 2016 at 5.21 million,” he said. “Too many would-be buyers are either being priced out or are deciding to postpone their search until more homes in their price range come onto the market.”

The national median price for existing homes (all housing types) in July was $269,600, up 4.5 percent from July 2017 ($258,100). July’s price increase marks the 77th straight month of year-over-year gains.

U.S. total housing inventory by July's end decreased 0.5 percent to 1.92 million existing homes available for sale (unchanged from a year ago). Unsold inventory is at a 4.3-month supply at the current sales pace (also unchanged from a year ago).

Properties typically stayed on the U.S. market for 27 days in July, up from 26 days in June but down from 30 days a year ago. Fifty-five percent of homes sold in July were on the market for less than a month.

The average commitment rate for a 30-year, conventional, fixed-rate mortgage decreased to 4.53 percent in July from 4.57 percent in June. The average commitment rate for all of 2017 was 3.99 percent.

First-time buyers were 32 percent of sales in July, which is up from 31 percent last month but down from 33 percent year ago. 

 


Finding the right coverage for your home

When purchasing a home, you will need to acquire homeowners insurance. In fact, all lenders will require a policy to be in force prior to funding the loan. Make sure you have enough coverage should anything happen. Policies refer to "replacement costs" that may not cover everything. You should ask your insurance agent a lot of "what if" questions. The deductible amount also plays a big part in setting your premium. Higher deductibles lower the number of claims and reduce your insurance costs.

Check with your insurance agent for more information on these issues and others. If you don't have an insurance agent, we have access to several top-notch agents to whom we can refer you with confidence.

Elegant touches to help your Fox Valley home sell for top dollar!

Selling your Fox River Valley home? Help drive your offer prices up and make your home stand apart from the competition by making your listing look more expensive! Add some elegant touches to help increase the apparent value of your home! Follow these simple tips and your home will be sold in no time!

 

1. Paint Color. Clean up the appearance of your home by applying a fresh coat of paint throughout. Choose a neutral color that will appeal to all buyers. Add elegance by selecting one with a slight sheen.

2. Declutter. Accentuate the space within your home and highlight your home's best architectural features by removing all clutter and unnecessary items that could be distracting for buyers.

3. Kitchen Appliances. Higher end homes have kitchens with brightly colored or stainless steel appliance. Upgrade yours before selling.

4. Fixtures. Help bring your home into the modern era by replacing all outdated lighting and plumbing fixtures, as well as hardware.

5. Crown Molding. Add crown molding to the living and dining rooms for instant elegance.

6. Window Treatments. Let ample light in to make your home look big and bright. Update window treatments to solid colored blinds, drapes, or shades.

7. Garage Door. Your garage door takes up a lot of real estate on the outside of your home. Get a great return on investment by updating the door to own that looks more expensive. We recommend a wood door with carriage home details.

For more helpful tips or assistance in Selling your home, give  The Rullo Team  a call today or visit our website at http://www.therulloteam.com/!