Real Estate Market

Fox Valley Market Trends - December 2019

National Real Estate Overview

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

Existing-home sales rose in October, a slight recovery from the declines seen in September, according to the National Association of Realtors®. The four major U.S. regions were split last month, with the Midwest and the South seeing growth, and the Northeast and the West both reporting a drop in sales.

Total existing-home sales (transactions that include single-family homes, townhomes, condominiums and co-ops) increased 1.9% from September to a seasonally-adjusted annual rate of 5.46 million in October. Despite lingering regional variances, overall sales are up 4.6% from a year ago (5.22 million in October 2018).

National Association of Realtors August 2019 Data

Lawrence Yun, NAR’s chief economist, said this sales increase is encouraging and he expects added growth in the coming months. “Historically-low interest rates, continuing job expansion, higher weekly earnings and low mortgage rates are undoubtedly contributing to these higher numbers,” said Yun. “We will likely continue to see sales climb as long as potential buyers are presented with an adequate supply of inventory.”

 

The median existing-home price for all housing types in October was $270,900, up 6.2% from October 2018 ($255,100), as prices rose in all regions. October’s price increase marks 92 straight months of year-over-year gains.

Total housing inventory at the end of October sat at 1.77 million units, down approximately 2.7% from September and 4.3% from one year ago (1.85 million). Unsold inventory sits at a 3.9-month supply at the current sales pace, down from 4.1 months in September and from the 4.3-month figure recorded in October 2018.

Properties typically remained on the market 36 days in October, up from 32 days in September and consistent with October 2018 numbers. Forty-six percent of homes sold in October 2019 were on the market for less than a month.

First-time buyers were responsible for 31% of sales in October, down from 33% in September and identical to the 31% recorded in October 2018.

Individual investors or second-home buyers, who account for many cash sales, purchased 14% of homes in October 2019 unchanged from September but down from the 15% figure recorded in October 2018. All-cash sales accounted for 19% of transactions in October, up from 17% in August but down from 23% in October 2018.

According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage increased to 3.69% in October, up from 3.61% in September. The average commitment rate across all of 2018 was 4.54%.

Here are the reasons to consider selling your home during the holidays!


We understand the impulse of taking your home off the market until the beginning of the new year. But, December can actually be a great time to sell! Here are the top reasons why you should sell your Fox River Valley home during the holidays!

 

1. Enjoy Less Competition!

Other people in your area will undoubtedly take their homes off the market or delay listing their homes. This will reduce the inventory of homes and make it more likely that your home will rise to the top of the search lists. With less competition, you have better chances of your home being sold.


2. Your Home Looks And Smells Festive!

Staging is taken care of during the holidays with your warm fireplace, festive decor, and delicious smells of home-baked goods. This homey ambiance can create feelings of nostalgia within the buyer and urge them to make an offer. Just make sure you don't go overboard with decorations. You still want buyers to be able to imagine themselves within the home as well as show off the best features of your home without distracting clutter.


3. Serious Buyers Look During The Holidays!

Any buyers that are still looking during the holiday are ready to buy NOW! These buyers have either been looking for a while and have yet to find something we love or they have just entered the market and need to buy quickly. Either way take advantage of their desire to find a home as soon as possible.


4. Buyers With Children Are Utilizing the School Break!

There are prospective buyers that use the holiday season to find a home in order to get their children settled before school starts up again in January. These are more serious buyers that are actively lookin g to find a home as soon as possible.


5. Closing Is Faster!

The spring time is a busy time for lenders. That means that buyers have to wait longer to get their loans processed and approved. The slow down in the housing market in December makes the lending process move quicker which means closing can occur much faster!


6. Change Your Strategy To Sell!

Don't take your home off the market during the holidays even if it has been on the market for a while now. Instead, use this time to adjust your strategy. Is your asking price what it should be? Is there a different way you could stage your home? Are there things you could fix up?


 

If you are interested in Selling Your Home This Holiday Season, give  The Rullo Team a call today or visit our website at http://www.therulloteam.com/.

 

 


What is your Home Worth?

November is an excellent time of year to find and purchase your dream home!!
Take a look at these fantastic featured homes!
4N589 HIGH MEADOW ROAD, ST. CHARLES, IL $569,900
4 Bedrooms/ 3.5 Baths/ 3,995 SqFt
VIEW MORE PHOTOS HERE
Wonderfully updated home on a beautiful wooded lot in sought after neighborhood - renovated kitchen, baths, fixtures, hardware... Exceptional millwork... Elegant move-in decor!! You will love the granite kitchen with Stainless Steel appliances and the octagonal dinette that opens to a dramatic 2-story 4-season sunroom which leads to an expansive maintenance free pergola deck and brick paved patio with a granite kitchen which overlooks a truly spectacular private setting!! Master bedroom with a cozy fireplace, 2 walk-in closets, and a luxurious bath with Jacuzzi and body spray shower - huge bedrooms all with dual closets... Bedroom 3 opens to a 17x12 versatile bonus room! Sunken family room with impressive fireplace also opens to the lovely sunroom... Finished walk-out basement with bath, recessed wet bar, fireplace, playroom, and a rec room that opens to the private lower patio and the beautifully landscaped yard with stone outcroppings!!!
 
426 WOLCOTT LANE, BATAVIA, IL  $239,900.
3 Bedrooms/ 2.5 Baths/ 1,903 SqFt
VIEW MORE PHOTOS HERE
Lovely townhome in fabulous location close to Randall Road corridor w/shopping, dining & entertainment! Bright flowing floor plan w/great rm, stainless kitchen & spacious dining room w/transom glass door opening to upper deck backing to serene pond & mature trees. Vaulted foyer; 1st floor laundry, Multi-purpose 2nd floor loft; master w/walk-in closet & private bath; nice size bedrooms throughout; full English basement; 2-car attached garage. Newer: carpet, oven, dishwasher, hot water heater, sump pump... All on a beautiful premium lot offering privacy, lush landscaping & gorgeous pond vistas! Quick close possible - great value!
 
3074 RENARD LANE, ST. CHARLES, IL  $239,900.
3 Bedrooms/ 2.5 Baths/ 2,031 SqFt
VIEW MORE PHOTOS HERE
Totally renovated in 2015 this home stands above the rest and shows like a model home... New kitchen, baths... Updated flooring and fixtures!!! Totally renovated granite kitchen with island/breakfast bar, custom maple cabinetry with soft close drawers, and Stainless Steel appliances... Huge master bedroom suite - note size - with vaulted ceiling, sitting area, dual mirrored closets... Family room with fireplace... Convenient 2nd floor laundry... Garage with epoxy floor... And a fabulous open flexible floor plan that will suit any lifestyle!! Very convenient location close to the Randall Road shopping restaurant corridor, Otter Cove Aquatic Park, and bike path... Private lot with towering trees!!
 
Let us know which homes you'd like to see!
Not seeing what you're looking for here?  Start your customized home search here:  https://www.foxvalleylistingupdates.com/idx/8997/search/

 

 

 

 

 

If you're considering listing your home to the market, it's always best to start with a HOME VALUE analysis to see what your home is worth in the market today.  You can receive a free, instant, home value analysis from our team here:  Fox Valley Home Values

Making the decision to sell your home is a big one, and one we are happy to assist you with.  Planning is key.  Call or email us for your personalized consultation.