ROCKFORD (WIFR) – It doesn’t matter where you are in the state, home prices are going up. In fact, September marked the fifth straight month of the year-over-year price gains.
Stateliners are moving into new homes once again, but with one distinct difference, the amount of investors buying. According to the National Association of Realtors, a record 27% of recent home sales were to lenders.
“With the industrial expansion in the area, there is going to be a demand for rental homes as well as people purchasing a home. I think the investors are taking this as a good time to possibly buy,” said Steve Bois with Rockford Area Realtors.
356 homes were sold in September across the Stateline. Mike and his son, Dan Shriver, say they bought at the right time.
“It was a foreclosure so we thought with the right bid and price, plus a little bit of TLC and work we found it could probably be a good investment for us," said Dan Shriver.
While many are leasing now, as things continue to improve, those renters could become buyers of their own.
“Very optimistic about the new rental population. At some point they are probably going to want to come back into the home market.”
It’s that optimistic attitude many hope will continue improving the market in the Stateline.
This comes at the same time more and more younger people are choosing to rent instead of buy.