ROCKFORD (WIFR) -- Rockford area realtors are painting a different picture of our housing market after the Forest City lands on another disappointing report.
Diane Peterson’s house is filled with boxes. She and her husband are getting ready for a cross-country move. With all the stress of moving they now have one less thing to worry about: Selling their house.
"I was very surprised. We probably had about five showings so we're thrilled," Peterson said.
The Peterson’s home was on the market less than two months. Realtors say the quick sale is a sign of an improving market, but real estate information company RealtyTrac says Rockford's housing market has one of the weakest recoveries in the country. It's ranked as the third worst out of 100 major markets. But not everyone agrees.
"I don't have thoughts like that. I'm very happy and maybe we just were one of the lucky ones but it's turned out really well for us. I'm surprised," Peterson said.
"I don't think we're as bad percentage wise as some of these statistics are saying but there's no question we're lagging somewhat in the recovery, but we are recovering, we're going in the right direction," Rockford Area Association of Realtors CEO Steve Bois, said.
RealtyTrac looked at seven factors while making the list including the unemployment rate, foreclosures, and home prices. Rockford underperformed in five of the categories. Bois says median home prices are above the national average, something he says RealtyTrac got wrong, and sales are up. He says with strong sales and an improving economy this poor ranking shouldn't affect our recovery.
"These statistics really don't create the true picture in my mind as to the opportunity we have in this community and I think we're positioned to do well over the next decade," Bois said.
RealtyTrac says Baltimore has the worst recovery; Rochester, New York has the best.
ROCKFORD (WIFR) – First it was the miserable cities list, then dangerous neighborhoods, and now Rockford has landed on another national list.
Real estate information company RealtyTrac says the housing market recovery here is one of the worst in the nation.
RealtyTrac says our high unemployment rate coupled with foreclosure rates and home-price appreciation have us lagging behind 97 out of 100 metro areas. The Rockford Area Association of Realtors CEO Steve Bois admits our recovery has been very slow, but says he’s confident on where it’s going. He says sales have increased year over year the last seven out of eight months and sales have gone up 10 out of the last 12 months. Diane Peterson’s home just sold after two months on the market. After selling her home so quickly she was surprised to hear about Rockford’s poor ranking.
“I don’t have thoughts like that. I’m very happy and maybe we just were one of the lucky ones but it’s turned out really well for us. I’m surprised,” said Peterson.
Out of the 100 housing markets on the list, Baltimore has the weakest housing recovery. Rochester, New York has the strongest.
Steve Bois said they’re not worried this ranking will scare away buyers. The ranking really focuses on the economy and he says there is a lot that’s happening in Rockford that points to signs of economic recovery. Bois also said realtors are pointing out those signs of growth to prospective buyers.