Economy Rockford: Home buyers Tax Credit And Low Interest Rates Motivating Local Home Sales

By: Kristin Burke
By: Kristin Burke

212 properties were sold last month according to the Rockford Area Association of Realtors.

This is a 36 percent jump from January, and an 18 percent increase over February 2009 sales.

It also marks the third time in the last five months that home sales showed year over year improvements.

Local real estate expert Steve Bois says this momentum as well an increase in the average sales price indicates stability.

But Bois warns buyers sitting on the fence waiting for interest rates and prices to go down even further, could miss out on a prime opportunity.

"These interest rates are not going to go down forever and when they move historically over 6 years they've moved dramatically somewhere in the neighborhood of 2 percent so that will really affect the cost."

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