Rockford housing market reaches historic marks in August
ROCKFORD, Ill. (WIFR) - The Rockford housing market is on the rise, and upward trends bode well for sellers, who reap the benefits of the historic shift in Rockford’s housing market.
“We have an offer and then he came back and said oh we have multiple offers so we we’re ecstatic," homeowner Joel Guetschow said.
After eleven years in Rockford Guetschow and his wife decided it was time for a change of scenery. When he listed his home with Keller Williams Realty, the property was immediately in high demand, and in a matter of days the home sold.
“We had maybe 10 showings within the first 12 hours on the market," Realtor Fidel Batres said. “Within 6 hours we had probably 6 offers on the table.”
Guetschow isn’t the only one seeing benefits. Realtors in the region say the housing market set records in August, with the highest average sale price, inventory totals... and the average time properties are on the market.
“We’re seeing our average days on market just cut in half even since January to 31 days on market which is an incredible speed that we are seeing," Rockford Area Realtors CEO Conor Brown said. "A lot of homes that are being listed multiple offer situation some times they are selling within hours.”
Realtors say these trends leave buyers in a competition like never before.
“What I tell my buyers are be ready that you may not get the first house that we put an offer in," Batres said.
Experts say if you are considering a move, the time to sell is now.
“If you are a seller even thinking about it now is the time," Brown said.
Brown recommends buyers do not low ball offers in the extremely competitive market.
Copyright 2020 WIFR. All rights reserved.