Rockford housing market surges; first time buyer wins bidding war
Rockford housing market sees historical increase in June prices.
ROCKFORD, Ill. (WIFR) - House prices surge in the region with Rockford seeing the largest increase in June in history. Despite the impressive incline, KJ Sonethavilay decided it is the right time to buy a home.
“I decided to jump in at the worst time,” said Sonethavilay. “I just wanted something that was mine, and I was tired of renting.”
According to a recent survey, 56 percent of all buyers face bidding wars because of high demand and low inventory. Sonethavilay quickly learned the harsh reality of the competitive market going to twenty showings and putting in more than ten offers with no luck.
“It stunk, but it just wasn’t meant to be,” he said.
Sonethavilay’s realtor Kyle York said after weeks of rejection, they changed strategies. They looked for homes priced lower than Sonethavilay’s budget.
“To make sure that we’re within a certain range, so we did have some flexibility,” said York who works for Dickerson Nieman Realtors. “So, when KJ did find the right house we could come in with a competitive offer.”
Forty-six days from his first showing, Sonethavilay made an offer the seller couldn’t refuse.
“It feels like a weight has been lifted off my shoulders,” he said.
Sonethavilay will close on his Rockford ranch at the end of August. He’ll stay in his apartment for a while, so, he can get the home ready for his family to hang out and swim.
Rockford Area Realtors CEO Conor Brown expects home prices to rise even more, and advises anyone thinking about buying to do it now.
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