Booming housing market creates benefits and challenges
ROCKFORD, Ill. (WIFR) - While many industries are still coping with the effects of the pandemic, one is stronger than ever. In Rockford and around the nation, the housing market is in the middle of one of its best years.
“Rockford’s now crested over a billion dollars in terms of our residential market throughout the region,” says Rockford Area Realtors CEO Conor Brown. “This is significant. This has truly been a rising tide that’s lifted all ships. Everyone’s benefitted these past few years.”
When Brown says everyone’s benefitted, he’s not just talking about realtors. For every home sold, an estimated $8,000 goes back into the community in retail sales
“Every time that we sell a house, that changeover spills into retailers,” he says.
“When houses are turning and when a new house sells, and someone’s moving in, what do you do immediately? Make it your own. So houses selling and turning make a big impact for businesses like this and I’m sure for the community in general, " Benson Stone President Andy Benson agrees.
Aside from increased revenue, the market’s success also creates jobs in the real estate industry and beyond.
“We’ve actually had to add quite a few employees. We have more employees now than we had pre-pandemic, so it’s been very good in that regard,” says Benson.
“We are seeing more realtors join the ranks. They’re seeing with this overall strong market that this is something they may want to step into as a career,” adds Brown.
With the market’s continued success, home inventory is low. For those looking to buy a home, being decisive and acting fast is their best bet.
Brown admits this has created some difficulty saying, “Homes are typically sold within a number of days, if not hours. We saw a lot of multiple offer situations this past year.”
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