ROSCOE, Ill (WIFR) — Housing sales are up in the Rockford area, and there were more than 300 new listings in January. But realtors say the market is still desperate for new homes.
Time to sell
Realtors say seniors are working longer, retiring later and staying in their homes for a greater period of time. This causes a lower amount of inventory to sell. “They’re just comfortable with their surroundings and environment,” says Roscoe homeowner Teri Abbott, who is selling her home with her husband Donald.
“It’s kind of a good idea to get off the sidelines,” says Rockford Area Realtor’s CEO Conor Brown. “It’s still a great time to make that move because interest rates are still incredibly low.”
Housing numbers are up 25 percent in the area, and home values increased $11,000.
Realtors say they strategize to combat low inventory. “Those of us who have maintained our client relationships have a strong database we stay in contact with,” says Michelle Huber with Dickerson Nieman Realtors. Huber sold the Abbott’s home more than a decade ago, and kept in contact for when they were ready to sell again.
“We love it, yeah, we thought this was where we were going to retire,” says Donald Abbott. But he says him and his wife are ready to move once he retires. “We bought a house boat.”
The current average stay on the market is 62 days, which is a slight uptick from last year, which was 53 days. Realtors say they believe the Abbott’s riverfront home on Sunset Drive will sell fast.
“We’re seeing the spring market as a welcoming sign to start adding houses,” says Brown.
