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Record Lows: Home Sales Up, But Costing Sellers

ROCKFORD -- More buyers are snagging up Rockford homes, but it could be costing sellers. The latest housing figures show despite the climbing home sales, the average price has now dropped to a low we haven't seen since March of 1999.
ROCKFORD --  More buyers are snagging up Rockford homes, but it could be costing sellers.  The latest housing figures show despite the climbing home sales, the average price has now dropped to a low we haven't seen since March of 1999.

Take a look around Robert Ritter's Cherry Valley home. Like what you see?

"It's all solid oak wood trim and doors, and the garage is a large, almost a four car garage," said Ritter.

Despite those finer details, Ritter's home has been on the market now for four months, and he knows it could be a tough sell.

"The tax rates for homes... the employment for the area is not great so that doesn't help matters, and the Rockford school system," said Ritter.

Now, a new report out by the Rockford Area Realtors Association shows sellers facing an added challenge: the average sale price dropped nearly ten percent compared to March of last year ringing in at $88 thousand. But CEO Steve Bois says don't read too much into that number.

"42 percent of the homes in March were distressed properties, and the distressed properties tend to be at a lower price range," said Bois.

Plus, Keller William's broker, Kelly Wolf says there are perks to those lower prices even for sellers.

"Most sellers are buying another home when they buy there home, so they may sell at a bit of a discount, but they're also getting to buy at a discount," Wolf said.

And as for what sellers like Ritter can do to get the most bang for their buck, Wolf says make the home look the part.

"I'm a firm believer in staging your home," said Wolf. "You must  present your home in the best light because it is competitive."



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