County home sales slowed in April while the median home sale price rose 2.6
percent, according to the Champaign County Association of REALTORS®. The total
number of homes sold in Champaign County decreased by 17.0 percent in April of
2017 with 190 homes sold, compared to 229 homes sold in April of 2016. The
year-to-date total number of homes was down slightly to 630 sales, off 2.3
percent from 645 homes sold through April a year ago for Champaign County.
For the month of April 2017, the median home sale price
(for all single-family homes and condominiums) was $148,725 up 2.6 percent from
$145,000 in April 2016.
The year-to-date through April
2017 median home sale price stood at: $145,750 up 0.5 percent over the same
period a year ago. The median is a typical market price where half the home
sold for more, half sold for less.
“Lower inventory in certain price ranges, economic factors
and affordability headwinds held back sales in April,” said Jim Waller,
president of the Champaign County Association of REALTORS®. “The ongoing state budget
impasse factors into decision making on the part of consumers whose jobs are
funded either wholly or partially by state government. What’s happening with
our state economy long-term has an effect on both local and regional economies.
Real estate is not isolated.”
The average 30-year fixed rate mortgage for the month of
April was 4.04 percent according to the Federal Home Loan Mortgage Corporation,
up from 3.61 percent in April of 2016 and down from 4.22 percent in March 2017.
According to Freddie Mac, for the fifth consecutive week ending May 18, the
30-year fixed rate mortgage remained around 4 percent.
“Buyers should see this as an opportune time to jump into
the market before interest rates rise any higher this year,” said Waller.
“REALTORS® are seeing more buyers compromising on property features and home
qualities. Some buyers are waiting for new properties to emerge on the market
and are prepared to make an offer
quickly when they see a property they want. It’s not unusual for us to see multiple
offers on properties as soon as they are listed. Buyers need to be sure they
are working with a REALTOR® who can help them develop an attractive offer to purchase
and evaluate the house they are wanting to be sure it is priced right in this
average number of days on market for all home sales increased to 83 days from
81 days in April 2016.
held a spring open house day on Sunday, May 21st, where 100 open houses were
held to provide buyers the opportunity to tour multiple properties in one day.
The event was sponsored by the Champaign County Association of REALTORS® as a
special event in observance of the Association’s 100th anniversary
being celebrated this year.
first quarter was the best quarterly existing sales pace in exactly a decade
nationally at (5.62 million) according
to the National Association of REALTORS®. Lawrence Yun,
chief economist for NAR, expects activity to stay on track and finish around 5.64
million—the best since 2006 (6.47 million) and 3.5 percent above 2016. Yun
believes the rising interest rate environment is here to stay. He foresees two
more short-term rate hikes by the end of this year and for mortgage rates to
average around 4.30 percent before gradually climbing towards 5.0 percent in
The National Association of REALTORS® has these five
suggestions for buyers in a tight housing market.
Determine and stick to a budget.
Before beginning the house hunting process, prospective homebuyers should
receive preapproval from one or more lenders to verify the amount of money they
are qualified to borrow.
Identify desired neighborhoods and
home wants versus needs. When housing inventory is tight,
buyers may need to compromise on what they believe they want in a home.
Be ready to make a decision quickly.
In a seller’s market, homes rarely stay on the market long, so when a house
that is in their budget and checks off all of their needs come along, buyers
should not hesitate.
Bid competitively and limit
contingencies. It is tempting to submit a low offer as
a starting bid, but in a seller’s market, buyers need to put forward their
highest offer from the very beginning or they are likely to lose out on the
home. It is also important to remember that in multiple bidding situations it
is not always the highest offer that is most attractive to the seller but the
one with the fewest contingencies.
Work with a REALTOR®.
All real estate is local, so it is important to work with an agent who is a
REALTOR® and is familiar with the areas and neighborhoods the buyers are considering.
A delegation of CCAR members were among nearly 10,000
REALTORS® who gathered in Washington, D.C. last week for the National
Association of REALTORS® Legislative Meetings and Trade Expo to advocate on
behalf of homeowners, commercial property investors and strong communities. REALTORS®
addressed members of Congress and federal regulators on key real estate issues
and participated in meetings and special forums. CCAR REALTORS® met with U.S. Congressman
Rodney Davis and U.S. Senators Dick Durbin and Tammy Duckworth to urge action
on a several key issues including advocating for responsible reform of the
secondary mortgage market, reauthorization of the National Flood Insurance
Program, promoting consumer protection for energy efficiency improvement (PACE)
loans as well as cautioning against radical tax reform changes that balance the
reforms on the back of homeowners.
The Champaign County Association of
REALTORS® is a voluntary trade organization serving Champaign County and
surrounding areas and is a leading resource for its 473 REALTOR® members and an
advocate for homeownership and private property rights. Statistics are from
residential sales within Champaign County. Data compiled by Midwest Real Estate Data, LLC,
as available on May 14, 2017.
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The Champaign County Association of REALTORS® is the "Voice for Real Estate" in the Champaign County area of Illinois, whose over 400 members are engaged in all facets of the real estate industry. CCAR was chartered in 1917.
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