Our local real estate market inventory continues to be at an all time record low. Based on my experience, a market our size should have about 2,000 homes and condos for sale. This seems to be a nice balance between buyer demand and seller opportunity, providing a nice array of homes to select from without the pressure to buy immediately.
Today, we have about 275 homes and condos on the market. That number will increase a little bit as the weather warms, as will the number of buyers.
I don't foresee any significant change in inventory on the horizon. Part of the reason is homeowners are reluctant to sell their home without first identifying a replacement home. And with low inventory, finding a replacement home is difficult. Sellers also have difficulty making an offer on a replacement home that is subject to the sale of their current home. There are simply too many other buyers that can make an offer without a home sale contingency.
So, what is a homeowner to do?
Let me introduce you to a hybrid mortgage product that can help you bridge the gap between your current home and your new dream home. Not surprisingly, it is known as a “Bridge Loan”. Simply put, it is a short-term loan that allows you to own both homes simultaneously as you make the transition. Once
approved, you can now safely make an offer on that new home without the contingency of selling your current home. Once you are under contract on a new home, your current home can be put on the market and get sold quickly so the simultaneous ownership period will be very short.
A bridge loan helps you achieve your objective and also offers another powerful benefit. You get to control the overlap between homes. Think about how pleasant it will be to close on your new house and do a little painting or clean the carpets before you have to move in! Likewise, you can move at your leisure rather than all in one day.
A bridge loan may not be for everyone, but if it sounds like it may work for you, it costs nothing to investigate. Give us a call and we can direct you to mortgage professionals who can give you actual numbers for your particular needs. A Gambino Broker can give you a current market analysis of your home. Armed with this information, you can now make a well-informed decision.
ISSUE FOUR | 2023
Publisher: Gambino Realtors
Editor: Kathy Heeren-Ellis
Design: Sarah E. Diamond
The Gambino Home Guide is a presentation of properties for sale in the Northern Illinois region. Since 1923, Gambino Realtors has navigated buyers and sellers through real estate transactions www.GoGambino.com
3815 N. Mulford Road Rockford, IL 61114 815.282.2222
5330 Williams Drive Roscoe, IL 61073
815.623.3333
Jonathan R. Krause, President Gambino Realtors
"A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty."
- Winston S. Churchill
The less inventory there is on the market when you sell, the less competition you’re likely to face from other sellers. That means your house will get more attention.
Thinking about selling your house? If you’ve been waiting for the right time, it could be now while the supply of homes for sale is so low.
HousingWire shares:
“. . . the big question is whether we are finally starting to see the seasonal spring increase in inventory. The answer is no, because active listings fell to a new low last week for 2023 . . .”
The National Association of Realtors (NAR) confirms today’s housing inventory is low by looking at the months’ supply of homes on the market. In a balanced market, about a six-month supply is needed. Anything lower is a sellers’ market. And today, the number is much lower:
“Total housing inventory registered at the end of February was 980,000 units, identical to January and up 15.3% from one year ago (850,000). Unsold inventory sits at a 2.6-month supply at
the current sales pace, down 10.3% from January but up from 1.7 months in February 2022.”
The less inventory there is on the market when you sell, the less competition you’re likely to face from other sellers. That means your house will get more attention from the buyers looking for a home this spring. And since there are significantly more buyers in the market than there are homes for sale, you could even receive more than one offer on your house. Multiple offers are on the rise again (see graph right).
If you get more than one offer on your house, it becomes a bidding war between buyers –and that means you have greater leverage to sell on your terms. But if you want to maximize the opportunity for a bidding war to spark, be sure to lean on your expert real estate advisor. While we’re still in a strong sellers’ market, it isn’t the frenzy we saw a couple of years ago, and today’s buyers are focused on the houses with the greatest appeal. Clare Trapasso, Executive News Editor at Realtor.com, explains:
"Well-priced, move-in ready homes with curb appeal in desirable areas are still receiving multiple offers and selling for over the asking price in many parts of the country. So, this spring, it's especially important for sellers to make their homes as attractive as possible to appeal to as many buyers as possible.”
If you’ve been waiting for the right time to sell your house, low inventory this spring sets you up with a big advantage. Let’s connect today to make sure your house is ready to sell. Call Gambino Realtors at 815.282.2222.
Gorgeous, all brick two-story tucked away on a cul de sac situated on a 1.37 acre wooded lot. A bright and open staircase leads to the second floor with spacious loft area excellent for a home office or play space. The beautiful eat-in kitchen boasts cherry cabinets and Corian counters. All bedrooms are generous in size and include walk-in closets. The main level floor plan was thoughtfully laid out and features a full bath, office/den, and elegant stone fireplace. Unique to this home is the additional in-law quarters with one bedroom, a full bath, private laundry hook-ups, and a private entrance. Neutral colors throughout offer the new owners an opportunity to move in and settle in. Newer furnace and a spacious three car garage. Enjoy nature on your serene wooded lot with lots of privacy.
Miguel Lobato 815.231.4129 mlobato@GoGambino.com
$359,999
This super sharp, executive-style ranch with full exposure is situated on 1.20 acres in McDonald Country Knolls. You’ll be impressed as you walk into the open great room and dining room with newer flooring and a cozy wood-burning stove. The gourmet kitchen features stainless steel appliances, granite, breakfast bar, oak cabinets, dining area, and sliders leading out to a large deck overlooking the serene back yard. Stunning family room with cathedral ceilings, skylights, and custom woodwork. The master features an ensuite with double sinks and a walk-in shower. The exposed lower level is fully-equipped with second kitchen, family room with a gas fireplace, two bedrooms, full bath, utility/storage room with laundry hook-ups, and an attached two car garage. What a perfect arrangement for your guests or an in-law suite. Enjoy low county taxes and easy access to I-90.
815.289.3362
Teresa Shreve
815.708.4061
kheerenellis@GoGambino.com
Kathy is outstanding. She always goes the extra mile, she is a problem solver, and she is a consummate professional. I cannot recommend her enough! - Jeff E.
815.323.8904 lmendoza@GoGambino.com
815.289.7530 jdowthard@GoGambino.com
Working with Jay was a honor from the very beginning he was very professional and pleasant. Jay make sure he respond right away to achieve your needs while looking for a house of your choice. I definitely will recommend anyone to him he make your transaction is so smooth n peaceful thank you so much Jay!! - Shanta and Jeremy V.
$279,900
See this large, beautiful, two-story home with over 4,200 square feet of living space just north of Rock Cut State Park. You will love the quick and easy access to I-90, shopping, and restaurants! This home features a sizable, eat-in kitchen with tons of cabinet space. A slider opens to the two-tier deck where you can enjoy the incredible sunsets. The master suite has two walk-in closets and a spacious private bath. There is a huge play/media room between the bedrooms and a nicesized laundry room on the second floor. The basement has a finished rec room and a bonus room to use as an office or workout room. This home has many upgrades, including beautiful six-panel pine doors and trim, walk-in closets in all bedrooms, a new roof in 2020, and a new water heater in 2021. Please note, photo is virtually staged.
815.985.4190
Tony Badaluco 4 BD | 3 BA | 4,255 SQ FTPeace and tranquility can be yours with this 5 acre homestead. Carved out of a 77 acre farm, this parcel includes a 1.5-story home, detached garage, and well house. Easy access to amenities with the rural lifestyle.
Lots of space with three finished lower-level rooms and three car garage. Eat-in kitchen with slider to 20x20 deck and fenced yard. The kitchen opens to the family room. Roof, carpet and stove new in 2021. New furnace in 2022. Karl
New roof, windows, siding, furnace, central air, and everything inside is new! Living room with fireplace. Dining room. Gorgeous bathrooms. Beautiful flooring. All rooms have modern lighting and ceiling fans.
Well-built ranch boasts plenty of living space, and room to entertain. Master with walk-in closet and built-ins. Eat-in kitchen opens to family room with gas fireplace. Composite deck. Four-season room. Close to amenities.
Wonderful, bright home with charm. Open plan. Great room with fireplace and vaulted ceilings. Roomy kitchen with eating area. Updated baths. Private yard. Large deck. Gorgeous landscaping and perennials.
Rock solid ranch on large lot in quaint Loves Park neighborhood near the river and all of life’s conveniences. Generous room sizes, hardwood floors, finished lower level and a two and a half car garage.
Well-maintained two-story with a three car garage, inground pool, and hot tub for you to enjoy the upcoming summer months. Spacious living room boasts a vaulted ceiling, red oak hardwood floors and a stone fireplace. The dining area and kitchen has tile floors with loads of cabinets, new counters, and newer appliances. The laundry is conveniently located on the first floor. A loft area and finished lower level adds lots of extra space and storage.
Ample square footage with plenty of space for entertaining. This all-brick ranch with a one car garage is nestled on a little less than half an acre offering a vibe of privacy. The living room has a fireplace, great for those cool winter months. The elegant French doors open to a spacious four-season porch that overlooks the large back yard. Extra entertaining space in the finished lower level. Outbuilding with overhead door, storage shed, and greenhouse for your toys or hobbies.
Four wood burning fireplaces throughout. Lower level sauna. Inground pool, jacuzzi, privacy fence, huge maple kitchen, and office. Lower level rec room, two bedrooms, game rooms, second kitchen, and wet bar. Short sale.
Renovated, one and a half story brick beauty. Living room with shining wood floors. Formal dining room with door leading to an enclosed porch. Eat-in kitchen. Fenced back yard with a shed. Detached two car garage.
Welcome home to this charming two bedroom, one bath ranch located in a sought after neighborhood close to lots of amenites. Hardwoods throughout. Nicely landscaped to enjoy this summer.
Charm and character await in this all brick home with three bedrooms and a two car garage. Needs updating but priced accordingly. Roof 2018. Garage siding 2018. Easy access to downtown amenities. Great opportunity!
Perfect starter home on a large lot with two bedrooms and potential third bedroom. Mostly fenced yard. Solid brick home. Needs updating but priced accordingly. Property is being sold As-Is.
Kitchen features stainless steel appliances with built-in breadbox and bottle/glass holder. Large lower level rec room with a dry bar and bonus room. Nice sized fenced back yard with a shed. Attached one car garage.
3
$479,900
This is the home you have been searching for. It has everything! Well-cared for custom-built ranch home on 1.39 acres. Open concept with architectural details that make this home functionally beautiful. Designed for outdoor entertaining, a wraparound deck boasting a grill, hot tub, semi-inground heated pool, fire pit, and a gazebo are waiting for you to enjoy. The interior features white trim, wood panel doors, hardwood floors, ceramic tile, vaulted ceilings, and nine-foot ceilings. Gourmet kitchen with quartz countertops, self-close cabinets, pantry with pullouts, induction stove, double oven, and barstool island. Spacious master suite with vaulted ceilings, fireplace, private bath with double vanity, whirlpool tub, separate shower, and an amazing walk-in closet with built-ins. Laundry room with a plethora of cabinets. The lower level is finished with a second kitchen, a family room, and another full bath. The yard is well-manicured and fully fenced for your four-legged friends! They even have doggy doors. The garages are dreamy! One of the two car garages doubles as an outdoor rec room with a screen and French doors. Six car garage, all with epoxy floors and three of them heated!
Just a doll house that is tastefully decorated, waiting for you and yours to enjoy! Enter into the charming living room with a wood-burning fireplace and cathedral ceilings. The kitchen/dining combo boasts many cabinets and a modern white backsplash. The master bedroom has access to the main bath. The fully finished lower level includes a family room and a full bath, offering extra entertaining space. Neutral colors throughout and white woodwork create a modern appeal. The park-like back yard has an above-ground pool, dual covered deck, shed, garden, and ample space for play or your fourlegged friends.
Miguel Lobato
815.231.4129
mlobato@GoGambino.com
Check out this newly listed affordable ranch in Southeast Rockford. The house is freshly painted and boasts original hardwood floors throughout the main living areas. Easy maintenance ceramic tile in the kitchen, and a completely remodeled bath are just some of the excellent features in this home. New roof in 2014 and siding in 2019. There is a 21x18 carport. Situated on a fenced corner lot and ready for your furry friends!
$219,900
Immaculate 1930 English Tudor! This charming home offers the best of both worlds! All the vintage charm of yesteryear has been preserved, yet it is updated to suit modern needs. Impressive curb appeal with mature landscape, privacy fenced back yard and newer front porch. Upon entry, you will be welcomed into sun-filled spaces. Functional floor plan with hardwood flooring, arched entry ways, built-ins, gorgeous cove moldings, and baseboards. The beautiful staircase with original iron handrails will lead you to three bedrooms, a remodeled full bath, and access to an upper balcony with a custom railing. The upstairs includes a built-in linen closet and a hallway walk-in closet. The kitchen is large, bright, and equipped with a newer fridge, double ovens, and a new kitchen faucet. Big enough to be used for multiple spaces, the living room includes a cozy wood-burning fireplace. Adjacent to the living room you will find a bonus room which will make a perfect office, hobby room or play space. This bonus space has oversized sliding doors leading to a heated sun porch that can be enjoyed year round! Private back yard with paver patio and storage shed. Attached two car garage with front and alley access.
Welcome home to this nicely maintained ranch with over 1,600 square feet plus additional finished space in the lower level. Upon entering, you will find a nice sized living room boasting neutral paint colors, a vaulted ceiling, and a picture window making it light and bright. Spacious eat-in kitchen with cabinets, deep pantry, ceramic tiled floors, and breakfast bar. The kitchen is open to the family room featuring a wood-burning stone fireplace. Nicely updated main bathroom. The master bedroom has a full bath attached. The storage side and laundry room in the lower level are partially exposed. Expansive rec room and additional finished space in the basement to use as it suits you best. Sliders off the family room lead out to a freshly painted deck and firepit with a patio surround, all great for entertaining. You will be surprised to see what blooms this spring, including mature perennial landscaping. Easy access to major highways and county taxes. Great home in a quiet neighborhood!
Mikhaele Howell 815.871.6787 mhowell@GoGambino.com
by Gambino
With warmer weather here, these grilled spring vegetables make the perfect accompaniment to a grilled main dish. And what's better yet - you are getting your veggies in!
Herb Butter:
1/4 cup butter or margarine, melted
2 tablespoons chopped fresh or 2 teaspoons dried thyme leaves
1 tablespoon chopped fresh chives
Vegetables:
1 pound asparagus
1 pound green beans
1/2 pound mushrooms, cut in half
1/4 cup chopped walnuts
Heat coals or gas grill for direct heat. In large bowl, mix all herb butter ingredients. Add remaining ingredients except walnuts; toss to coat with herb butter. Season as desired.
Place vegetables in grill basket or heavy duty foil packet.
Cover and grill vegetables 5 inches from medium heat 6 to 8 minutes, turning vegetables once or twice, until tender.
Sprinkle with walnuts.
The spring season appears to be warming up in housing as more and more buyers enter the market. And after rising mortgage rates sidelined so many buyers last year, that’s a good sign for sellers. Realtor.com has the latest:
“Spring is officially here, and like green shoots emerging from the bleak winter, new data suggests that more buyers are back in the market, although more subdued compared to a year ago.”
We know buyer activity is trending up because of mortgage purchase application data. According to Investopedia:
“A mortgage application is a document submitted to a lender when you apply for a mortgage to purchase real estate.”
That means the number of mortgage applications shows how many buyers are applying for mortgages. Put another way, an increase in mortgage applications means an increase in buyer demand – and as Joel Kan, VP and Deputy Chief Economist at the Mortgage Bankers Association (MBA), explains, application activity started ramping up as mortgage rates fell steadily in March:
“Application activity increased as mortgage rates declined . . . recent
increases, along with data from other sources showing an uptick in home sales, is a welcome development.”
In fact, we can see how mortgage rates have a direct impact on applications over time. As rates rose dramatically last year, applications fell in response (see graph bottom right).
The recent uptick in mortgage applications, as well as the decline in mortgage rates, is good news for sellers because it means more buyers are actively looking for homes.
Buyers are coming this spring, which is typically the busiest time of the year in real estate. And as Realtor.com tells us, if you’re a seller, you need to prepare:
“If homeowners are planning to sell in 2023, now is the time to get ready.”
That means working with a local real estate agent to maximize your home’s appeal and get it listed at the ideal price for your area. The housing market is warming up for spring.
If you’re thinking about selling your house and taking advantage of this recent uptick in buyer activity, let’s connect. Call Gambino Realtors at 815.282.2222.
3 BD | 2 BA | 2,388 SQ FT
$199,900
This well-maintained, freshly painted, three bedroom ranch is ready for new owners! As you enter, you will feel the warmth of the living room with hardwood floors and large picture window that allows lots of natural light to flow in. The eat-in kitchen has great cabinet space and room for a dining table. Enjoy your coffee on the three-season porch while enjoying the views of the beautiful fenced yard. The master bedroom is complete with a full bathroom. Two additional generously sized bedrooms and a full bathroom complete the main floor. The basement has a brick bar, plenty of space for entertainment, a storage area, and a workshop. The two and a half car garage boasts room for your tools and lawn care items! Roof 2019. Water heater and water softener 2021. April Aire 2022. This home has much to offer, including an excellent location and curb appeal.
Heather Carter
815.519.2969
hcarter@GoGambino.com
Your dream of carefree condo living is here! Welcome home to this sizeable ranch condo with a huge master bedroom where you can retreat from a long day. Enjoy entertaining and cooking a meal in the eatin kitchen with an electric stove, dishwasher, refrigerator, and large area for a dining table. The great room is generously spacious and has enough space to set up a formal dining area. Sliders to the oversized deck create convenience while enjoying time with family and friends outdoors. The beautiful backyard leads to a serene wooded area for great views. The reasonable HOA dues include lawn care, snow removal, and master hazard insurance – so you can move in and relax!
During our company's 100th year, each issue of the Home Guide will feature a look back at the history of Gambino Realtors and our long-standing involvement in real estate, politics, and area organizations, cementing us as generational community partners.
Since our inception in 1923, Gambino Realtors has been creatively seeking the best channels to market sellers' properties through different mediums. FM Gambino started with small classified ads in the Rockford Morning Star in the '20s, '30s, and '40s. Then, in the '50s, he moved towards large classified display ads. When new subdivisions were developed in the "countryside" along the southeast sides of Spring Creek and Guilford Roads, Gambino Realtors set up construction trailers on site with large boards indicating which lots were for sale. Agents would work out of the trailers and place large sold placards over the lots once they were sold.
In the 1990s, Paul Gambino leaped into full-page, full-colored ads in the Rockford Register Star. This set the benchmark with other local real estate agencies. To this day, Gambino Realtors continues to advertise on the front page of the Sunday Rockford Register Star as a significant placeholder.
As technology and advertising mediums change, Gambino Realtors embraces the new styles and continues to feature properties across many platforms. From social media to digital advertising, television commercials, website, and unique audio property commercials, Gambino Realtors puts properties in front of tens of thousands of viewers.
Gambino Realtors is also the only local agency with a real estate lifestyle magazine – The Gambino Home Guide. The Home Guide features all Gambino properties for sale and industry-related and lifestyle articles.
Gambino Realtors continually assesses marketing channels in this fast-paced, technology-oriented society and follows in the footsteps of our founders in providing the most exposure of our properties to potential buyers.
19,424 SF | Commercial | Industrial
$1,199,000
Long-time local Berg Industries building for sale. This is a light industrial building with 19,424 square feet on 3.62 acres of land. The main building has approximately 14,100 square feet and the second building has approximately 5,324 square feet. There are five grade-level overhead doors and one dock door. There are two buildings and ample surface parking. Interior clear heights from 12'-16'. Full HVAC in the office and showroom area. This wellmaintained building is located just off Business 20, just minutes from I-90, and near the Chicago Rockford Airport. Excellent location and opportunity for your business.
Tom Ewing
815.703.6677
tewing@GoGambino.com
Tina Eisler
815.623.5555
tina@GoGambino.com
