GAMBINO REALTORS THE COLLECTION
SEPTEMBER 2020
ROCKFORD
Welcome to The Collection, September issue. During this unique time, the real estate market is showing resiliency and strength. Within this issue, you will find beautiful feature homes to explore or gain inspiration from. As we are navigating this market, we are finding it’s not just the price of the house that matters and homebuyers are out in numbers looking for the perfect place to call home.
ROSCOE
Cordially, Jonathan R. Krause, CRB President JKrause@GoGambino.com
DAKOTA
THE COLLECTION Only Gambino Realtors places your home directly in the email inbox of 62,500 homeowners with a household income of $250,000.00 or more. Our reach through this luxury publication covers Winnebago, Boone, McHenry and Lake Counties in Northern Illinois.
815•282•2222 www.gogambino.com
CHERRY VALLEY
WINNEBAGO
It’s Not Just About the Price of a Home
When most of us begin searching for a home, we naturally start by looking at the price. It’s important, however, to closely consider what else impacts the purchase. It’s not just the price of the house that matters, but the overall cost in the long run. Today, that’s largely impacted by low mortgage rates. Low rates are actually making homes more affordable now than at any time since 2016, and here’s why.
environment than what we have in the housing market now.
Today’s low rates are off-setting rising home prices because it’s less expensive to borrow money. In essence, purchasing a home while mortgage rates are this low may save you significantly over the life of your home loan.
What are the experts saying about affordability?
Taking a look at the graph above with data sourced from the National Association of Realtors (NAR), the higher the bars rise, the more affordable homes are. The orange bars represent the period of time when homes were most affordable, but that’s also reflective of when the housing bubble burst. At that time, distressed properties, like foreclosures and short sales, dominated the market. That’s a drastically different
Lawrence Yun, Chief Economist, NAR: “Although housing prices have consistently moved higher, when the favorable mortgage rates are factored in, an overall home purchase was more affordable in 2020’s second quarter compared to one year ago.”
The green bar represents today’s market. It shows that homes truly are more affordable than they have been in years, and much more so than they were in the normal market that led up to the housing crash. Low mortgage rates are a big differentiator driving this affordability.
Experts agree that this unique moment in time is making homes incredibly affordable for buyers.
Bill Banfield, EVP of Capital Markets, Quicken Loans: “No matter what
you’re looking for, this is a great time to buy since the current low interest rates can stretch your spending power.” Mortgage News Daily: “Those shopping for a home can afford 10 percent more home than they could have one year ago while keeping their monthly payment unchanged. This translates into nearly $32,000 more buying power.” Forbes: “Homeowners are the clear winners. Low mortgage rates mean the cost of owning is at historically low levels and who gains all the benefits of strong house price appreciation? Homeowners.” When purchasing a home, it’s important to think about the overall cost, not just the price of the house. Homes on your wish list may be more affordable today than you think. Contact Gambino Realtors at 815.282.2222 to discuss how affordability plays a role in your local market, and your long-term homeownership goals.
ROCK RIVER DELIGHT $569,000
One of a kind home on the scenic Rock River with an amazing view of the Sinnissippi Conservatory. The over 4,000 square foot home is designed for entertaining. The large formal living room opens to a formal dining room all with a view of the Rock River. The custom designed kitchen with dual oven, large island and Subzero refrigerator, overlooks a massive great room and butler pantry turned bar. From the great room, a sun porch with a sunk-in whirlpool makes for relaxation year-round. A staircase from the great room leads to a cathedral ceiling stunning master ensuite with a fireplace, aquarium, glass steam shower, sitting area, walk in closet and expansive views of the river with access to an upper balcony to enjoy the sunrise. There are two more bedrooms on the upper level with two full baths. Down an open, light filled staircase you will find more entertaining space in the lower level with a finished family room, full bath, wet bar and possible fifth bedroom or office space. The outdoors beckons you through many access vantage points throughout the home. The aggregate stone patio features a built-in natural gas firetable to keep you cozy and enjoying the space throughout the seasons. A stone pathway leads you to the raised river wall to keep your boat high and dry.
1953 Harlem Boulevard • 4,000(+) SQUARE FEET • ROCK RIVER FRONTAGE • RAISED RIVER WALL • FINISHED LOWER LEVEL
Jonathan R. Krause 815|262|5226 Contact View Full Listing for Details
PEACEFUL SANCTUARY $425,000
Every day is a vacation in this fabulous Gastineau Log Home. This custom built, one owner home features upgraded solid oak construction and has been meticulously maintained. Whether reading on your enclosed front porch or relaxing on your wraparound deck listening to the creek, the views are truly stunning. From the moment you enter you are struck by the immense volume and character of the home such as the river rock fireplace, the dining room built ins and the French doors leading to the deck. The kitchen is built for convenience with granite counters and ceramic floors and is adjacent to the mud room/laundry. The main floor bedroom with ensuite bath is currently used as the master however with two additional huge bedrooms and a full bath upstairs the home could be utilized in a myriad of ways depending on your needs. The upstairs loft is lovely, overlooks the living room and has more of those dramatic views. This is a private and peaceful sanctuary within minutes to all amenities.
7334 Hawthorne Ridge • THREE BEDROOMS • 3.27 ACRES • MAIN FLOOR MASTER • CREEK VIEWS
Karl Gasbarra 815|975|4218 Contact View Full Listing for Details
OPPORTUNITY FILLED FARMETTE $349,900 This property is a fantastic hobby farm opportunity. This 20(+) acre farmette features a wonderful set up. One and a half story farmhouse with an attached in-law/guest house creates an ample amount of space and versatility. The one and a half story home has a large living room, eat-in kitchen with pantry, office and updated bath. The three bedrooms upstairs boast all new paint and flooring throughout. The attached ranch style home was recently updated and is handicap accessible. An open concept graciously connects the living room, dining room and kitchen. The ranch also contains two bedrooms, two full baths and a conveniently located laundry. With a fourcar garage and nine outbuildings, there is opportunity surrounding. Currently the land is used for nine acres of hay and the rest for livestock pasture.
5787 East Farm School Road • FARMETTE WITH ATTACHED RANCH HOME • 20(+) ACRES • NINE OUTBUILDINGS • YEAR ROUND CREEK
Matt Koch 815|543|7945 Contact View Full Listing for Details
NEWLY CONSTRUCTED ABODE $349,500
Welcome home to this beautiful quality new construction two story. This fresh and bright home features eight and nine foot ceiling heights with a two story great room, formal dining area, walk-in pantry, first-floor laundry with upper cabinets, great room with custom fireplace surround, painted woodwork, maple painted cabinets with granite tops, 3/8� engineered wood flooring and carpet, walkin ceramic shower in master bath. The brand new yard is sodded and comes with an irrigation system. Truly move-in ready, this expertly crafted home is prepared for you to create long-lasting memories.
296 Club House Drive • FOUR BEDROOMS • MAIN FLOOR LAUNDRY • THREE CAR ATTACHED GARAGE • SODDED YARD
Brent Hammack 815|509|5101 Contact View Full Listing for Details
COUNTRY CHARM $249,900
Looking for country? Here it is. Zoned agricultural is this sharp, well cared for two-story on two and a half acres with meandering creek. From the welcoming front porch to the cozy indoors, this home is sure to delight. Great room with cathedral ceiling, two skylights, corner fireplace, slider to deck, hot tub and gorgeous country views will keep you enthralled throughout the year. Open concept to dining room and kitchen with hardwood floors is great for entertaining. Kitchen boasts lots of cabinets with pullouts and generous counter space. Spacious first floor master with hardwood, private bath updated with oversized shower and jacuzzi. Upstairs you will find two additional bedrooms, craft room and office. The laundry is conveniently located on the first floor. With many updates and plenty of storage including a spacious garage, this home is crafted for convenience and comfort.
12918 Edwardsville Road • THREE BEDROOMS • ZONED AGRICULTURAL • MEANDERING CREEK • COUNTRY PRIVACY
Ginny Meyer 815|262|8082 Contact View Full Listing for Details
Homebuyer Demand is Far Above Last Year’s Pace
Homebuying has been on the rise over the past few months, with record-breaking sales powering through the market in June and July. Buyers are actively purchasing homes, and the momentum is continuing into the fall. It is, however, becoming harder for buyers to find homes to purchase. If you’ve been thinking about selling your house, the coming weeks might just be the timing you’ve been waiting for. According to the Pending Home Sales Report from the National Association of Realtors (NAR): “Pending home sales in July achieved another month of positive contract activity, marking three consecutive months of growth. The Pending Home Sales Index (PHSI), a forward-looking indicator of home sales based on contract signings, rose 5.9% to 122.1 in July. Year-over-year, contract signings rose 15.5%. An index of 100 is equal to the level of contract activity in 2001.” This means that for the past several months, buyers have signed an increasing number of contracts to purchase homes – well above where the market was at this time last year. Lawrence Yun, Chief Economist at NAR notes: “We are witnessing a true V-shaped sales recovery as homebuyers continue their strong return to the housing market…Home sellers are seeing their homes go under contract in record time, with nine new contracts for every 10 new listings.” As CNBC notes, there are no signs of slowing buyer demand this fall: “The usual summer slowdown in the housing market is not happening this year. Buyers continue to show strong demand, spurred by the new stay-at-home world of the coronavirus and by record low mortgage rates.” Danielle Hale, Chief Economist at realtor.com, concurred: “In a typical year in the housing market, buyer interest begins to wane before seller interest causing the usual seasonal slowdown as we move into the fall. Due to a delayed spring season and low mortgage rates, we could see buyer interest extend longer than usual into the typically quieter fall. Whether this means more home sales will depend on whether sellers participate or decide to stay on the sidelines.” As Hale mentioned, homeowners who are willing to sell their houses right now will play a big role in whether the trend continues. The market needs more homes to satisfy ongoing buyer demand. Maybe it’s time to leverage your equity and move up while eager home shoppers are ready to purchase a house just like yours. If your current home doesn’t meet your family’s changing needs, contact Gambino Realtors to help you sell your house and make the move you’ve been waiting for all year.
MAINTENANCE FREE CONDO LIFESTYLE 928 High Point Dr | Rockton
• THREE BEDROOMS • OPEN CONCEPT • TWO CAR ATTACHED GARAGE Sharp Zentz all brick ranch condo in Summit East Rockton. Built as a Zentz model home in 2001 with many upgrades. Over 2,800 square feet of quality finished living area. Beautiful hickory cabinets, recessed lighting and nickel hardware in kitchen. Living room with volume ceilings, corner fireplace and glass door to deck.
6667 Sandalwood Close | Rockford
Pat Bellinghiere|815•871•1745|pbellinghiere@GoGambino.com
• THREE BEDROOMS • FULL EXPOSURE • FIRST FLOOR LAUNDRY Enjoy the convenient condo lifestyle while relaxing on your large wood deck and patio. The beautiful kitchen features granite countertops while the layout of this unit creates an inviting vibe. Already roughed-in, feel free to add a lower level bath for even more comfort and convenience. With full exposure and maintenance free, relaxation is at the forefront.
4823 Majestic Pass | Loves Park
Jim Grindle | 815•637•0104|jgrindle@GoGambino.com
• THREE BEDROOMS • FULL EXPOSURE • PET FRIENDLY Situated as an end unit condominium, there is lovely space to plant your own flowers and herbs creating a welcoming oasis. This unit is well laid out with three bedrooms and two and half baths. The family room features a vaulted ceiling, gas fireplace and deck off of the rear to enjoy sunshine. Spacious living area in lower level with two of the bedrooms and full bath. Nice sliders out to patio welcome you and your company to enjoy the maintenance free lifestyle.
796 Tulip Lane | Rockford
Kevin Fisher|815•494•9595|kfisher@GoGambino.com
• TWO BEDROOMS • FIRST FLOOR LAUNDRY • SPACIOUS PATIO Beautiful updated condo. Absolutely nothing to do with this home. Huge master suite, large living room with fireplace, updated kitchen with Quartz countertops and pantry, main floor laundry, private patio, as well as newer windows, roof, furnace, air conditioning, exterior doors, patio and flooring. Truly a must see. Frank Gambino|815•637•0113|fgambino@GoGambino.com
GAMBINO R E A LT O R S FOUNDED IN 1923 L O C A L LY OWNED
OUR AGENTS LIVE, WORK AND VOLUNTEER IN THE COMMUNITIES WE SERVE
Call Gambino Realtors 815 | 282 | 2222 Or log onto gogambino.com to start your home buying and selling process today!