Gambino Realtors Home Guide: Volume Four, Issue Three

4

A MESSAGE FROM OUR PRESIDENT

Jonathan R. Krause -

In 1889, Charles H. Duell was the Commissioner of the US patent office. He is widely quoted as stating the patent office would soon shrink in size, and eventually close, because “Everything that can be invented has been invented.”

As Gambino Realtors continues to celebrate our 100th anniversary, we look back at life back in 1923. Our founder, F.M. Gambino developed Montague Heights, the first planned unit development, located in Southwest Rockford. In those early days, basements were dug using a team of horses hitched to a scoop bucket that made an increasingly deeper dish-shape hole until the correct depth was achieved. After the depth was reached, men hand-dug the sides of the hole to square it out for the concrete foundation.

In those days, there were no power tools. Every board was cut by hand and every screw was hand-drilled. Walls were lath and plaster. Craftmanship and a strong back were certainly required.

Many homes had coal furnaces which required a coal chute and if you look closely, you can still find homes featuring the chute, now permanently sealed off.

As we look back now 100 years later, we marvel at how these homes were built so carefully, and are still standing today! Certainly, home construction has advanced tremendously over time, and it makes me wonder what new ideas will be introduced in the next 100 years!

GAMBINO REALTORS

HOME GUIDE

VOLUME FOUR

ISSUE THREE | 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

"Everything that can be invented has been invented"

- Charles H. Duell

SPRING INTO ACTION: BOOST YOUR HOME'S CURB APPEAL WITH EXPERT GUIDANCE

“In a market where costs are still high and buyers can be a little choosier, it makes sense they’re going to really zero in on the homes that are the most appealing.”

To sell your home this spring, it may need more preparation than it would have a year or two ago. Today’s housing market has a different feel. There are more homes for sale than there were at this time last year, but inventory is still historically low. So, if a house has been sitting on the market for a while, that’s a sign it may not be hitting the mark for potential buyers. But here’s the thing. Right now, homes that are updated and priced at market value are still selling fast.

Today, homes with curb appeal that are presented well are still selling quickly, and sometimes over asking price.

According to Danielle Hale, Chief Economist at realtor.com:

“In a market where costs are still high and buyers can be a little choosier, it makes sense they’re going to really zero in on the homes that are the most appealing.”

With the spring buying season just around the corner, now’s the time to start getting your house ready to sell.

Exhibit A

And the best way to determine where to spend your time and money is to work with a trusted real estate agent who can help you understand which improvements are most valuable in your local market.

Curb Appeal Wins

One way to prioritize updates that could bring a good return on your investment is to find smaller projects you can do yourself. Little updates that boost your curb appeal usually work well. Investopedia puts it this way:

“Curb-appeal projects make the property look good as soon as prospective buyers arrive. While these projects may not add a considerable amount of monetary value, they will help your home sell faster—and you can do a lot of the work yourself to save money and time.”

Small cosmetic updates, like refreshing some paint and power washing the exterior of your home, create a great first impression for buyers and help it stand out. Work with a real estate professional to find the low-cost projects you can tackle around your house that will appeal to buyers in your area.

Not All Updates Are Created Equal

When deciding what you need to do to your house before selling it, remember you’re making these repairs and updates for someone else. Prioritize projects that will help you sell faster or for more money over things that appeal to you as a homeowner.

The 2022 Remodeling Impact Report from the National Association of Realtors (NAR) highlights popular home improvements and what sort of return they bring for the investment (see graph above right corner).

Remember to lean on your trusted real estate advisor for the best advice on the updates you should invest in. They’ll know what local buyers are looking for and have the latest insights of what your house needs to sell quickly this spring.

As we approach the spring season, now’s the time to get your house ready to sell. Let’s connect today so you can find out which updates make the most sense.

Lovely, peaceful pastoral setting with mature trees within the Pecatonica School District. The long, winding drive to the house on the hill boasts picturesque country views. Low maintenance two-story with three bedrooms, two full/one half baths, and three car garage. A bonus 21x13 studio with a wall of windows and loads of built-ins is ideal for a home office. The inviting foyer opens to a spacious living room-dining room with many windows for natural light. Country kitchen with access to a three-season porch to listen to the birds and enjoy nature over dinner. Spacious family room with brick fireplace. Guest bath and main floor laundry. Master with lots of windows and updated bath. Handy work area in the lower level. Tillable acres are currently hay ground. It could be rented out to help pay taxes. Pasture has fences. Metal building 55x34. Additional building 18x39. Great location that is close to I-90/39/20.

Ginny Meyer 815.262.8082 gmeyer@GoGambino.com

7285 Hawthorne Ridge Dr. Roscoe

$369,999

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 a second kitchen, a family room with a gas fireplace, two bedrooms, a full bath, a 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.

Teresa Shreve

815.289.3362

4 BD | 3/1 BA | 3,031 SQ FT

Welcome home to this phenomenal split-bedroom ranch with a massive walkout lower level. Be delighted with private river access to a park and dock. Lots of entertaining space amongst the expansive layout of 3,778 square feet. Sparkling, Brazilian Cherry hardwood floors flow through the living room, dining room, and kitchen. There are three gas fireplaces to create ambiance and keep you warm during the colder months. The large master bedroom features an attached bath with double sinks. All bedrooms are significant in size. The laundry room and den are located on the first floor for convenience. The lower level boasts many windows to bring the sunshine in and a workshop area. The property includes a sprinkler system in the front yard and an underground fence with two collars. Enjoy the perks in the neighborhood, including a park, picnic area, playground, dock, and offseason storage – all of which are paid for within the low, yearly association dues. Start creating your life on the river memories today!

Jean Campbell 815.505.8336 jcampbell@GoGambino.com

Multilevel home featuring updated kitchen with eating area and slider to deck. Private master suite with walk-in closet, bath and patio door leading to patio with firepit and gazebo. Large lower level family room.

All brick ranch near Edgebrook. Freshly painted with new LVP floors throughout. The updated galley kitchen has tile backsplash, new appliances, and an eating area. Sauna in finished lower level. Fenced backyard.

Beautifully kept two-story home on corner lot. New windows. First floor floor laundry. Extra large basement closet for storage. Design opportunity for a gorgeous rear deck is waiting for you to build.

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.

Four wood burning fireplaces throughout. Lower level sauna. Inground pool, jacuzzi, privacy fence, huge maple kitche, and office. Lower level rec room, two bedrooms, game rooms, second kitchen, and wet bar. Short sale.

Peaceful area close to the Rock River. Large lot with firepit, patio and greenhouse. Office/music room on main level. All new windows and blacktop, large driveway. Located in Beloit Township. Close to schools and shopping.

Lovingly maintained and updated walkout ranch nestled on a lowtraffic street in an ultra-convenient neighborhood near Highland Park. When you open the front door, you will be captured by a wall of windows overlooking the expansive backyard visited by numerous birds. The main floor has been opened, combining the living room, dining room, and renovated eat-in kitchen with hard surface counters and ample cabinets. It offers three bedrooms, an updated bath, hardwood floors, new carpet, and a mixed-use room currently used as a workout area but an excellent spot for an office. The lower level is partially finished and expands livability with another bedroom, family room with bar, half bath, and a patio outside.

For Years Making Moves

GAMBINO REALTORS CELEBRATES 100 YEARS!

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.

FM GAMBINO - A VISIONARY IN DEVELOPMENT

The founder of Gambino Realtors, FM Gambino, had a strong belief and determination to develop neighborhoods in the Forest City. He was a forward thinker and desired to create spaces within our community from the ground up. Soon after he set out to focus on development and new construction, FM Gambino designed and constructed the first planned unit development in Rockford, Montague Heights. FM Gambino Agency, our original company name, would primarily serve as a development and construction firm during the early years. Montague Heights set the tone for FM Gambino's goal - community development.

The company continued to grow and evolve into Gambino Realtors, serving as a construction and real estate agency. Neighborhood developments include Guilford Country Club Estates, Shaw Woods, Shaw Farms, Shaw Meadows, Deer Woods, Prairie Ridge, Wood Meadow, EastWood Estates, Winterwood Subdivision, Willowbrook Subdivision, and University Center.

"My grandfather was a visionary," said Gambino Realtors Owner Frank Gambino. "For example, with Guilford Country Club Estates, the Chrysler Plant in Belvidere was being built. FM purchased the land and created the neighborhood because he knew that workers in Belvidere would want a location on the East Side of Rockford to settle and raise their families."

City infrastructure, such as sewer and water, was unavailable when FM began development on the east side. The neighborhoods were considered rural. The Gambino Family relocated from the original Montague Heights neighborhood and resided in the communities they developed.

FM Gambino's sons, Paul and Joe, grew the company into a full-service real estate agency and continued their father's vision. Paul and Joe passed the legacy of community development to Frank Gambino and Jon Krause, who have owned and operated the agency since 1998.

Frank M. Gambino

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 nice-sized 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 some photos are virtually staged.

815.985.4190

tbadaluco@GoGambino.com

7950 Distillery Road Belvidere

$700,000

This lovely home reflects the signature style of prominent architect Jerome Cerny. Widely known for his European designs, one can see trademark details throughout. Among the many amenities, you will find volume ceilings, hardwood floors, bay windows, intricately designed millwork, grand fireplaces and built-ins throughout. Upon entering, you are greeted by a grand foyer, setting the stage for the rare features and styling in every room. Combining formal and informal spaces, the main floor features a sunken formal living room, a gracious formal dining room, and a great room that looks out onto the sun-lit solarium. A beautifully appointed kitchen connects to a combination mudroom, main floor laundry, and one of two half baths on the main floor. Though private and secluded, it is ideally located convenient to area amenities and US-20.

815.975.4218

Karl Gasbarra

4 BD | 3/2 BA | 8,523 SQ FT

Check out this 1,800 square foot, splitbedroom ranch in Penfield Crossing on a half acre. The bright, open foyer welcomes you into a great room with vaulted ceilings and a cozy fireplace. The great room flows into the fully equipped eat-in kitchen with a pantry and plenty of cabinetry. A sizable first floor laundry and formal dining room complete the main floor. The master bedroom features an ensuite with double sinks and a large walk-in closet. The rear patio is an ideal space for spending days overlooking the expansive view of your backyard. Wellmaintained, bright and airy, spacious layout, and fresh paint are just a few attributes that will make you fall in love with this home.

Cheryl Jacobs

815.494.4956

cjacobs@GoGambino.com

2527 Starkweather Road Rockford $229,900

This beautiful home looks like it’s straight from a magazine. Tucked away in a great location, you will find four bedrooms, two full baths, and two half baths in this updated ranch. Enjoy the perks of the updated kitchen and baths. The formal living room has a huge picture window for natural light, and the dining room offers a pristine elegance for entertaining family and friends. The family room is an excellent area for relaxation. The sizeable master boasts a private bath and lots of closet space. The fully finished basement comes with a fourth bedroom, full bath, rec room, and an extra room ready for you to bring your ideas.

Love to be outside? This home includes sliding doors to a beautiful deck for morning coffee, cooking out, and enjoying nature.

815.494.7905

Miguel Lobato

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.

Beautiful ranch. New roof, siding, gutters, screen doors, picture window, furnace, central air, water heater and garage door. Stainless appliances. Finished lower level with half bath. Fenced backyard with new 14x14 deck.

Tri-level with an updated bathroom, newer windows, and central air. Nice size lot with mature trees. Spacious three car garage with space for workshop or storage. Great neighborhood, close to schools, shopping and I-90.

Close to the city, this property sits on 2.29 acres. Offers a full basement, enclosed porch, two car detached garage, detached metal building with electricity and other structures. Being sold "as is" and everything stays.

One owner ranch with newer bay windows, roof and gutters. Dated, but solid home with hardwoods under carpet. Finished lower level with wet bar. Huge deck along back of home.

Spacious ranch situated on large private lot. Basement has three extra rooms and a rec room. Newer floors in kitchen, dining and living rooms. Newer water heater, furnace and central air. Two extra lots included.

815.623.5555

tina@GoGambino.com

This was my 6th transaction with Tina, so I was very comfortable working with her and knew what to expect. Great service and an excellent negotiator. Tina is well connected and knowledgeable in the world of apartment investing. I would definitely recommend working with Tina for investment property transactions.- Robert F.

815.871.6787

mhowell@GoGambino.com

Jean Campbell

815.505.8336

jcampbell@GoGambino.com

Mikhaele is professional, friendly and goes the extra mile. She found and got me the condo I wanted and then sold my house within 3 months. I would tell anyone whether you are buying or selling, she is the best. She will do want you want done. -

Loretta B.

Scot Craig

815.985.8806

scraig@GoGambino.com

She made the process very easy. We have always used Jean for any purchases of our properties, and this time, we used her services to sell our rental. She explained the process and resolved any problems or questions we had. I highly recommend Jean & the Gambino Realtors. Thank you for all your help! - Juan and Veronica A.

Good communication, clearly led through the process, glad he was our realtor. Highly recommend him. - Mike

B.

3817 Crosby Street | Rockford

Centrally located ranch with over 2,100 square feet of finished space. Living room with gas fireplace and formal dining room. Beautiful hardwood floors throughout. Kitchen provides space for an additional eating area. Large main bath with double sinks and walk-in shower. Tons of storage throughout. Basement is fully exposed with a walk-out from the 710 square foot rec room with gas fireplace. Large fully fenced backyard with deck. Rough-in for full bath in the basement. Just a short walk to nearby school and playground.

A SMALLER HOME COULD BE YOUR BEST OPTION

Many people are reaching the point in their lives when they need to decide where they want to live when they retire. If you’re a homeowner approaching this stage, you have several options to explore. Jessica

Lautz, Deputy Chief Economist

and Vice

“Many downsizers expect to improve their retirement income stream if their new home costs less than what their old house sells for. Lower utility costs, insurance and property taxes — as well as investment returns on the proceeds — can also improve the bottom line.”

President

of Research at the National Association of Realtors (NAR), says:

“As we see the transition of the large Baby Boomer generation age into retirement, it will be interesting to see if they move in with their Millennial and Gen Z children or if they stay put in their own homes.”

Lautz lists two options: move into a multigenerational home with loved ones, or stay in your current house. Multigenerational living is rising in popularity, but it isn’t an option for everyone. And staying put may fit fewer and fewer of your needs. There’s a third option though, and for some, it’s the best one: downsizing.

When you sell your house and purchase a smaller one, it’s known as downsizing. Sometimes smaller homes are more suited to your changing needs, and moving means you can also land in your ideal location.

In addition to the personal benefits, downsizing might be more cost effective, too. The New York Times (NYT) shares:

Being in a strong financial position is one of the most important parts of retirement, and downsizing can make a big difference.

A key part of why downsizing is still cost effective today, even when mortgage rates are higher than they were a year ago, is the record-high level of equity homeowners have. Leveraging your equity when you downsize can lower or maybe even eliminate the mortgage payment on your next home.

So, not only is the upkeep of a smaller home likely more affordable, but leveraging your home equity could make a big difference too. Your local real estate advisor is the best resource to help you understand how much equity you may have in your current home and what options it can provide for your next move.

If you’re a homeowner getting ready for retirement, part of that transition likely includes deciding where you’ll live. Let’s connect so you can understand your options and explore your downsizing opportunities.

Nice, move-in ready ranch on an almost acre lot! Super solid and well insulated. Good size living room and spacious eat-in kitchen. Hardwood floors on the main level and interior has been freshly painted. Great space upstairs ready to be finished for additional bedroom, loft, office or whatever you desire. Lower level offers open space that could be finished and a second bath. Lots of garage space including a detached two car and an additional one and a half car. Centrally located near lots of amenities.

Come and see this charming turn-key home in the Harlem School District. The kitchen features a butler’s pantry with extra storage and countertop space. You'll feel at home as soon as you step into the cozy three season porch. The attic has potential for additional living space. Enjoy the beautiful new flooring, fresh paint, a new roof on the garage in 2022, and a fenced yard. Detached one and a half car garage has plenty of space.

5708 Newburg Road | Rockford

322 Wallace Avenue | Machesney Park $89,900

This beautifully maintained three bedroom, three bath ranch is located in the desirable Edgebrook area and has been freshly painted with new hardwood floors in the family room and all bedrooms. The kitchen features newer appliances and opens to the family room with a beautiful wood-burning fireplace. Relax in the four-season porch with skylights and southern exposure that overlooks the fenced backyard and attached deck. Big picture windows allow plenty of natural sunlight all through the home. The master has a double closet and ensuite with new vanity and toilet. A formal dining room and living room complete the main floor. The basement has new carpet and is freshly painted with a full bath. Possible fourth bedroom can be added with an egress window. Last but not least, the attached three-car 45-foot deep tandem garage is sure to please. Everything has been done for you. Pack your bags and move in!

Heather Carter 815.519.2969 hcarter@GoGambino.com

Wonderful 2,200+ square foot ranch boasting three bedrooms and two baths. The vaulted ceiling creates a very spacious feeling in the living room that includes a gorgeous stone fireplace. The bright and sunny kitchen includes sliders out to the deck overlooking the backyard. Neutral colors throughout the layout. The finished lower level offers an expansive amount of space for relaxation or entertaining. In addition, the lower level is exposed and the natural light floods in throughout the year. If you love to entertain, this home has a perfect layout, and lots of open space, along with the large deck and sizable lot. This move-in ready home is located on Rockford’s east side so you are close to lots of amenities, yet it has a privacy that provides a country feel.

Frank Gambino

815.637.0113

fgambino@GoGambino.com

2203 Wilmette Drive | Rockford

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!

2004 18th Avenue | Rockford

Welcome to this charming two bedroom home with a rich color theme, white trim, and hardwood floors throughout the main level. The kitchen has separate area with additional storage for your appliances and dishes. Full attic area offers lots of storage and could be finished to add additional living space. The generous sized backyard has a deck that leads to a one car detached garage. Adorable property ready for its live-in owner or investor.

The search is over! Sharp, updated three bedroom ranch on over a half manicured acre in a private setting with County taxes. Great kitchen, breakfast bar, cabinets with pullouts, walk-in pantry, pleasant dining area, and slider to 20x20 deck. Family room with brick fireplace and newer slider to inviting three-season room. Open concept living room/dining room with laminate floors and bay window. Three nice size bedrooms with good closet design. Nicely updated baths. The lower level is tastefully finished with a rec room, loads of recessed lighting, and an office. Fantastic utility and storage room with tons of shelving. The furnace was replaced, and the driveway resurfaced in 2020. Water heater new in 2018. Well pressure tank in 2017. Great location close to forest preserves and I-90/39/20.

Ginny Meyer

815.262.8082 gmeyer@GoGambino.com

YUMMY

by Gambino

Blueberry-Lemon Coffee Cake

Presented by Kathy Heeren-Ellis

Nothing says spring like a tart blueberry-lemon coffee cake! This can be made ahead and is so simple, but presents elegantly. Great for a breakfast or brunch!

INGREDIENTS

1 egg

2 cups biscuit mix

1/3 cup granulated sugar

2/3 cup milk

1 tablespoon grated lemon peel

INSTRUCTIONS

Heat oven to 400°F.

Grease 9-inch round cake pan.

1 cup fresh or frozen (thawed) blueberries, rinsed, and well drained

1/4 cup biscuit mix

2/3 cup powdered sugar

3 to 4 teaspoons lemon juice

In medium bowl, beat egg slightly. Stir in 2 cups biscuit mix, the granulated sugar, milk and lemon peel until blended.

In small bowl, toss blueberries and 1/4 cup biscuit mix. Gently stir into batter. Spread in pan.

Bake 20 to 25 minutes or until golden brown.

Cool 10 minutes.

In small bowl, mix powdered sugar and lemon juice until smooth.

Drizzle over coffee cake. Serve warm.

Enjoy this spacious brick, one and a half story home as soon as you walk in the door. The light and bright colors throughout create a spacious and modern vibe. The three bedrooms are each generous in size. The kitchen boasts white cabinets, an eat-in area, and upgraded appliances. The living and dining rooms are nice and bright from the large windows letting the light in. The bathroom is updated with the latest trends. The dining room leads to a charming, enclosed porch to enjoy a morning cup of coffee. The two car detached garage is nice and roomy. Nicely-sized backyard. Look at this move-in-ready home and start creating your new memories.

Team Lunde

815.985.9522

openingdoors@teamlunde.com

772 Tulip Lane | Rockford

Large 1,492 square foot ranch condo with two spacious bedrooms, two baths, and a two car garage. The living room has an adjacent formal dining room, perfect for entertaining. Walk out to the private patio from the living room slider door. The kitchen includes a stove with a hood fan, dishwasher, and graciously sized closet pantry. Off the kitchen is the laundry closet. HOA fee includes lawn care, snow removal, and master hazard insurance. (Please note this association does not allow dogs.)

Jean Campbell

815.505.8336

jcampbell@gogambino.com

THE BRIGGS MANSION

Built by C.C. Briggs of Dover, Vermont, Briggs Mansion is one of Rockford’s grandest and oldest homes. Mr. Briggs was a newspaper man, and was prominent in New England’s anti-slavery movement. He participated in the underground railway. Upon moving to Rockford he established the bank, Briggs Spafford and Penfield, which would become Third National Bank. The Briggs family resided at 1244 East State Street until the late 1880’s.

The house remained vacant until 1892, when James Linnus Sherman (a carpenter who took part in the original construction of the home) was invited to live there.

The Sherman Family resided at the mansion until 1917. The house was then passed on to various family members and descendants of the Sherman family.

The Briggs Mansion was purchased in 2005 by Robert and Nelly Raleigh of Loves Park. The Raleigh family restored the home over a five year period. The property was then utilized as an event center for business meetings, small weddings and events.

Brad Benedict

815.988.4286

bbenedict@GoGambino.com

THE TWO BIG ISSUES THE HOUSING MARKET IS FACING RIGHT NOW

The biggest challenge the housing market’s facing is how few homes there are for sale. Mark Fleming, Chief Economist at First American, explains the root causes of today’s low supply:

“Two dynamics are keeping existing-home inventory historically low – ratelocked existing homeowners and the fear of not finding something to buy.”

Let’s break down these two big issues in today’s housing market.

Rate-Locked Homeowners

According to the Federal Housing Finance Agency (FHFA), the average interest rate for current homeowners with mortgages is less than 4% (see graph below, right).

But today, the typical mortgage rate offered to buyers is over 6%. As a result, many homeowners are opting to stay put instead of moving to another home with a higher borrowing cost. This is a situation known as being rate locked.

When so many homeowners are rate locked and reluctant to sell, it’s a challenge for a housing market that needs more inventory. However, experts project mortgage rates will gradually fall this year, and that could mean more people will be willing to move as that happens.

The Fear of Not Finding Something To Buy

The other factor holding back potential sellers is the fear of not finding another home to buy if they move. Worrying about where they’ll go has left many on the sidelines as they wait for more homes to come to the market. That’s why, if you’re on the fence about selling, it’s important to consider all

your options. That includes newly built homes, especially right now when builders are offering concessions like mortgage rate buydowns.

What Does This Mean for You?

These two issues are keeping the supply of homes for sale lower than prepandemic levels. But if you want to sell your house, today’s market is a sweet spot that can work to your advantage.

Be sure to work with a local real estate professional to explore the options you have right now, which could include leveraging your current home equity. According to ATTOM:

“. . . 48 percent of mortgaged residential properties in the United States were considered equity-rich in the fourth quarter, meaning that the combined estimated amount of loan balances secured by those properties was no more than 50 percent of their estimated market values.”

This could make a major difference when you move. Work with a local real estate expert to learn how putting your equity to work can keep the cost of your next home down.

Rate-locked homeowners and the fear of not finding something to buy are keeping housing inventory low across the country. But as mortgage rates start to come down this year and homeowners explore all their options, we should expect more homes to come to the market.

A Sampling of a Few of Our February 2023 Sold Transactions