Fritz Pfister

Many times I have reported that prime time to sell a home in Springfield IL. is between Valentines Day and June 30. That has been as predictable as forecasting what the Chicago Cubs will do in any given year. Not so this March. Perhaps this means the Cubs have a chance?

The member brokers of the Capital Area Association of Realtors reporting to the local MLS saw January sales off over 27%, followed by a 2.1% increase in February, while March is shaping up to see the fewest number of homes sold since 2002. The meager 200 closed home sales through March 28th are down 24.8% from last March.

The number of home listings sold pending are down for the month as well, and are standing 11.4% below last year on this date. This indicates April home sales may very well be off from last year. Combine that with 1745 homes listed for sale, a record high for this date, and you instantly realize the difficulty home sellers face in 2008. Fewer buyers, more competition.

The first quarter will finish behind Q1 2007 for the sixth consecutive quarterly decline in the number of homes sold in the Springfield market area. The bright spot in the market is that the median sale price is up 4.9% on those homes selling. I contend that this doesn’t mean prices are rising, especially when considering the median sale price stands below $100,000 today. Ask any of the dozens of builders, and scores of home owners with homes listed above $300,000 if prices are rising. Many are about to celebrate their first or second anniversary of being for sale.

In spite of all the above, Springfield remains the best housing market in the Midwest. This is due primarily to the stable employment base with state government, and medical as primary employers. Affordability remains among the best in the state and country. Interest rates continues to fuel demand.

The Springfield market has proven to be resilient. Perhaps the slow start to the year portends good times ahead.

On Monday the tenth of March the Chicago Tribune published a front page story in their business section reporting Springfield as the best housing market in the Midwest. I had the honor to be interviewed for that story along with fellow RE/MAX agent Betty Shuster.
There is some clarification required about the story. Wow, was I [...]

Wow, what a week in the news; Eliot Spitzer, Geraldine Ferraro, Tony Rezko, Jeremiah Wright, and gas prices jumping to record highs.
What impact do these people and events have upon the housing market? Plenty. Experts were surprised this week to learn that the predicted increase in retail sales in February never materialized as retail sales [...]

The housing market has changed with the exception of the mistakes home sellers make every year. Here are a few tips if you must sell your home. This advice comes from over twenty-one years service as a full time Realtor. The tips/advice are actually more than that, they are universal truths. Violate these truths and [...]