Rent to Own Homes in Rockford
The below results are primarily rent to own homes in Winnebago County, IL:
Spanning both banks of the Rock River and housing 152,871 citizens, Rockford is the third largest city in Illinois. Its history is long and storied, established in 1834 by New England settlers. The creation of the Rockford Female Seminary in 1847 helped spur growth of the Rockford area. Over the years the city grew and matured, and the seminary was right along with it. Eventually, the Rockford Female Seminary became Rockford College which is now known as Rockford University.
Today, Rockford is a diverse, determined city, with the BMO Harris Bank Center, a riverwalk connecting the Burpee Museum of National History and the Discovery Center Museum and dozens of other sources of civic pride. The city also houses the Chicago Rockford International Airport, a major hub for FedEx and a passenger airport alternative to O’Hare.
Buying a Home in Rockford
The housing market in Rockford offers plenty of good news for buyers, beginning with an inventory of 2,423 homes listed within the past year. About half of those have sold, overall, but only about 14.2 percent sell each month. Nearly 68 percent of the homes on the market during the most recent month were traditional home sales, demonstrating the decreasing number of foreclosures and short sales. The median list price of a re-sale house in Rockford is $79,900, while the median sold price is $77,250. Houses are now selling more quickly, dropping to 58 days on the market from this year’s high of 105 days.
Popular Neighborhoods in Rockford
Millennials, couples and retirees like the convenience and social outlets of Downtown. The neighborhood offers new, converted warehouse lofts in the heart of Downtown and modest bungalows around the fringes. The average sold price of a Downtown home is $35,000. Established families and executives appreciate the historic and older homes and high-rise apartments along Spring Brook Road. The wooded neighborhood has a low crime rate and is near Rock Valley College. The median price of a Spring Brook home is $162,751. The Perryville Road area is also a very safe neighborhood with newer homes. The median price of Perryville homes is $138,733.
Buying vs. Rent to Own Homes
It makes sense to buy a home now while housing prices are still recovering from the national housing crisis, but what are buyers to do if they aren’t quite ready financially? Many buyers in this situation find an excellent option in rent to own homes. Financial requirements aren’t as burdensome with rent to own homes as they are with conventional purchases. Down payments and mortgages aren’t even needed until the entire rent-to-own process is completed, usually in one to three years. Best of all, buyers can move into the home immediately, and they pay today’s price for the home on tomorrow’s dime.
Cost of Living in Rockford
Rockford has struggled some during the recession, but its low cost of living is an exceptionally bright spot for locals. Rockford residents can expect to pay 82 cents for every dollar other Americans must spend on living expenses. Housing is particularly affordable, costing just 44 percent of the national average. Other necessities, including food, healthcare, utilities and transportation, are more in line with the national average
Historic architecture, legendary architects and long-standing institutions have made their mark on Rockford. Like many U.S. cities, Rockford is working hard to recover from the recession, but many indicators are showing that the city is moving in the right direction. Homes here are comfortable, peaceful and historic, and house hunters will find a Frank Lloyd Wright gem or two in the welcoming Spring Brook Road area. While home prices are rising, they are still spectacularly affordable, costing less than half of the national average. The cost of living in Rockford is equally attractive, saving locals 18 percent on overall costs.
Rent to Own Realtors
You can plan a party without an event planner, you can go swimming without a lifeguard, and you can rent to own without a realtor.
That’s important because there isn’t as much money for realtors in rent to own deals as in traditional sales. Therefore, finding a realtor to help you is rare.
While the listed activities might be easier with a professional, they’re all possible without one. To successfully rent to own without a realtor learn all you can about it.
About Our Listings
It’s in the bank’s best interest to avoid foreclosed homes because they end up having to sell them cheap to recoup lost money. So, they try to play it safe with mortgage approvals by steering clear of people with bad credit.
That doesn’t help someone who’s working on getting their credit together to buy a condo or a townhouse. Nonetheless, rent to buy programs can help people work toward purchasing houses and apartments with no credit check.
The free listings on our site are usually rent to own by owner, so deals are more reasonable and trustworthy than big company lease to purchase properties are. Whenever you’re ready just look for lease-option or lease-purchase homes near me on the Rent to Own Labs website.