RE/MAX Key of Rockford Continues Expansion by Absorbing Agents from "The Way Unlimited" Office

ELGIN, Ill., Jan. 26, 2011 -- RE/MAX Key, the Rockford-based real estate brokerage firm established early last year, announced another step in its continued growth by absorbing the agents and operations of The Way Unlimited, another Rockford real estate firm led by Wayne Ahrens. RE/MAX Key, which had five agents when it opened last year, now has 24 agents on staff, 16 in its Rockford office at 5411 E. State St., and eight in its Belvidere office, located at 5995 E. Chrysler Dr. Its management continues to have its eye on additional expansion in the near future, targeting markets both south and east of Rockford.

“We experienced a year of rapid growth in 2010, closing more than 300 transactions, primarily due to our success marketing foreclosed properties and our commitment to provide feasible and sustainable home ownership for our clients,” said Joe Murray, owner of RE/MAX Key (pictured above). “The agents joining our office from The Way Unlimited share our vision, so it was a natural fit.

RE/MAX Key is a U.S. Department of Housing and Urban Development (HUD) Neighborhood Listing Broker and a leader in marketing foreclosures and HUD homes in northern Illinois. (HUD homes are those that were purchased with an FHA-insured mortgage loan that later went into default and are now owned by HUD.)

“Wayne Ahrens and the agents who were in his office have worked extensively with families of moderate means that want to purchase a home on a sustainable financial basis,” Murray said.

He also noted that Ahrens, who is a pastor, views his real estate career as one aspect of his ministry.

“Like Wayne and his team, we recognize the importance of issues related to community development and sustainable ownership, which is why we work so hard to find new owners for the large inventory of foreclosures and HUD homes now available in the Rockford market.”

According to John Murray, who is the RE/MAX Key REO and HUD program director, the number of foreclosed properties available will continue to be a major factor in the housing market through the next two or three years before returning to a level more in line with historical norms.

“Trends suggest that this year and next look promising as we enter the ‘bottom’ of this ephemeral buyer’s market,” he explained.

Murray said that the selection of foreclosed homes in the Rockford market has broadened considerably in the last few years.

“Three or four years ago, the average price of a foreclosure in the Rockford area was about $50,000, and consisted of many defaulted subprime mortgages. Today, the average foreclosed home is around $125,000, which is much closer to the heart of the general market and in better quality,” he said. “Many current foreclosures are larger, newer homes in solid condition, and that has helped draw a growing number of buyers into what was once seen as a less-than-desirable segment of the market.”