Welcome to Central Illinois!
Welcome to my Web site! As of January 25, 2010, the Champaign County Association of REALTORS Multiple Listing Service (MLS) database had 1,593 active residential listings. This represents a decline of more than 500 from our local market's all-time high in the last half of 2007, but it still represents a relatively high level of inventory. With the newly extended and broadened first time buyer tax credit, along with the brand new $6,500 credit for past homeowners, we could see an unusual amount of off-season activity.
Act quickly to take advantage of tax credits of $8,000 and $6,500. Those who have not owned a home in the last three years, subject to income limitations, are eligible for $8,000, while those who have owned their own home for a five year period during the last eight years may be eligible for the new $6,500 credit. Both credits are good only for purchase contracts signed by April 30, 2010. Download a printable information sheet for the new tax credits by clicking here.
If you are new to this area, we here in Central Illinois--mercifully--did not have much of a real estate bubble to burst. The ratio of housing prices to incomes was never high enough to cause our market to depend on potentially shady financing designed to bootstrap buyers into homes that they could not afford. We therefore are not now seeing the sort of mortgage meltdown and free-falling values cycle that is afflicting some other areas of the country. Because our market did not experience out of control appreciation and speculation, we are largely immune from the downward pressure on price that is pushing back against the markets that did have the huge run-up.
Our local economy remains relatively robust. Mortgage rates remain low and FHA and conventional financing remains readily attainable by financially responsible buyers with good credit. And while our market is not undergoing a fire sale, the next couple of months should provide an excellent buying opportunity with many properties from which to choose and plenty of sellers eager to get homes sold. Additionally, the $8,000 tax credit now available to many first time buyers (and those who haven't owned a home in at least three years) can provide a useful source of working capital for those with modest savings who want to make a purchase and will need funds for home improvements—or any other purpose.
Feel free to browse the contents of my site and to meet my licensed sales partners, Lori Bellafiore and Mike Vila. Please contact me anytime with questions or if you are contemplating the sale or purchase of a home in the area.
Finally, I urge you to spend less than two minutes checking out the locally produced video below, which showcases many of the attributes of which our local community is proud: