Welcome to Central Illinois!
Welcome to my Web site! As of June 16, 2009, the Champaign County Association of REALTORS Multiple Listing Service (MLS) database had 1,666 active residential listings. This represents a decline of about 360 from our local market's all-time high in the last half of 2007, but it still represents a relatively high level of inventory. We also appear to be done from this year's high that briefly topped 1,700.
MLS inventory has remained stable for many months within a range of 1,500 to 1,700. Such an extremely stable level of inventory (even if high in a historical context) is far better than a continually swelling inventory, as would be the case if nothing were selling and more properties hit the market as homeowners relocated or fell behind in mortgage payments and had to sell in distress. There are some very soft segments of our local market to be sure, most notably apartment style condominiums and high-end homes, but even those are seeing relatively modest downward pressure on price as a percentage of their value.
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 robust, and national economic events, including the Fed's finally executing its plan to start buying up so-called toxic mortgage backed securities, has sent mortgage rates plunging to less than 5% for many 30-year fixed products. And while our market is not undergoing a fire sale, the next several 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.
Feel free to browse the contents of my site and to meet my licensed sales partner, Lori Bellafiore. Please contact me anytime with questions or if you are contemplating the sale or purchase of a home in the area. Thank you again for your visit to my site!