Wednesday, June 4, 2014 / by RE/MAX Rising
May was another record month in Bloomington-Normal Real Estate with 217 homes going under contract. This is an increase of 4% from May 2013’s record pace. For the year (through May) the Bloomington-Normal market is down 6% from the same period last year, with the horrendous weather in January and February accounting for most of the difference. The big change from last year is in the number of homes on the market. Last year at the end of May there were approximately 600 homes for sale in Bloomington-Normal, this year it is closer to 800.
First-Time Home Buyers Still Pushing The Market
With the new underwriting requirements and the abundance of grant programs available for first-time home buyers, the price range for the first-time buyer is moving up. While the price range used to be $125,000 to $150,000, we are now seeing first-time buyers looking at everything up to $200,000. This has altered the market and homes in the $150,000-$200,000 price range are very hot right now. With a 3 month supply of homes (compared to 4 month supply overall) this is still a Seller’s market. If you or anyone you know has a home in this price range and are considering selling, now is the time. The market is still flooded with buyers looking for a home like yours.
If You Are Considering Buying, There Has Rarely Been a Better Time!
Inventory is increasing, as it always does this time of year. Prices have recovered from the market adjustment, but we are only seeing a moderate increase in prices. If you have ever thought about owning a home of your own, now is the time to investigate your options. Our team has the expertise to assist you in finding the right mortgage, the right home at the right price and the experience to close the deal.
Prices Have Improved – It’s Safe To Think About Selling Your Home
Our inventory is up because more and more homeowners are realizing that the market has rebounded and your home’s value has come back up. If you have thought about buying-up or if the kids are heading off to college and it is time to down-size, we are here to help you assess the value of your home.