We all know we are in a recession. We are overwhelmed with negative news every day, so why do we still see the “It’s Better Here” commercials? Compared to a lot of the country, the Peoria area is doing better. It is more stable.
In a recent interview, Pat McCarthy, President of the Peoria Association of REALTORS (PAAR), stated when it comes to the real estate market in this region, “Peoria has been very very lucky.” He also said while the state was down 24% in home sales, the Peoria area was less than half that, just over 11% down.
According to Jim McConoughey, President/CEO of the The Heartland Partnership, we have conservative lending practices and our lenders were cautious when they evaluated the value of homes in this region and our banks only loaned to only people who could pay it back. We didn’t have a big predatory lending issue here.
Find out more by watching the complete interview with Pat McCarthy, Jim McConoughey, and Bradley University Economist, Dr. Joshua Lewer, from the following links:
http://www.edc.centralillinois.org/news/ecomonic-climate-housing
http://www.peoriachamber.org/goto/EconClimate09Housing
Please contact us if you have any questions.
Friday, February 27, 2009
Wednesday, February 25, 2009
Open Sunday!
From 2:00 to 4:00 on Sunday, March 1st, we will be having an Open House at two locations. We would love to see you!
1403 Santa Fe, Washington
Don’t miss this 4 bedroom 2.5 bath home located in Bristol Park Subdivision in Washington. This 2 story was built in 2007 and features a double sided fireplace, a loft area upstairs, granite countertops, hardwood floors, walk-in closets in all the bedrooms, large master suite, the upstairs bathroom has double sinks, and a backyard with no neighbors. All of the appliances stay including washer and dryer. $249,900 See the listing for more information.
712 Meadows, East Peoria
Updated and well maintained two bedroom, one bath ranch with an attached garage. This home is in move-in condition. Updates include a new roof, all new flooring, fresh paint, and a newly redone three-season sunroom. The home offers an eat-in kitchen with oven and refrigerator included. Hardwood under the carpet in both bedrooms. Very convenient location. $69,900 See the listing for more information.
1403 Santa Fe, Washington
Don’t miss this 4 bedroom 2.5 bath home located in Bristol Park Subdivision in Washington. This 2 story was built in 2007 and features a double sided fireplace, a loft area upstairs, granite countertops, hardwood floors, walk-in closets in all the bedrooms, large master suite, the upstairs bathroom has double sinks, and a backyard with no neighbors. All of the appliances stay including washer and dryer. $249,900 See the listing for more information.
712 Meadows, East Peoria
Updated and well maintained two bedroom, one bath ranch with an attached garage. This home is in move-in condition. Updates include a new roof, all new flooring, fresh paint, and a newly redone three-season sunroom. The home offers an eat-in kitchen with oven and refrigerator included. Hardwood under the carpet in both bedrooms. Very convenient location. $69,900 See the listing for more information.
Sunday, February 22, 2009
Now is the Time for First-Time Home Buyers
An $8,000 tax credit for first-time home buyers was signed in to law as part of the new Stimulus Bill. Unlike last year's tax credit, this is a true credit and will not require a payback. It will expire December 1, 2009! The National Association of REALTORS (NAR) published a chart comparing the differences between the 2008 and 2009 tax credits. Email or call us at 309-657-0063 for more details. We want to help you get started!
Tips for First-Time Home Buyers
Like any other life changing experience, buying a home for the first time can seem like an incredible challenge. However, once first-time home buyers are able to organize their priorities, conduct some useful research and interact with a trusted real estate agent, confusion can quickly turn into excitement. Keeping in mind some of the basic tips outlined below can help pave the way to a successful first-time home buying experience.
Prior to researching the real estate market and hunting for mortgages, you will need to analyze your family’s goals and priorities. Take some time to reflect and determine if it is the right time to purchase your first home. You may also want to ask yourself where you want to be in the next few years and consider how purchasing a home for the first time fits into your family’s long-term goals.
Once you determine you are ready to purchase your first home, you may want to research the details of the home buying process. Though you may not understand everything you read, any insight you gain will help you avoid unwanted headaches further along in the process.
The next important step in the home buying process may seem obvious but is often overlooked during the excitement of purchasing a first home. Very simply, as a first-time home buyer, you need to determine what you can afford. Too often, first-time home buyers underestimate or simply miscalculate the costs of owning a home. Before searching for your first home, ask yourself if your income is both adequate and reliable enough to afford mortgage payments.
There are also upfront costs to consider when buying a home. Though the amount required to cover a down payment and possible closing costs will vary, there are usually some out of pocket expenses to incur when closing on your first home. Being prepared for these expenses, as well as any unexpected costs that occur after you have moved in will help your transition into home ownership.
After determining what your family can comfortably afford, you should start shopping around – for both homes and mortgages. By this time, you should have a good idea of what types of amenities you are looking for in a first home and what neighborhoods best match your family’s needs. As your search advances, you may want to attend some open houses in your neighborhoods of interest. Even if you don’t find the perfect home right away, being active in the market will give you a better chance of finding the best fit for your family.
While looking at homes, you may also want to see what types of mortgages are available to your family. If you are able to determine what rates you qualify for and estimate your mortgage payment before actively bidding on a home, you can narrow down your price range and make a confident offer when the time comes.
Though following the previous steps can help a first-time home buyer find the right home, buyers never need to go it alone. After conducting your own research, it is a good idea to find an agent you can trust. Besides being able to assist you when searching for the right home, a reliable real estate agent can help guide you through the home buying process.
If you are patient with the home buying process and do your homework before purchasing your first home, your diligence will most likely lead you to the perfect home for your family.
The staff at Coldwell Banker Real Estate LLC writes select articles about important topics related to real estate. For more information about buying a home or selling your current property, visit ColdwellBanker.com today.
Tips for First-Time Home Buyers
Like any other life changing experience, buying a home for the first time can seem like an incredible challenge. However, once first-time home buyers are able to organize their priorities, conduct some useful research and interact with a trusted real estate agent, confusion can quickly turn into excitement. Keeping in mind some of the basic tips outlined below can help pave the way to a successful first-time home buying experience.
Prior to researching the real estate market and hunting for mortgages, you will need to analyze your family’s goals and priorities. Take some time to reflect and determine if it is the right time to purchase your first home. You may also want to ask yourself where you want to be in the next few years and consider how purchasing a home for the first time fits into your family’s long-term goals.
Once you determine you are ready to purchase your first home, you may want to research the details of the home buying process. Though you may not understand everything you read, any insight you gain will help you avoid unwanted headaches further along in the process.
The next important step in the home buying process may seem obvious but is often overlooked during the excitement of purchasing a first home. Very simply, as a first-time home buyer, you need to determine what you can afford. Too often, first-time home buyers underestimate or simply miscalculate the costs of owning a home. Before searching for your first home, ask yourself if your income is both adequate and reliable enough to afford mortgage payments.
There are also upfront costs to consider when buying a home. Though the amount required to cover a down payment and possible closing costs will vary, there are usually some out of pocket expenses to incur when closing on your first home. Being prepared for these expenses, as well as any unexpected costs that occur after you have moved in will help your transition into home ownership.
After determining what your family can comfortably afford, you should start shopping around – for both homes and mortgages. By this time, you should have a good idea of what types of amenities you are looking for in a first home and what neighborhoods best match your family’s needs. As your search advances, you may want to attend some open houses in your neighborhoods of interest. Even if you don’t find the perfect home right away, being active in the market will give you a better chance of finding the best fit for your family.
While looking at homes, you may also want to see what types of mortgages are available to your family. If you are able to determine what rates you qualify for and estimate your mortgage payment before actively bidding on a home, you can narrow down your price range and make a confident offer when the time comes.
Though following the previous steps can help a first-time home buyer find the right home, buyers never need to go it alone. After conducting your own research, it is a good idea to find an agent you can trust. Besides being able to assist you when searching for the right home, a reliable real estate agent can help guide you through the home buying process.
If you are patient with the home buying process and do your homework before purchasing your first home, your diligence will most likely lead you to the perfect home for your family.
The staff at Coldwell Banker Real Estate LLC writes select articles about important topics related to real estate. For more information about buying a home or selling your current property, visit ColdwellBanker.com today.
Thursday, February 19, 2009
Open House Sunday
From 1:00 to 3:00 on Sunday, February 22nd, we are having an Open House in Creve Coeur. We would love to see you!121 Apple, Creve Coeur
This is a hidden gem, a new 3 bedroom 1 ½ bath ranch with a full basement located on a dead-end street. The house has hard wood floors in the living room with 4 inch trim throughout, tile in the kitchen and laundry and vaulted ceiling in the front bedroom. There is also a 1 stall attached garage with off the street parking. This home has a 95% efficient furnace and “I-Beam” floor joists. Nothing was left out!!! $149,900 See the listing for all the details and contact us if you have any questions.
Wednesday, February 18, 2009
Two New Listings!
3204 W Greenwood, Peoria
Location, Location, Location! Move right into this 3 bedroom home with full basement and fenced in backyard. This home is conveniently located close to shopping, the interstate, restaurants, and bus stops. The updates include vinyl siding, furnace and A/C, roof, windows, paint, and carpet. There is a sliding glass door leading to deck in the back. The backyard is completely fenced in with a privacy fence. Approximately ½ of the basement is finished. Come take a look! Check out the listing for more details and give us a call if you have any questions.
7722 Warner, Manito
4.80 acres with 30X40 outbuilding. Well, septic, and electricity on the property. Outbuilding has water and electricity. Check out the listing for more details and give us a call if you have any questions.
Location, Location, Location! Move right into this 3 bedroom home with full basement and fenced in backyard. This home is conveniently located close to shopping, the interstate, restaurants, and bus stops. The updates include vinyl siding, furnace and A/C, roof, windows, paint, and carpet. There is a sliding glass door leading to deck in the back. The backyard is completely fenced in with a privacy fence. Approximately ½ of the basement is finished. Come take a look! Check out the listing for more details and give us a call if you have any questions.
7722 Warner, Manito
4.80 acres with 30X40 outbuilding. Well, septic, and electricity on the property. Outbuilding has water and electricity. Check out the listing for more details and give us a call if you have any questions.
Tuesday, February 17, 2009
Relocating? Second home?
Looking to relocate or finding that second home somewhere warm? The Gillespie Group would love to help! We can help you find that perfect REALTOR anywhere in the country or in the world!
If you want information on a new location, the Community Reports tool on our website is a great resource. It provides a quick and easy way to find useful information about your community, nearby schools, local businesses, maps, and much more. Just enter the zip code for any US city and go. You can even compare multiple locations side-by-side. It will make your moving decision a little easier.
Whether you are moving in the area or to another part of the country, we can help you! Email or call us at 309-657-0063 anytime.
If you want information on a new location, the Community Reports tool on our website is a great resource. It provides a quick and easy way to find useful information about your community, nearby schools, local businesses, maps, and much more. Just enter the zip code for any US city and go. You can even compare multiple locations side-by-side. It will make your moving decision a little easier.
Whether you are moving in the area or to another part of the country, we can help you! Email or call us at 309-657-0063 anytime.
Sunday, February 15, 2009
Condo or House? Exploring the Differences in Ownership
More than ever before, condo ownership represents an appealing alternative to traditional home ownership for all types of residents. Though condos have conventionally been the choice of singles and families without dependent children, more traditional families have begun experiencing the unique benefits of condo ownership. However, condos are certainly not for everyone. While condo ownership may provide access to certain amenities and limit time spent on upkeep, there can be certain restrictions – few of which are experienced by owners of single family homes. This article will consider the primary differences between condo and traditional home ownership. If you consider the facts in relation to your family’s goals, you may come to a better understanding of the best type of property for your family.
Two of the most important factors in determining what type of home is right for your family are location and lifestyle. If your family is looking to move to an urban environment where single family homes are scarce, a condo could be a good choice. In such markets, condos are always in high demand and appreciation often matches the best single family homes.
Additionally, if you live a busy life and can live without a large yard, a condo could help you live simply and happily. While most families with young children prefer single family homes for the added space, condos often provide amenities such as swimming pools, tennis courts and large open areas to help families relax and play.
However, there is far more to consider than location and lifestyle when deciding which type of property is best for your family. Nearly all of the differences between houses and condos stem from the different types of ownership. In the simplest terms, owners of single family homes are entitled to exclusive ownership, while most condo owners are subject to certain forms of shared ownership.
In regards to single family homes, exclusive ownership allows home owners to alter their home and surrounding property in nearly any way. While building codes may prevent certain home additions and other large-scale renovations, owners of single family homes can adapt their homes to meet their unique goals.
The owner of a condo is not always allowed to make such radical changes to their property. When purchasing a condo, owners are subject to the rules and regulations of the condo association or board. Typically composed of fellow residents, this governing body collects dues from condo owners to conduct ongoing maintenance of shared areas and perform any unexpected repairs. As part of the agreement with the condo board, new owners will be informed of what types of changes can be made to the interior and exterior of their property. In most cases, condo owners possess the same type of exclusive ownership inside their condos as homeowners, yet are limited in exterior alterations to maintain the uniformity of the community.
If you are thinking about purchasing a condo, it is important to read the Covenants, Conditions and Restrictions (CC&Rs) before making a commitment. These documents include all the rules condo owners must follow and can vary widely between complexes. If you have indoor pets or other specific needs, make sure these are addressed in the CC&Rs to prevent any unwanted surprises. If you don’t understand any part of the CC&Rs when purchasing a condo, you can try to gain clarification from the director of the condo association.
While the concept of shared ownership might seem limiting to potential owners, there are certainly plenty of benefits. For instance, the owner of a single family home is solely responsible for any problems with the properties, incurring all costs of needed repairs. However, the dues paid by condo owner cover many repair costs – both inside and outside the home. Furthermore, condo ownership can also provide access to amenities – such as pools, spas and recreation equipment – outside the budget of a home owner.
Regardless of location, either a single family home or a condo can be the right fit for the right family. To make the most informed decision, all prospective homebuyers should reflect on their own lifestyles and priorities and how they relate to the different types of property ownership. While there may be many differences between house and condo ownership, the goal is always the same – finding the best home for your family.
The staff at Coldwell Banker Real Estate LLC writes select articles about important topics related to real estate. For more information about buying a home or selling your current property, visit ColdwellBanker.com today.
Visit the Sellers section of our website for more information and contact us with any questions.
Two of the most important factors in determining what type of home is right for your family are location and lifestyle. If your family is looking to move to an urban environment where single family homes are scarce, a condo could be a good choice. In such markets, condos are always in high demand and appreciation often matches the best single family homes.
Additionally, if you live a busy life and can live without a large yard, a condo could help you live simply and happily. While most families with young children prefer single family homes for the added space, condos often provide amenities such as swimming pools, tennis courts and large open areas to help families relax and play.
However, there is far more to consider than location and lifestyle when deciding which type of property is best for your family. Nearly all of the differences between houses and condos stem from the different types of ownership. In the simplest terms, owners of single family homes are entitled to exclusive ownership, while most condo owners are subject to certain forms of shared ownership.
In regards to single family homes, exclusive ownership allows home owners to alter their home and surrounding property in nearly any way. While building codes may prevent certain home additions and other large-scale renovations, owners of single family homes can adapt their homes to meet their unique goals.
The owner of a condo is not always allowed to make such radical changes to their property. When purchasing a condo, owners are subject to the rules and regulations of the condo association or board. Typically composed of fellow residents, this governing body collects dues from condo owners to conduct ongoing maintenance of shared areas and perform any unexpected repairs. As part of the agreement with the condo board, new owners will be informed of what types of changes can be made to the interior and exterior of their property. In most cases, condo owners possess the same type of exclusive ownership inside their condos as homeowners, yet are limited in exterior alterations to maintain the uniformity of the community.
If you are thinking about purchasing a condo, it is important to read the Covenants, Conditions and Restrictions (CC&Rs) before making a commitment. These documents include all the rules condo owners must follow and can vary widely between complexes. If you have indoor pets or other specific needs, make sure these are addressed in the CC&Rs to prevent any unwanted surprises. If you don’t understand any part of the CC&Rs when purchasing a condo, you can try to gain clarification from the director of the condo association.
While the concept of shared ownership might seem limiting to potential owners, there are certainly plenty of benefits. For instance, the owner of a single family home is solely responsible for any problems with the properties, incurring all costs of needed repairs. However, the dues paid by condo owner cover many repair costs – both inside and outside the home. Furthermore, condo ownership can also provide access to amenities – such as pools, spas and recreation equipment – outside the budget of a home owner.
Regardless of location, either a single family home or a condo can be the right fit for the right family. To make the most informed decision, all prospective homebuyers should reflect on their own lifestyles and priorities and how they relate to the different types of property ownership. While there may be many differences between house and condo ownership, the goal is always the same – finding the best home for your family.
The staff at Coldwell Banker Real Estate LLC writes select articles about important topics related to real estate. For more information about buying a home or selling your current property, visit ColdwellBanker.com today.
Visit the Sellers section of our website for more information and contact us with any questions.
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