PEORIA, Ill. – Finding a home in your price range and where you want isn’t getting any easier.
Leslie Rothan with Peoria Area Association of Realtors, or PAAR, says with a limited inventory of homes available right now, buyers are facing more competition.
That’s in due in part to single-family homebuilding tumbling in March, and a resurgence in mortgage rates pushing some buyers out.
“In our current real estate market, we’re still seeing those quick sales, a little bit of escalated price points, and then the multiple offers. We’re still seeing that because there aren’t very many homes on the market, and therefore more buyers are having to throw their hat in the ring and compete with offers in order to secure the deal,” Rothan says.
Rothan says it’s still definitely a sellers market, so buyers have to be pre-qualified and know their price range before they start looking for a new home, and be prepared to make an offer within a day or two.
With so much competition for homes available, Rothan says buyers are having to make concessions to get their offer noticed.
“Buyers are having to be willing to waive inspections, appraisals, or do some other creative offerings, so that way their offer is selected. We’re seeing a bit of buyer frustration in that regard…when homes come on (the market), they just have to be ready and prepared to make an offer right away ,” Rothan says.
Rothan says homes that are selling the fastest in our area are in the median price range…between $125,000 and $500,000. But, all price points are selling quickly.
The average length of time a home is on the market right now in the Peoria area is about a month or a month and a half.
Typically, Rothan says, time on the market would be closer to three to six months. But, that has changed over the past two years.
To learn more from PAAR about the local housing market, click HERE.
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