Pekin Real Estate-The Housing Environment 2011

The global economy has continued to sputter in the last year as it attempts to rebuild from the economic recession. Stateside household net worth has rebounded from lows seen in the recession and is slowly growing. However, the job market continues to be bleak as the unemployment rate stays firmly between 9 and 10 percent and the underemployment rate continues to grow. For the economy to move forward, many policymakers and households are looking to the job market for a cure.

 Home sales during the survey period of the report, mid- 2010 to mid-2011, dropped following the expiration of the Home Buyer Tax Credit. Many buyers purchased in the two years prior to the expiration, with the tax credit from the federal government giving an added push into the market. Thus, buyers who were buying a home during this survey period were often in a situation where they needed to purchase a home for family changes or a job-relocation and not because of the tax credit. However, while sales declined,home values appear to have found more solid footing with several measures of prices showing little change compared to the year before.

 Distressed sales continue to account for a large share of home sales in some local markets. The rise in foreclosures is well known, as is the concentration of foreclosures in a small number of states that experienced a rapid rise in prices and sales in the middle of the decade. In these areas, many investors are purchasing these homes, often making all cash purchases

 For more than one-quarter of home buyers the number one reason for buying a home is simply the plain desire to own a home. Homeowners, who purchase a property as their primary residence, are also buying in to a neighborhood. A long and distinguished body of academic research has shown that homeownership strengthens the community; homeowners have a stake in the community and are likely to invest through their participation in civic activities such as voting or volunteering their time. Moreover, it is now well documented that homeowners and their families benefit in a number of ways ranging from more positive feelings about the future to better health. Although the financial aspects of homeownership are important, they do not stand alone as the primary motivators for the purchase of a home.

 When buying, selling or investing in the Pekin Real Estate market, the Pekin Real Estate Guy, Brad Barnard, is your go to person. Brad knows the Pekin Real Estate market and uses the latest in technology to equip sellers and educate buyers for a smooth and successful transaaction. Brad can be reached direct in the Pekin Real Estate market via mobile or text at 309-241-0313. Or you may drop him a line to brad@kaebel.com or visit his blog at www.pekinrealestateguy.com.