Monday, October 25, 2010

Real Estate Sales In Peoria

A local realtor told me today that home sales in Peoria are down 44% this year. He showed me a house that sold in the $30,000 range 5 years ago that was recently purchased for $8,000.

More homes are being sold because people can no longer afford to make payments or want to move out of Peoria City.

this is no new news but somewhat contradicts what local prognosticators are saying about home sales in the area. A home close to me was on the market for two years, take off the market for 6 months and is vacant and is now back on the market again.
Another house, a block or so over, has been off and on the market for more than three years.

Home values are still sliding. From all my reading and listening, I believe that the stock market is not a good indicator of recovery. Nor do I believe that we are in a wide spread recovery. Trading on the market has been light for some time which is not a good indicator.

Despite what the optimists are saying, I suggest you look carefully at your property tax bill and see where your money is going. There is a very short window of opportunity to appeal your assessment. The higher property taxes I predicted are upon us with more to come once payments need to be made on all the money borrowed for #150 new school construction. If state and local governments don't raise taxes, they will raise fees.

They already have done so. Expect more.


Merle Widmer said...

The Peoria Board of Realators say 3rd quarter sales are off 26% from the same period last year.

Average sales price is down by roughly $4000 compared to the sme period last year.

Certain areas of the city, where people at home do not answer their doorbells or knocks on the door, are afraid to go out at night are down much, much more. In fact, so many can't be sold that investors have turned to more rentals with the risk of neglect or total neglect of the the property by the renters.

I would not be in the rental business in Peoria for "all the tea in China".

Merle Widmer said...

Realtors and "same" - sorry. I published without editing. My boo-boos.