We all know the news about Bloomington's major employer State Farm relocating 1000's of people to other parts of the country. How will this impact the housing market? That's the major question I continue to be asked. I don't have a crystal ball to look into the Bloomington-Normal real estate future but I do have some thoughts/observations/questions on the subject.
My first observation is most families that are relocating or have already moved are both husband and wife are employed by State Farm. This means we are not talking about 7,000 homes. We are talking about a much more manageable number. My next thought is we have been at this for several months with 100's of people already gone and the market is still performing very well. I know a major concern is Bloomington's housing market will turn into a buyers market and values will plunge. That is not what has happened as of now. My expectations are the 250,000 to 350,000 price range will not see much growth untill the dust settles. My question is how long of a time period will this take. The Bloomington-Normal housing market functions in balance when we have between 700-750 homes for sale at any one time. If this plan is over a quick time frame we will see that inventory swell up. At this moment we have 686 homes on the market which low for this time of the year. I for one still believe in the Bloomington market as a good long term investment. We have a safe community with good schools. We are located in a great spot for people who need access to highways and airports for their work. When families are deciding where to relocate those factors don't go unnoticed.
My first observation is most families that are relocating or have already moved are both husband and wife are employed by State Farm. This means we are not talking about 7,000 homes. We are talking about a much more manageable number. My next thought is we have been at this for several months with 100's of people already gone and the market is still performing very well. I know a major concern is Bloomington's housing market will turn into a buyers market and values will plunge. That is not what has happened as of now. My expectations are the 250,000 to 350,000 price range will not see much growth untill the dust settles. My question is how long of a time period will this take. The Bloomington-Normal housing market functions in balance when we have between 700-750 homes for sale at any one time. If this plan is over a quick time frame we will see that inventory swell up. At this moment we have 686 homes on the market which low for this time of the year. I for one still believe in the Bloomington market as a good long term investment. We have a safe community with good schools. We are located in a great spot for people who need access to highways and airports for their work. When families are deciding where to relocate those factors don't go unnoticed.
No comments:
Post a Comment