Friday, November 29, 2013
Online Real Estate Shopping
Happy Black Friday to you all. I hope all the additional weight we gained yesterday is burned off hustling to get great deals today. Which raises the question, when did Black Friday become a holiday? I don't have an answer for that. I do have an answer for where is the best place to stay in your pajamas and find real estate in the Bloomington- Normal area. There are a few things to consider. 1) How up to date do you want your information? 2) Would you like to store your search so you can easily refer back to it? 3) How much information would you like to find on the area?
Let's start with #1 first. 2 sites that I recommend are JohnArmstrongHomes.com and BNListings.com. Both of these sites are updated frequently from The Bloomington Normal Association of Realtors website. Once a Bloomington Normal house sells it is updated quickly on those sites. It's very frustrating when you find your dream house only to later learn it's already sold. #2 On both JohnArmstrongHomes.com and BNListings.com you have the ability to create your personal account with your criteria. This makes it easy to refer back and see what is new to the market. The Bloomington Normal housing market moves very quickly so frequent check ins are recommended so you don't miss that dream home.#3 Once you have located a couple of properties and you want additional information on ie area values, what the home sold for last, what the market is like in that area I would recommend Trulia.com and Zillow.com. You can also find what Realtors have sold a lot in that city and what their clients say about them. Happy Hunting. And of course if you'd like to hear more about the Bloomington area real estate market, tune in on Saturday mornings at 8:00 to my weekly radio show call "On The House" on Cities 92.9.
Wednesday, November 27, 2013
The Bloomington Area Housing Market Has a Lot to Be Thankful For
As many parts of the country's housing markets continue to struggle, we in Bloomington have turned the corner. It really began in 2012 with a large improvement in home sales. Which led to a reduced inventory of homes for sale in the Bloomington-Normal area. We all remember back to the economics course we were forced to take back in high school. For me that was Mrs. Berry's class in 1983 (shhh don't tell anybody I'm that old). It's all about supply and demand. The supply of available homes in the Bloomington housing market dwindled as the demand continued to increase. Naturally prices were impacted as we saw a slight jump in price. This allowed some of our home owners that were ready to "move up" but their pre 2013 home values made them feel unable to make the move. This bump in price allowed them to take advantage of the low mortgage interest rates and make their move. As we near the end of 2013 inventory has risen back to, what I call, "normal" levels. At this time the Bloomington-Normal real estate market is very balanced. By that I mean it's not a buyer's market or a seller's market. Just a boring market. On this Thanksgiving Eve let's be thankful for boring.
Tuesday, April 17, 2012
Your April State of the Market Report Presented by John Armstrong:
What an exciting 1st Quarter in Bloomington/Normal Real Estate! In case you haven't noticed, we have turned the corner. Many people I run into mention all of the sold signs & how quickly homes are selling.
In the 1st Quarter of 2012 we sold 643 homes. 197 of those sold in the 1st 30 days that they were on the market. 11 of those 197 were sold by the John Armstrong Team!
There are some key statistics that I really pay attention to when looking at the 1st Quarter numbers. One main statistic is our current inventory vs. homes sold in the previous 30 days. At the end of March we had approximately 750 homes on the market in Bloomington/Normal, and we sold 215 in March alone. If this trend continues, prices will start to rise. Which leads me to the next key point I see; prices are flat with 2011's numbers. I predict this will change & we will start seeing house values increase slightly. Home values are currently near 2004's values. Bloomington-Normal home values were at an all an time high in 2006. Hopefully 2012 can bring us closer to 2005's market values & will continue to rise from there.
If you'd like to receive my State of the Market report on a regular basis, send me an email at John@JohnArmstrongHomes.com
*Homes means houses, condos, & zero-lot lines
In the 1st Quarter of 2012 we sold 643 homes. 197 of those sold in the 1st 30 days that they were on the market. 11 of those 197 were sold by the John Armstrong Team!
There are some key statistics that I really pay attention to when looking at the 1st Quarter numbers. One main statistic is our current inventory vs. homes sold in the previous 30 days. At the end of March we had approximately 750 homes on the market in Bloomington/Normal, and we sold 215 in March alone. If this trend continues, prices will start to rise. Which leads me to the next key point I see; prices are flat with 2011's numbers. I predict this will change & we will start seeing house values increase slightly. Home values are currently near 2004's values. Bloomington-Normal home values were at an all an time high in 2006. Hopefully 2012 can bring us closer to 2005's market values & will continue to rise from there.
If you'd like to receive my State of the Market report on a regular basis, send me an email at John@JohnArmstrongHomes.com
*Homes means houses, condos, & zero-lot lines
Wednesday, February 15, 2012
2151 Inez in Normal
This 2 story home in family-friendly North Fields subdivision boasts 4 bedrooms, 2 full and 2 half baths. It offers a large eat-in kitchen with center island, a great room with gas fireplace, as well as a 2 story entry with a large hall closet and hardwood floors. The master bath features a whirlpool with ceramic tile surround, and most rooms in the home are freshly painted. The basement is fully finished with daylight windows and a large hardwood wet bar. The home also features a sizeable deck off the kitchen, stamped concrete patio, 2 1/2 car garage with work area and sink. Great home in a great neighborhood! Contact Derek Mead today at (309)-532-5653 or derek@johnarmstronghomes.com for more info or a private showing!
40 Kenfield Circle in Bloomington
This updated ranch offers 3 bedrooms and 2 full baths in Rollingbrook subdivision. Great east side location! Eat-in kitchen with new flooring and pantry area. Partially finished basement with downstairs family room and 2 additional rooms, as well a half bath and plenty of storage. 2 car garage, fenced yard with nice landscaping, covered porch, wood-burning fireplace, new A/C in '09 and so much more! Contact Derek Mead at (309)-532-5653 to set up a showing or for more information!
Tuesday, October 11, 2011
Fall 2011 State of the Market Report
Whether you are in the market to buy or sell now, or just wanting to know what is going on in your local Real Estate market, I believe this report will help you understand what is happening in the Bloomington-Normal area. Of course this data reflects the overall market. If you would like to know more specifically about your subdivision, I encourage you to call my mobile at 309.275.9333, or call my office at 309.661.7068. Please feel free to pass my name along to anyone thinking of buying or selling a home.
Here is the latest edition to my State of the Market report. I wanted to take a few moments and fill you in on what is going on in the Bloomington area housing market:
If you recall last year, in order to qualify for the $8,000 government stimulus, you must have entered into a purchase agreement by April 30, 2010 and close by June 30, 2010. As a result, the first 6 months of 2010 were very active and consequently, the latter half was stagnant. This is where we saw a large inventory build up entering into 2011.
As of May 2011 we were 22% behind in the number of homes sold this year vs. last year. Through August, we are roughly 9% behind the 2010 pace. So we are gaining ground. I believe by the end of this year, we will see an improvement over 2010.
Another encouraging sign that the market is improving is the amount of inventory on the market. In a balanced market (meaning not a buyer or seller's market), we should have 5- 6 months of houses for sale. we currently have about 1050 homes in the Bloomington-Normal area for sale. In August we closed on 126 homes which means we have 8-9 months of inventory currently. This is a major improvement over the 12-13 months that we did have with that figure of 1050 homes on the market! I see this as a great sign that the Bloomington-Normal market is finally stabilizing.
The one negative I see in the current housing market is that new construction numbers are down. As of August this year, there were only 97 new construction permits issued vs. 140 this time last year. Sadly it was not so long ago that we were building over 500 new homes a year...ouch! Obviously with such a high volume of inventory, and at such great prices; it's hard to compete with a "deal" that you can get on an existing house.
If you are interested in more information on the Bloomington housing market, be sure to tune in to my weekly radio show called "On the House" on The Cities 92.9 FM from 8 to 8:30am on Saturday's.
Thanks for taking time to read the September 2011 edition of my State Of The Market report. If you know of anyone looking to buy or sell, please call my office at 309-661-7068.
Here is the latest edition to my State of the Market report. I wanted to take a few moments and fill you in on what is going on in the Bloomington area housing market:
If you recall last year, in order to qualify for the $8,000 government stimulus, you must have entered into a purchase agreement by April 30, 2010 and close by June 30, 2010. As a result, the first 6 months of 2010 were very active and consequently, the latter half was stagnant. This is where we saw a large inventory build up entering into 2011.
As of May 2011 we were 22% behind in the number of homes sold this year vs. last year. Through August, we are roughly 9% behind the 2010 pace. So we are gaining ground. I believe by the end of this year, we will see an improvement over 2010.
Another encouraging sign that the market is improving is the amount of inventory on the market. In a balanced market (meaning not a buyer or seller's market), we should have 5- 6 months of houses for sale. we currently have about 1050 homes in the Bloomington-Normal area for sale. In August we closed on 126 homes which means we have 8-9 months of inventory currently. This is a major improvement over the 12-13 months that we did have with that figure of 1050 homes on the market! I see this as a great sign that the Bloomington-Normal market is finally stabilizing.
The one negative I see in the current housing market is that new construction numbers are down. As of August this year, there were only 97 new construction permits issued vs. 140 this time last year. Sadly it was not so long ago that we were building over 500 new homes a year...ouch! Obviously with such a high volume of inventory, and at such great prices; it's hard to compete with a "deal" that you can get on an existing house.
If you are interested in more information on the Bloomington housing market, be sure to tune in to my weekly radio show called "On the House" on The Cities 92.9 FM from 8 to 8:30am on Saturday's.
Thanks for taking time to read the September 2011 edition of my State Of The Market report. If you know of anyone looking to buy or sell, please call my office at 309-661-7068.
Monday, August 16, 2010
Your July 2010 State of the Market Report
Presented by The John Armstrong Team;
Whether you are in the market to buy or sell now, or just wanting to know what is going on in your local Real Estate market, I believe this report will help you understand what is happening in the Bloomington-Normal area. Of course this data reflects the overall market. If you would like to know more specifically about your subdivision, I encourage you to call my mobile at 309.275.9333, or call my office at 309.661.7068. Please feel free to pass my name along to anyone thinking of buying or selling a home.
HOMES LISTED
Number of homes on the market in B-N July of 2010 1017
Number of homes on the market in surrounding areas July of 2010 402
Number of homes listed in B-N in July 2010 222
Number of homes listed in the surrounding areas in July 2010 84
CLOSINGS & PENDING SALES
Number of homes under contract in B-N in July 2010 104
Number of homes under contract in the surrounding areas in July 2010 39
Average days on the market for homes sold in B-N in July 2010 83
Average days on the market for surrounding area solds in July 2010 96
Average price of homes sold in B-N July of 2010 $191,111
Number of new construction sales in July 2010 15
Number of new construction sales in July 2009 28
*Homes means houses, condos, & zero-lot lines
What does all this mean? It's hard to believe, but our year-to-date sales are only slightly less than in 2009 for the Bloomington/Normal area. The market above $200,000 has been relatively strong the past couple of months. The numbers are trending down however. I project the rest of 2010 sales will be 10% or more behind.
Thanks for taking time to read the July edition of my State Of The Market report. I look forward to sharing August's numbers with you next month. If you know of anyone looking to buy or sell please call my office at 309-661-7068. Visit my web site at http://JohnArmstrongHomes.com & check out my blog at http://johnarmstrongteam.blogspot.com/
Presented by The John Armstrong Team;
Whether you are in the market to buy or sell now, or just wanting to know what is going on in your local Real Estate market, I believe this report will help you understand what is happening in the Bloomington-Normal area. Of course this data reflects the overall market. If you would like to know more specifically about your subdivision, I encourage you to call my mobile at 309.275.9333, or call my office at 309.661.7068. Please feel free to pass my name along to anyone thinking of buying or selling a home.
HOMES LISTED
Number of homes on the market in B-N July of 2010 1017
Number of homes on the market in surrounding areas July of 2010 402
Number of homes listed in B-N in July 2010 222
Number of homes listed in the surrounding areas in July 2010 84
CLOSINGS & PENDING SALES
Number of homes under contract in B-N in July 2010 104
Number of homes under contract in the surrounding areas in July 2010 39
Average days on the market for homes sold in B-N in July 2010 83
Average days on the market for surrounding area solds in July 2010 96
Average price of homes sold in B-N July of 2010 $191,111
Number of new construction sales in July 2010 15
Number of new construction sales in July 2009 28
*Homes means houses, condos, & zero-lot lines
What does all this mean? It's hard to believe, but our year-to-date sales are only slightly less than in 2009 for the Bloomington/Normal area. The market above $200,000 has been relatively strong the past couple of months. The numbers are trending down however. I project the rest of 2010 sales will be 10% or more behind.
Thanks for taking time to read the July edition of my State Of The Market report. I look forward to sharing August's numbers with you next month. If you know of anyone looking to buy or sell please call my office at 309-661-7068. Visit my web site at http://JohnArmstrongHomes.com & check out my blog at http://johnarmstrongteam.blogspot.com/
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