Wednesday, November 27, 2013 / by John Armstrong
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. That led to a reduced inverntory of homes ofr sale in the Bloomington-Normal area. We all remember aback to the economics course we were forced to take back in high school. For me that was Mrs. Berry's class in 1983 (sh 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 incerease. 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 ther 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-Norm. ...
Saturday, June 8, 2013 / by John Armstrong
Are you under water on your mortgage and not sure how long you can hold your breath? Are you afraid your McLean County home will be foreclosed on? Do you want to know what options you have but can't stand waiting on hold with your mortgage company? Short selling the Bloomington area may be easier than you think.
The McLean County Mediation Program is a great resource. This is a program specific to McLean County. To learn more about this FREE program call or text me. John Armstrong 309-275-9333..
Wednesday, May 22, 2013 / by John Armstrong
Be prepared as a buyer to act quickly. In Bloomington-Normal homes are moving fast. Not only are they selling quickly. We are seeing great appreciation. In certain price ranges we see less than 2 months of inventory. With this sort of supply/ demand balance, being a prepared buyer is neccessary. #1 Have a pre qualification to show the seller you are a serious buyer. When I receive an offer on one of my listings without a letter from a lender showing the buyer is qualified I don't much validity on it until I see the buyer can obtain financing. #2 Know what your looking for. In the current Bloomington housing market you don't have extra "think about it" time. If you see what you want you need to act quickly. #3 Know the market. What are homes selling for in that area? Is this a deal? What is crime like in that neighborhood? How are the schools? These are all questions you should know before looking at the home. I always prepare a neighborhood market analysis not only to show . ...