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Illinois Homes Selling for Less in 2008

Sep 5, 2008
Illinois is an attractive destination for many people because it is one of the most populous and demographically diverse states in the Midwest. In fact, Illinois has often been referred to as a microcosm for the entire nation.

With its strong economy of businesses, industry, manufacturing, agriculture, timber and energy production, a lot of people are drawn by employment opportunities as well. Additional benefits of living in Illinois include the recreational opportunities in more than sixty state parks or the halls of several world-class museums and the beautiful prairie landscape.

As such an appealing area to settle, Illinois draws thousands of new residents every year. And, with the current conditions in the economy, many Illinois homes are more affordable than ever.

For example, Illinois Realtors report that home sales across the state fell by about twenty-five percent and the median price for a single-family home dropped from $206,000 to about $192,500. This is about a six or seven percent price difference.

The building market in Illinois has also slowed down. In fact, business has dropped so much in Chicagolandthat two of the area's largest builders, Neuman and Kimball homes, have declared their intent to file for bankruptcy.

This means that there are a lot of empty new homes on the market for great prices and building can be more affordable than ever. With fewer homes being sold and the prices dropping to make real estate listing more appealing, most of Illinois is definitely a buyer's market.

When it comes to Illinois real estate, Chicago still stands in a league of its own though. For example, even though sales have also dropped in Chicago, the median price for a single-family home has actually increased about five percent.

Whether you shop in Chicago, the suburbs, or central and southern Illinois, the most plentiful listing on the market is going to be single-family homes. High-rise apartments, loft homes, town-houses and multi-family units are also available in many areas, but the single-family homes tend to appreciate better than other housing units.

You will also find that there are hundreds of listings to choose from. Consequently, if you want some help sorting through the choices and scheduling a walk-through in your favorite listings, the services of an Illinois Realtor would be a valuable asset.

In addition to their access to the most recent listings and their ability to take you from place to place, a Realtor will have a lot of information on each neighborhood you consider to help the home buying experience go faster and smoother. When you work with an Illinois Realtor, you can depend on high moral standards as well.
About the Author
For access to quality Illinois homes and a reliable Illinois Realtor, simply call a RE/MAX agent or visit their website at http://www.illinoisproperty.com. RE/MAX has the most experienced real estate agents in the country. The author, Art Gib, is a freelance writer.
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