Bloomington's Housing Market Should Be Thankful

Wednesday, November 27, 2013   /   by John Armstrong

Bloomington's Housing Market Should Be Thankful

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-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.