The housing market in Champaign Urbana has certainly struggled over the past few years. Although the local real estate market didn’t get beat up as hard as other areas of the country, the effects of the real estate bust are still being felt in the local market. What does this mean for the housing market? Will things ever stabilize again?
The real estate market in Champaign Urbana has shown signs that it is ready to heal and get stronger, however funding for home buyers is still hindering the progress. Getting a home loan is not as easy as it once was, nor should it be, but it seems that only the well qualified can get loans today. If you have a hiccup on your credit report, or just took a recent job transfer you may have to be patient! When home loans become more available in our community and across the country, the demand for the real estate market will go back up. And when that happens, home prices will stabilize and the market can get back to a comfortable normal.
Depending which news media you watch on TV, some say the real estate marketing is on the rise, while others say that it has years and years still to recover. The real truth is that the housing market still does have a good while before it is healthy again, but hopefully it can continue to take baby steps for the better!