Peoria Area Association of Realtors President Suzanne Miller says it’s a good time to get into the housing market.
Peoria housing sales increased in this year's third quarter report, up 13.8 percent from the same period last year.
Miller said a lot of that has to do with increased inventory from Caterpillar’s housing sustainability program, which provided relocation incentives on CAT-owned home sales.
“What also continues to help us is we have so many people who continue to come into our area from other ways of having jobs. Whether they work for health care, small businesses, they’re coming here with their spouse,” she said.
PAAR notes an increase in home sale prices, up 1.9 percent from last year, with the average home selling at $149,449.
“I would like to think that because we’re local driven, even though part of CAT went up to Chicago, 12,000 employees plus are still here,” Miller said. “And they are still continuing to make our communities great.”
Despite the sales increase, Miller said it is not a seller’s market. She says home sellers still must price property at competitive rates to incentivize buyers.
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