OPEN HOUSE: 710 Vermont in Urbana this Sunday (Jan. 28)

Historic appeal in charming Colonial! A large foyer and bright living area are sure to welcome you home to this 1930s Garrison gem. This home not only features 4 bedrooms and 2 fireplaces, but also boasts a quick walk to campus and downtown Urbana. Stay warm and cozy in one of the two family rooms with easy access to the kitchen and formal dining room. Take a trip up the spiral staircase and you’ll find 2 additional bedrooms and a full bath on the third floor. Don’t miss out on your chance to own this homey Colonial in the Urbana state streets! One year home warranty included. Radon mitigation has been installed and Inspection report on file – ready for new buyers. Call (217-239-7144) for details!

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Owning A Home Is More Affordable Than Renting In Most Markets In The US

According to a recent study by Zillow, owning a home is more affordable than renting in most metro markets across the United States.

According to the study, renters pay an average of 29.1% of their household income towards rent, while homeowners only pay an average of 15.4% towards their mortgages. This means renting eats up nearly twice as much of your income as owning a home.

Data Source: Zillow

Thanks to rising rents, homeownership is becoming a more sensible option across the nation, and renters are taking notice. According to the National Association of Realtors’ Realtors Confidence® Index, 39% of homebuyers from October 2016 to November 2017 were renting at the time of their purchase, which means that 39% of buyers made the transition from renter to homeowner. And many of them did so without breaking the bank on a down payment. In fact, 61% of first-time buyers made a down payment of 6% or less.

The Takeaway

If you’re currently renting, it’s time to reevaluate your situation. Why throw away nearly 30% of your income on rent when you can spend almost half as much and have a home to show for it?

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Historically Low Inventory Creates Perfect Storm For People Wanting To Sell Their Home

 

According to Realtor.com’s recent Housing Shortage Report, the US is experiencing the worst inventory shortage in two decades. And while this presents a definite challenge for people looking to buy a home, it creates the perfect storm of opportunity for those wanting to sell.

According to Realtor.com’s research, the housing shortage can be attributed to the baby boomer generation being unwilling to sell in the current market. In fact:

  • 72% of existing homeowners over the age of 55 feel their current home fits their needs
  • 85% of those baby boomers don’t plan to sell their home in the next 12 months

Boomers are keeping approximately 33 million properties off the market — a huge contributor to the historically low inventory the US is experiencing.

But this historically low inventory means that there couldn’t be a better time to sell. Low inventory means more competition, and more competition typically means higher offers and a better deal for sellers — especially if you’re selling a starter home.

Thanks to millennials entering the homebuying market for the first time, starter homes are the most in demand selling point on the market. And since they experienced a 17% decrease in supply from 2016 to 2017, a great starter home will be an even hotter commodity in 2018.

The Takeaway

Low inventory can be a problem for buyers. But if you’ve been thinking about selling your home, low inventory means there’s never been a better time to put your property on the market.

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Seniors Real Estate Specialist

Are you or someone you know is 50+ and is looking to buy or sell their homes? Working with an Seniors Real Estate Specialist (SRES) designated agent can make the process a lot less stressful!

Sharon Harkness holds the SRES designation and would love to help you or someone you know today! Give us a call (217) 239-7144

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1304 Ridge Creek Rd

Move-in ready home in heavily desired Fieldstone Subdivision! Be sure to see it before it’s too late!

Listing presented by licensed real estate broker Lisa Smith Duncan with Sharon Harkness Inc, Keller Williams Realty: TREC Living in Champaign Urbana, Lisa Duncan, Broker Keller Williams TREC Barb Schwartz, Broker with Sharon Harkness Inc. at Keller Williams TREC

CTTO music: Carefree by Kevin MacLeod (incompetech.com). Licensed under Creative Commons: By Attribution 3.0 License (http://creativecommons.org/licenses/by/3.0/)

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1306 Westfield Drive

Perfect for investors or first time buyers! This three bedroom ranch located in South Champaign is conveniently located near shopping, parks, restaurants and only minutes to campus.

Listing presented by licensed real estate broker Lisa Duncan with Sharon Harkness Inc, Keller Williams Realty: TREC. Give us a call,  (217) 898-938.

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