The Illinois Association of realtors wrote an article on Real Estate Transactions adding $7.9 Billion to the Illinois Economy in the last year. The study showed that $28581 is the total expenditures from the buyer and seller of just one home. Every home sold has a huge impact on our economy in Illinois.
Some of the expenses of a home selling would be the seller fixing up the home before putting it on the market, the buyer fixing up the home after their purchase, attorneys, real estate professionals, home inspectors, title company, taxes to local, county and state governments, appraisers, stagers, movers, furniture stores, and the list goes on.
The housing markethas a big impact on the overall Illinois economy. It effects many related industries. We saw alot of first time buyers out last year to take advantage of the first time home buyers credit. 53% of the sales last year were purchased by first time home buyers. Without the buyers that pre-bought last year, our numbers are showing a decrease. Congress is also considering a few items which will also hurt or help our real estate market. Two of them are improving the liquidity in the lending market for mortgages and keeping the deduction for Mortgage Interest which has been in effect since 1913.
If you or anyone you know are considering buying or selling a home, contact me as I would be honored to help you.