Last May, Realtor.com listed Peoria as America’s number one city for buying cheap homes. Recently, Ed sent an article from Peoria Journal Star about the most expensive homes sold in May in Peoria County.
The days when I haven’t read on social media are over. Waiting to get rid of hell from towns and states, often in response to posts from angry people who are often helplessly trapped within city boundaries, the prices of homes for sale on Long Beach. I can’t cut it. Curiously, they often cite as an ideal place to go to Texas or Arizona, and how dire they are by moving to Texas unless they prefer soil and weeds to sand. I can’t think of becoming a surfer. Or they want to live in a place where they are free to do bad things.
Anyway, Peoria. From the sale of my home and the purchase of a nice row of homes, I can think of a worse place to bring a suitcase full of cash.
Of the 10 most expensive homes sold in Peoria in May, all are well below the median home selling price of $ 850,000 (Realtor.com) on Long Beach, and Peoria’s home sales. It’s well above the median price of $ 130,000 (although Ed guarantees). I’ve reached that number at $ 150,000, but they’re all above that number).
You know what real estate professionals say about the place. These homes in Peoria get most of East Long Beach and the Bixby Knolls / Cal Heights / Los Seritos part of Long Beach anywhere along our coast.
Look at this:
Do you have any guesses? This house won’t even fit in Naples unless you buy multiple lots. It would have to go to a country club drive, I don’t know, but maybe I’ll list it for $ 6.5 million. A lakeside property with a dock, it has 5 bedrooms, 7 bathrooms and 6,847 sq ft of living space. And the indoor seawater pool.
Sold for $ 553,000 in Peoria County.
There are homes on Long Beach that sell for that price, but they have only three bedrooms, all without an indoor saltwater pool, and are about 6,000 square feet smaller.
I do not suggest you pack up and move to Peoria. The main reason is that my cousin doesn’t want to push up the price of millions for a railroad hut because of the thousands of Californians who have moved there. This is an expensive example of a long beach home, which has come to the point where a nice home in a nice area costs $ 1 million, but it’s not a magnificent home in a great area with numbers over a few. Of a million dollars.
Things could cool down on Long Beach in the near future, after home prices have risen by double digits and even month by month.
“There is a rapid normalization because there is no better term,” said Phil Jones, a member of the National Association of Realtors, a former president of the National Association of Realtors. “Sales activity in May fell by about 30%, with rising interest rates and uncontrollable inflation affecting buyers.”
Jones admitted that most people who are familiar with double multiplication tables are expecting it. In short, double-digit rises in home prices are ultimately unsustainable. If the sky is the limit, the sky highs on Long Beach should eventually reach the astronomical limit.
Still, long beach selling prices are still rising, and buyers are still fighting for homes. The average sales amount is significantly higher than the listing price.For example, the house I wrote West Seventh Street At the edge of Wilmore, which was listed for $ 825,000, it quickly sold for $ 957,000.
Still, Jones sees a cooling-off period on the horizon, but it’s not a bubble explosion.
Mortgage rates are approaching 6% and could rise further, according to Jones. However, even 6% is historically a considerable amount. “Young buyers don’t remember how his parents paid 18% in 1980,” he said. It wasn’t until the mid-1990s that the rate fell below 10%.
The significant depletion of homes for sale is also a factor in the rise in home prices, and Jones believes that inventories are slowly rising. This is because homeowners believe they have lost the possibility of murder. I’m afraid I missed the gravy train because it took too long to list my home, and I’m guessing I’m not seeing a 20% year-on-year increase now. They may be right, but if they end up selling a little cheaper than they have, it won’t be a tragic economic loss. In the worst case, they can still make a considerable profit. Probably not what they wanted, but it’s certainly enough to move comfortably to Peoria.