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Pluses and Minuses in State's, Knox County's, Housing Market
Now is a good time to buy a home in Illinois.

That's according to the Illinois Association of Realtors, who says home sales were off around four percent statewide in 2010, while numbers were skewed somewhat in the fourth quarter due to a homebuyer's tax credit.

But, IAR president Sheryl Grider Whitehurst says those who have held off on buying homes thanks to the recession, are starting to think about buying now.

"The buyers that held off -- the higher-end buyers -- held off when the stock markets went down," Whitehurst said. "Maybe they had job security, but their financial security was shaken a bit. Now, we're starting to see those purchasers start to re-enter the marketplace."

And Whitehead says there's still plenty of homebuyer assistance available, despite the standard to secure a mortgage being raised.

"For buyers, sometimes they think 'Oh, I have to put a high percentage [payment] down.' There are many home programs available, including the 'Smart Move' program, which offers $6,000 in down payment assistance," Whitehead said.

The median home price in Knox County increased over 10 percent in the fourth quarter of 2010 year-over-year, to $69,000. Knox County was one of at least 43 counties to either show an increase or see median prices hold steady. Sales of all homes in Knox County declined 10 percent in 2010, and were down seven percent in Warren County.
02 19 11 by Newsroom
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