The Real Estate market is changing in Champaign and Urbana. We track each month the number of houses that are active divided by the number of houses that are pending which tells us how many months worth of inventory that is available. When there is 6 months worth of inventory or more it is coinsidered a Buyers market. In November of 2008 we had 11 months worth of inventory which is a strong Buyers market. At the end of Febuary 2009 we have 5.81 months worth of inventory which shows that we are switching out of a Buyers market and will be heading this year into a Sellers market.
In the last 30 days I have sold 11 homes in the Champaign area and out of those 11 homes 6 of the homes had dual offers on them. That means that 2 different buyers were bidding on the same house. I have not seen dual offers like this for about 2 years.
With the first time Home Buyers tax credit being elevated to $8000 and if you own that home for 3 years and 1 day you can sell your home and not have to repay the goverment your $8000 tax credit loan. The last time I heard of loan like this I call my lender Dad. What a great time as a first time home buyer to buy a piece of America.