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Champaign realtors discuss changes in housing market | Top Stories

CHAMPAIGN, Ill. (WAND) — 2023 might provide better conditions for home buyers according to Champaign County Association of REALTORS.

Inflation, high interest rates, and economic uncertainty dampened consumer demand in the housing market in 2022.

“Housing is a basic need and individuals will always want to make purchasing decisions for personal reasons, location, employment, investment and lifestyle needs. Every market is unique and the Champaign County region has a solid employment base that bodes well for the housing market locally,” said PJ Trautman, president of Champaign County Association of REALTORS. “The direction of the housing market is currently highly reliant on the stability of mortgage rates and inflation. The December home sales decline indicates a return to our typical more seasonal market. Mortgage rates have dropped since then providing more positive news to buyers looking for that window of opportunity to enter the market.”

Trautman explained that home sales are typically lower in the winter as sellers and agents spend the season preparing houses to hit the market in spring.

The return to pre-COVID levels in Champaign’s housing market means that “buyers are experiencing less competition because the interest rates are higher than the COVID years,” according to Trautman.

CCAR advises potential new home buyers to speak with their realtors, get local information on the market, and make sure their preapproval has not changed due to higher interest rates.

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