We've talked about the characteristics of Illinois home buyers in 2009, now let's take a brief look at what sellers reported about their transactions during the year.
According to the Illinois Association of Realtors' (IAR) 2009 Profile of Illinois Home Buyers and Sellers, recent sellers sold their homes for 95% of the listing price on average.That figure holds true in my territory in St. Louis' Illinois suburbs in Madison County.
More than half of sellers -- 58 percent -- reported they reduced the asking price for their home at least once before it sold.
Incentives played a role in nearly half of the sales in the state. Forty-five percent of sellers reported offering extras to attract buyers, including home warranties or help with the buyer's closing costs.
Before selling, the typical Illinois home seller owned his or her home for seven years. They reported to IAR that their number one reason for selling was that the home was too small. Job relocation also was noted as a major reason for the sale.
For more information, visit www.illinoisrealtor.org.