When a family or individual purchases a home, there are direct and indirect expenditures that create ripple effects in the state and local economies. The Illinois Association of REALTORS® wanted to look closely at this—just how much is spent by the seller and the buyer in the average Illinois home sale?
Using Advocacy Program funds, IAR commissioned a study to examine the expenses buyers and sellers incurred in conjunction with the purchase of an average priced home in Illinois in 2010. Here are the results…
With any home purchase, there is more to the buyer’s and seller’s expenditures than the mortgage payment and closing costs. There are fix-up costs and replacement of household items, moving expenses and the purchase of new furniture just to name a few. None of these expenditures would take place if it were not for the sale and purchase of a home.
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