If property sales in the Peoria area are any indication, the COVID-19 pandemic has drawn residents' attention to the importance of the single family home.

According to statistics from the Peoria Area Association of Realtors (PAAR), 6,778 homes were sold in the Peoria area in 2020, compared to 5,729 in 2019. Property sales in the area continue to increase. A total of 2,304 homes were sold in the Peoria area between April and June, compared to 1,676 sales in the same period in 2020.

"(Last year) was a record," Rebekah Williams, PAAR's communications director. "But house sales in 2021 have so far exceeded our 2020 figures."

More:Property sales in Peoria, Tazewell, and Woodford counties for August 1, 2021

Lisa Dunnigan, officer in the office of the Tazewell County Recorder of Deeds, said the office recorded 2,907 records last year, after registering 2,634 in 2019. She believes the government's cut in mortgage rates played a key role in raising it.

"The real estate market sells like hotcakes," said Dunnigan. "Many outbid each other just to get that rate and get the house they want."

While not providing statistics, Dunnigan added that a significant number of recent real estate transactions appear to have taken place in Beijing and Morton. According to PAAR statistics, cities with the highest sales in Tazewell County appear to be the larger parishes.

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Pekin, the county's largest parish with a population of 32,846, led 220 home sales from April to June. Washington, with a population of 16,567, had 167 sales during that period. East Peoria, with a population of 22,851, had 149 sales.

Tazewell County Clerk and Recorder of Deeds John C. Ackerman said that in addition to buying new homes, residents of the area are taking advantage of the low interest rates to refinance their mortgages.

"I know from talking to fellow filers that every county (in Illinois) experiences this," added Ackerman. "More and more people are buying houses because the interest rate is as low as it was created, an ideal opportunity."

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According to Williams, the pandemic has played a big role in the local housing boom as physical distancing guidelines have made single-family homes even more prominent than they did during the pandemic. The home has not only become a living space, but in many cases it has also become a workplace and classroom.

"People needed more space in their homes to do all of that," added Williams.

Interest rates remain low, and the Tazewell County Recorder of Deeds Office continues to see what Ackerman calls "unprecedented traffic" from residents who want to take advantage of these interest rates. However, he believes that as the US continues to recover from the COVID-19 pandemic, rates will recover as well.

"I would guess they will get back to pre-pandemic levels," he said. "That's just a clue that I have."

source https://seapointrealtors.com/2021/08/02/pekin-east-peoria-are-busy-real-estate-markets-in-tazewell-county/

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