We’re getting a lot of emails and calls asking questions about the homes the program, what kind of homes, where are the homes, etc so we thought we would break it down a little for everyone.
As of today, there are 86 homes listed in the MLS as relo homes offering incentives. I just went through every…single….one…and identified the ones that are actually Caterpillar incentive homes. There are 75 currently for sale. The other 11 are other relocation company homes offering different incentives not related to the Caterpillar ones.
Of those 75 homes, 57 are in Peoria County, 4 in Woodford County, 14 in Tazewell County. Because of the 20 mile radius of downtown Caterpillar being a requirement for these homes to be in the program, no other counties have any Caterpillar relocation MSP (Market Stability Program) homes.
The average listing price is $297K. The average days on market so far for these homes is 133. The average age of these homes is a year built of 1989.
The styles vary, but 60 of them are 1.5/2 story style homes, 9 are ranches, 3 are a split foyer, 2 are tri-levels and there is 1 quad level.
56 of the 75 homes are priced at $200K and above and “should” qualify as a HPP (Home Purchase Program) home, meaning that it should be eligible for a buyer that has a home they need to sell to be able to make an offer one of these homes subject to Caterpillar buying their home. I say “should” because some agents haven’t updated the data in the MLS to reflect this since it changed last week.
Almost all of the homes are on less than an acre. There are 8 homes called out for being on an acre or more, and 1 home that is on 2 acres. There’s always a chance that the listing agent did not specify in the acreage category that is has any acreage, but this should be pretty accurate. No homes are currently for sale on any acreage larger than that, and there won’t ever be a home on more than 5 acres since 5 acres is one of the qualifying factors for a home being eligible for the MSP (Market Stability Program).
Rather than detail which cities these are in, we went a step further and identified the high school districts they are in.
35 homes are within the Dunlap school district, so that represents almost half of the homes in the MSP program. 5 are in Chillicothe’s IVC high school district, 2 are in Illini Bluffs, 1 is in East Peoria, 4 are in Metamora, 1 is in Pekin, 2 are in Peoria Heights, 3 are in Peoria Central, 10 are in Peoria Richwoods and 11 are in Washington high school.
The subdivision with the most homes in the program currently is Chadwick-which has 3 homes. Sommer Place has 4 homes listed, however 2 of them have offers on them subject to Caterpillar making an offer on the buyers homes. This is all as of today-this moment-so all of these numbers could be different tomorrow, but they haven’t changed must since this time last week.
There are 1,673 homes currently for sale priced at $95,000 or above, throughout the central Illinois area right now. $95,000 is the minimum price point for a home to be in the program, so I wanted to start with that search criteria number. Homes between $95K and $199K can qualify for the 3% buyer incentive, but they do not qualify for being home that someone can trade in a home for-that is reserved for homes with a selling price of $200K or above. So the 75 homes that are in the MSP program right now represent 4.5% of the total number of homes for sale in central Illinois as of today, that are priced at $95,000 and above.
There are currently 249 homes for sale in the Dunlap school district priced above $95,000, and as stated above there are 35 homes for sale in the MSP program. That represents about 14% of the homes for sale in Dunlap are part of the MSP.
There are 222 homes for sale in the Richwoods school district priced $95K and above, and there are 10 homes for sale in the MSP there, which represents about 5% of the homes.
There are 117 homes for sale in the Washington school district right now, of which 11 are in the MSP which represents about 11 percent of the homes on the market.