When Peoria home buying becomes a risk: Traversing the perils of an out-of-balance market

By Philip Haldiman | Your Valley

For the past four years, Larry Silver and his family have been renting a Peoria home with the eventual intent to buy one in the city and officially lay down roots.

That moment came in February when the owner of their rental home in The Meadows community put it on the market and offered it to them for $800,000.

Mr. Silver said the price was too high for the 3,729 square-foot house and decided to begin a house hunt, hoping to find a new place before his lease ends July 1.

Now they are less than a week from closing on a new home in Peoria that they can call their own, but it did not come without the frustrations of trying to buy during one of the most out-of-balance sellers’ markets in years.


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