My friend, Mary Umberger of the Chicago Tribune's real estate section, had an interesting paragraph in this morning's Trib.  

Chicago area builders "according to a study by Metrostudy...builders are sitting on 63,000 vacant lots." This represents a 22% DECREASE in the number of unsold lots.  

Now, that's a lot of land that the builders are holding. And, they're paying interest, taxes and doing engineering work to get the streets and utilities in. And, many of their spec homes are still sitting unsold. I suspect that some builders are getting desperate as this market slowdown has been going on for a year.  

So, the take-away? It's a great time for a buyer, especially if he doesn't have a property to sell. Builders are very happy to see you.  

Want to search for newer properties? Visit: http://www.moveuptonaperville.com/

 

4 Comments on Chicago area builders feeling the slowdown

Hi Eileen, interesting and thought provoking; and besides that, I am so happy to see you - someone normal!  :-)

02/04/2007 03:16 PM by Carole Cohen Realtor®, ePRO (Howard Hanna Cleveland City Office)

Eileen - I've been telling buyers I talk to that it's a "perfect storm for buyers" - lots of inventory, low interest rates, and negotiable sellers.  Here in New Hampshire, we are seeing more buyers beginning to get back into the market again, FINALLY!

Ann

02/04/2007 05:44 PM by Portsmouth NH Real Estate ~ Ann Cummings (RE/MAX Coast to Coast - Portsmouth New Hampshire)

Hey Carole,

Yes interesting data...I suspect that many major markets are having the same problem.

Now...as for "someone normal"! Yup...calm, wise, patient...OK...definitely not wearing a Bear's thong.

Ann,

Yes...it's good for buyers as long as they don't have to sell anything. So, first-time buyers are in a sweet spot right now.

02/04/2007 06:26 PM by Eileen Landau, ABR, CRS, e-PRO (Realty Executives, Pro/Team)

And, I noticed in today's Trib 'New Homes' section that builders are reducing the prices on their spec homes in addition to "giving" upgrades and paying down mortgage rates.

This is definitely the perfect time for those first-time buyers!

02/09/2007 12:10 PM by Eileen Landau, ABR, CRS, e-PRO (Realty Executives, Pro/Team)

Leave a response…

Name:
Notify me of new comments:
Comment:
What does the graphic say?
 
Real Estate Agent: Eileen Landau, ABR, CRS, e-PRO (Realty Executives, Pro/Team)
Eileen Landau, ABR, CRS, e-PRO
Naperville, IL
More about me…
Realty Executives, Pro/Team

Office Phone: (630) 515-9500
Email Me
An assortment of odds and ends that may or may not pertain to the greatest city in the Midwest: Naperville. Also some commentary on the Naperville real estate market.

Links

Tags (Tag Cloud)

Archives

RSS 2.0 Feed for this blog
ATOM 1.0 Feed for this blog

Find IL real estate agents and Naperville real estate here on ActiveRain.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
© 2007 ActiveRain Corp. All Rights Reserved