Federal Tax Credit Driving A Chicago Real Estate Bubble?

November 24, 2009

chicagobungalowLow interest rates, low prices and free government money seemed to have helped assist a real estate transaction-boom in the Chicagoland area.  Chicago real estate sold at rates not seen in three Octobers (2006 was the last time) with 7,286 homes sold last month.  Not as good as July 2009 when almost 7,500 units sold but still a welcome improvement.  Compared to 2008, sales of homes rose 33.3% percent.

Nationally, existing-home sales rose 23.5% in October, to a seasonally adjusted rate of 6.1 million units, the highest sales activity since February 2007, the National Association of Realtors reported. Sales in the Midwest were 28.8%  ahead of a year ago. The supply of homes nationally is at its lowest level in more than 2 1/2 years.

First-time buyers are being courted heavily in the 2nd half of 2009 and why wouldn’t a first-timer not take the plunge with the current market conditions if he/she felt secure with their employment situation?  On the fence still?  The U.S. Department of Housing has a list of advice for first-time home buyers that helps you make that determination of whether you can afford a home, finance and maintain a home with your current income.

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About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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