Jul
31

Incentives and Fewer Fees Lure Illinois Builders and Buyers

July 31, 2012

Housing moneySince the 2010 census proclaimed Kendall County as the fastest growing county in the nation, optimism has slowly caught the attention of new developers, builders and new residents in the Chicago area.

With local governments slashing large building fees for new-home construction and offering as much as $10,000 in cash to buyers, more and more buyers are starting to be enticed into buying a new home in their community.

According to the housing research firm, Metrostudy, building began on more than 1,000 homes in the 12-county Chicago area between April and June, an increase of 33 percent from a year ago. Meanwhile, second-quarter closings rose 13.4 percent year after year to a total of 966 homes.

“The timing is absolutely right,” said Lance Ramella, director of consulting for Metrostudy’s Midwest region. “Once momentum starts again, (communities) will eventually be back in the driver’s seat, but it’ll take several years. They need to compete for builders and developers right now.”

In addition to the fees associated with building permits and utilities, builders have to pay additional money for the projected impact of a new resident on roads, schools and park facilities. Many home builders are complaining about fees costing as much as $30,000 per home.

Cutting fees and offering more incentives is a new way of thinking for many local municipalities who once refused to even hear builder complaints.

Have you recently purchased Chicago real estate because of these government incentives? Let us know is the comments section below.

About The Author

Read All Stories By Brittany Henderson

Brittany Henderson is currently the salon coordinator at Accent On Hair, Inc. in Augusta. Accent On Hair has been in business for 30 years! In the summer of 2012, she was a public relations intern at Marketing RELEVANCE. She writes news releases and blog posts about everything real estate.

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