Sue Fox, @Properties. Direct 773.816.1788

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Chicago home buyers out in droves

filed under: $8000 tax credit, Buyers, Chicago home sales, First-time buyers, Market conditions posted on March 24th, 2010

It’s finally spring, and the $8,000 home buyer’s tax credit expires in only a month! These two factors combined seem to have pushed Chicago home buyers into overdrive this year.

In February, home sales in Chicago shot up 41.5% over last February, with 1,225 condos and single-family houses sold. This marked the sixth consecutive month of year-over-year sales increases, according to a report this week from the Illinois Association of Realtors.

BUYING BOOM: Chicago home buyers, maybe of them seeking the first-time buyer's tax credit, drove home sales up 41.5% last month.

BUYING BOOM: Chicago home buyers, many of them seeking the first-time buyer's tax credit, drove home sales up 41.5% last month.

“The tax credit has been a tremendous help for those home buyers on the fence,” said Genie Birch, president of the Chicago Association of  Realtors. “With interest rates still favorable, and a month left before the tax credit expires, those considering making a purchase should do so now to take advantage of these great opportunities while they are still available.”

Thousands of buyers are still out house-hunting in March, and I predict that we’ll see strong sales volume in the Chicago area all spring. (Prices, of course, are another story. The median home price in Chicago fell more than 19% since last February.)

I’m starting to see multiple offers on well-priced properties… even properties that have been on the market for months! The demand right now is strong, but buyers are being careful not to overspend.

Home sales are also up in the Chicago region as a whole, rising 37.5% in Cook County in February.

Written by Sue Fox //

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