Chicago area homebuilders have heightened confidence
Across the country, home construction is looking up. The National Association of Home Builders/Wells Fargo builder sentiment index was released August 15 and indicated homebuilder confidence to be at a 5-year-high, according to The Associated Press. Those looking at real estate in Chicago could be interested to learn that the Chicago Sun-Times revealed that Chicago-area homebuilders have been reporting confidence that mirrors the national trend.
The Sun-Times reported that Chicago-area builders "have upgraded offerings while slashing prices from pre-bubble levels and are already enjoying the payoff."
The source shared a series of unique Chicago builders' thoughts. One such area builder, Paul Bertsche, detailed that he predicts a perfect homebuyer's market is developing out of the historically low lending rates and competitive housing prices. He noted that many of the best short-sale options have been largely picked over, leading many toward new home construction.
Bertsche said, "My glass is half full again."
While the AP revealed in another article that July did see a slowing pace in housing construction across the United States, a rise in applications for building permits points to a bright future for new home construction.
Other Chicago-area homebuilders have noted increases in the volume of construction jobs, but not in prices just yet. The volume increases are good signs for both the area homebuilders and people who are looking for new homes for sale in Chicago.