Local developers have been hit hard by a downturn in the real estate market around Chicago. With sales of single-family homes down more than 20 percent in 2007, it’s no surprise that developers are doing everything they can just to get potential buyers to look at a property.
Gone are the days that a developer just puts an open house sign and a few banners to attract interested buyers to a new property. Nowadays, developers are throwing parties, complete with plenty of activities including tours and even free food.
However, whether this actually makes a difference in sales totals for developers remains to be seen. Buyers are facing one of the tightest credit markets in recent memory. Many buyers who would have showed up at an open house in the past are now unable to qualify for a loan under tighter requirements issued by banks and lenders. The end of subprime lending ushered in a new era in the real estate market in many areas around the country.
Developers will have to hope for more favorable market conditions to sell more of the numerous Chicago Homes For Sale that are sitting empty around the region.
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