Your Take on the NE IL Housing Market

[David Dachtera]

Hello, Folks,

I'm looking for other folks' takes on the housing market in the suburban and Metro Chicago areas.

For example, ...

Rehabs and Fix-and-flips: 

When you went to sell, how was your time-on-market compared to what you expected? 

Did you need to be flexible or did prospective buyers bid you up above your asking price?

What kinds of properties did have success selling? (beds / baths / sq ft, etc.)

New Construction:

What are buyers looking for in new construction from your experience? (single / multi-story, amenities, sq ft, beds, baths, basements, garages, etc.)

How is the market for new construction from your experience? What areas was that in?

From my own observations in Kendall and Will Counties, I am seeing some housing starts, but certainly not like the run up to the crash. Most of the new homes I'm seeing are two-story, 3 and four bedroom, 2 to 3 bath with usually one half-bath on the main floor, full basements, 2 car attached garages.

The market for more modest homes seems a bit slow due to the on-going employment and lending issues in the area.

Rentals seem to not be empty very long at all, certainly, presumably for similar reasons: employment is soft and lending is a bit dear.

Hoping you'll share your experiences. Looking to learn from everyone.