Incentives and Fewer Fees Lure Illinois Builders and Buyers

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.