Let the Buying Begin Prices, Interest Rates, Large Selection All Prime the Housing Market

By Donovan, Deborah | Daily Herald (Arlington Heights, IL), February 24, 2007 | Go to article overview

Let the Buying Begin Prices, Interest Rates, Large Selection All Prime the Housing Market


Donovan, Deborah, Daily Herald (Arlington Heights, IL)


Byline: Deborah Donovan Daily Herald Homes Writer

It's a great time to buy a new home.

Suburban builders say that every spring, of course, but this year they have more reasons.

One of the most important is price. Some builders may have lowered prices, others have held their prices steady and all expect to raise them when sales get stronger.

It's time for the Daily Herald's Spring Home Show. Featured this week will be single-family homes with base prices above $350,000.

Next week, single-family homes with starting prices under $350,000 will be showcased. That will be followed by communities designed for mature adults and attached homes.

Besides prices, interest rates are still low, selections of homes and lots are good, and when these communities sell out new developments will be built even farther out.

Then there are the personal reasons to buy now.

Not only will buyers be settled before school starts in the fall, but they won't be moving in nasty winter weather.

Builders expect sales to be stronger this spring.

People who wanted to buy new homes last year were having trouble selling their existing ones, said Ray Wolford, director of sales for Kimball Hill Homes, which is building in several suburban communities.

Now these existing homes seem to be selling, he said.

Builders insist that some in their ranks have lowered prices.

And even those who haven't will certainly raise them in the future, they say.

"Land, labor and material costs are not going to go down," Wolford said.

"No matter what you think of the prices today, they are still better than tomorrow," he said. …

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