Chicagoans' level heads prevail!
Looks like the ornery, conservative nature of Chicagoan is serving them well.
We had a conversation with Mark Gianopulos, a Senior Consultant with Metrostudy, a market research firm that caters to the homebuilding industry about home sales stats.
"What is happening is that the amazing growth that we have had over the last several years in the housing market is starting to catch up with itself."
"What is happening is that the time on the market is going up," he said "People are waiting it out."
"People here in the Midwest are not in nearly as bad a situation as in other places in the country," Gianopulos said. "Midwesterners are typically more level headed than in other, hotter markets through the country."
"Chicagoans are not in that situation wher e they have to sell," he said. That kind of pressure is caused by factors such as job losses — such as in Detroit — and over-leveraged investments and speculation.
He also mentioned that the new construction market will always be stronger than the existing housing market because it has more sources of buyers. But the single biggest issue that Chicago-area home builders are currently dealing with, Gianopulos said, is that "People are signing on for a new home, but they can’t sell their existing home."
Read today's article in metro.
