Incentives bring in home buyers

Biggest deter: Selling current home
March 26, 2009 2:26:31 PM PDT
Home sales in Illinois are starting to climb as developers report an increase in traffic and a slight increase in sales. One thing that's helped pick up the pace in the housing marker- good incentives. But the one hold back for many buyers- selling their current homes.

The Michaliskos are on the market to buy a new house. With a 10-month old, they say they need a bit more room.

" There are great deals out there. And our family just got a little bigger. And so we're looking for a little bigger home," said Amy Michalisko, prospective home buyer

The Michaliskos were looking at a model in north Aurora. They want to move in on a purchase, but they're waiting until their home- which was listed on Monday- sells.

"The main concern is we bought something, and we couldn't sell. I have a couple of friends with two mortgages. And we didn't want to be in that situation," said Marty Michalisko, prospective home buyer "We're not in any rush to leave. We don't need to move right at this moment but it feels good to do it. We've been in our house for six years. And it just feels like it's time to go. So I'm worried we're not going to sell," said Amy

The Illinois Association of Realtors reports Illinois home sales rose 8.6 percent in from January to February of this year. While that is encouraging, the February's home sales are still down 27.8 percent from February 2008.

"The second and third quarter of last year was literally like hitting a wall," said Jim Janik, vice president of sales and marketing for RA Faganel Builders.

Janik sees recent interest from the f He sees recent interest from the first time homebuyers credit offered in the stimilus package combined with a surplus of homes and good prices on homes. "We're entering a period where it's a perfect buyer's storm. Affordability has never been greater. And interest rates are at all-time lows. So all you really need is a reason to move" said Janik

Janik says they've had to be creative and offer buyers help in selling their current homes. RA Faganel is even offering a trade in program: they buy your house, so you can buy the new home.