Robert Darrow, @properties

Your Guide participates in a monthly survey of thousands of Real Estate Agents nationwide by  Credit Suisse to gauge the state of the market for new construction homes from the perspective of agents in the field.

Here in Chicago, traffic remains at decent levels with the tax credit being the key driver.

Our traffic index slipped to 43 in September from 46 in August, indicating slightly lower traffic levels but still at decent levels just modestly below agents’ expectations. Agents once again highlighted the soon-to-expire tax credit as the key driver of buyer traffic this month, noting increased urgency from both buyers and sellers (as the sellers realize demand may dry up after the tax credit expires so are more willing to negotiate a deal now). A number of agents included comments such as, “Time is running out for the $8,000 tax credit,” and “The imminent expiration of the first-time homebuyer tax credit is driving traffic.” Concerns among buyers remained focused on job stability and difficulty qualifying for loans, with one agent noting, “Job  insecurity has increased.”

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