Friday, November 6, 2009

Where is the Building Business Headed?

Yesterday we had our first inquiry in 6 months about a prime building lot we have for someone's dream home. The lot is in the Winton Woods City School District, a great district caught in the middle of Ohio's state funding mess. On Tuesday, after 3 previous levy attempts, the voters finally passed a tax levy, assuring the district that academic and extracurricular activities can continue uninterrupted.
Perhaps the inquiry about the lot was a result of a more certain future for the district. I can understand the hesitation if you are investigating a new neighborhood and wondering about community support for the schools. Perhaps the gentleman felt the time is now right to start the house hunt. Maybe it was the passage of the levy. Maybe he sold his existing home because of the first-time buyer tax credit. Maybe he now feels comfortable that his own job is secure.
It's hard to say what motivates buyers that the time is right. It's particularly difficult to predict a rebound in the housing market when existing inventory is so high. However, another boost may come soon for the housing business with the expanded tax credit awaiting President Obama's signature. Maybe that will be just enough to tip the scales for our potential lot buyer and he can move closer to building his dream home.

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