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As your Chicagoland real estate agent Michael LaFido, I want to be your resource for all things real estate. Whether you are buying, selling, or investing in real estate, I am here to guide you through the process. Subscribe to this blog to learn all of the latest news from our local market and receive expert tips for buying or selling a home.

20% Cheaper to Build Today than it was 10 Years Ago


Considering Selling in 2016: Click here for a Free Price Evaluation
Considering Buying in 2016: Get Gateway Access to the MLS

Did you know you can buy newly-constructed Chicagoland homes right now for 20% cheaper compared to when the real estate market peaked 10 years ago? It’s also less expensive to buy a home, buy a vacant lot, a tear down, or to build a new home.

What does this mean for you? To build a $300,000 home back in 2006, you could build that same home today with only $240,000. A million dollar home in 2006 would only cost $800,000 to build.


It’s a great time to build a new home!


There are two reasons for this. First, builder profits today are down from 20 to 30% to a previous range of 10 to 15%. Secondly, land value is approximately 20 to 30% less in today’s marketplace.

These facts make building a new home extremely desirable. There is a lot of money to be saved by building a new home today. Although some of the costs of building have gone up, it is still far cheaper to build right now than it was ten years ago. This is an incredible opportunity for anyone looking to buy a brand new home. Don’t wait!

If you’re in need of a good builder, please don’t hesitate to contact me! Also, it’s prime home selling season, so contact me if you want to get into the market. This is the best time of year to sell!


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