Last week I compared the prices of resale vs. new homes at an active adult community in Elgin. Every resale home was listed at a higher price than the same new model. Granted, some of the homes had upgrades which were not included in the new model prices, but the price differences were from $20K to $80K higher for the resale homes. In addition, new homes are typically preferred over the same resale homes. Buyers get a warranty and the option to customize the home they way they want it.
However, buying new also has it downsides. Ask the people who put a deposit on a Neumann Homes house and were waiting for their house to be finished when Neumann Homes filed for bankruptcy recently. In the case of the active adult community in Elgin, sellers have to compete with the developer until the development is finished. New construction may not work for buyers who can’t wait for a home to be completed.
ABOUT THE AUTHOR
Fran Bailey shows, previews and tracks downtown Chicago homes for sale giving her the insights needed to help her clients negotiate the best price and terms. Fran has been quoted in numerous Chicago and national publications. To schedule showings of listings regardless of broker or to contact Fran email her at fran.bailey@bairdwarner.com or call 773.793.4516. Learn More
Fran Bailey, Realtor
