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    Eric Marcus Chicago Homes

    1525 W. Belmont Avenue, Chicago, IL 60657

    • 773-732-9898
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    Does My Dream Home Already Exist?

    As homebuyers begin to research the market, they initially weigh their options. “Do I want a new home, or something more...

    • Eric Marcus
    • February 12th, 2019
    • 3 min read
    Featured Image

    As homebuyers begin to research the market, they initially weigh their options. “Do I want a new home, or something more quaint with character?” or “Will a new construction home really be the house of my dreams?” 

    This is where things get interesting. A recent survey by Zillow shows that 38% of total buyers added new construction to their list of desires when searching for a home, but only 11% ultimately purchased a newly constructed home. Zillow went on to say that 71% of these buyers are repeat buyers who are financially secure. 

    Reasons Why Buyers Are Interested 

    In Purchasing A New Build 👷🏼

    41%

    Close To Family

    37%

    Best Value For The Money

    34%

    Appealing Home Features

    34 %

    Desirable Location

    So, why did the majority of buyers choose not to purchase a newly built home?

    1) The Right Location

    Location, Location, Location! It's the most important factor when buying real estate. Location creates desirability, desirability creates demand, and demand raises real estate prices. Buyers want a sense of community, which is something that has yet to be established when constructing a new home (e.g., landscaping, neighbors, etc).

    2) Timing Really Is Everything

    Buyers face the end of a lease or sale of their previous property and don't have the time to wait for a house to be built. According to Realtor.com, it can take anywhere from 3-6 months to build a home. This puts pressure on buyers as the end of a lease or sale of their previous property is imminent.

    3) Affordability

    Can you really afford the final price? Some buyers felt that new construction pricing is misleading. The biggest mistake homeowners forget to take into account are the added upgrades and high HOA fees.

    4) Appeal

    Did you envision your dream home as a "cookie cutter"? For some buyers, new construction homes have become way too generic. Others feel that the charm and uniqueness of an existing house surpasses those that have never been lived in.

    Final Verdict

    There are two primary advantages to buying an existing home: convenience and cost. Not all buyers are looking for that newly built dream home and chances are it already exists. There are many buyers looking for “the charm and uniqueness” of an existing home.

    Find your dream home today.

    Start The Search

    Why not sell your home with smarter marketing.

    You deserve it

    Author Photo
    About the author

    Eric Marcus

    773-732-9898
    I was born in South Bend, Indiana where my family owned and operated a small business for over 50 years. Every member of my family has been licensed to practice real estate, and my dad owns a real estate company in Indiana. After graduating with honors from Indiana University in 1991, I earned my CPA and worked for a big six accounting firm in Chicago. Combining my experience and entrepreneurial spirit, I started my own successful accounting business that I ran for 3 years. Next, I embarked on a career as a soybean trader at the Chicago Board of Trade, followed by a successful run as a stock options market maker at the Chicago Board of Options Exchange. I began my real estate career in 2003 as broker/owner of ESM Realty. My team has helped more than 600 clients buy and sell condominiums, townhouses, single family homes, multi-unit residential, and commercial properties. For 14 straight years, we were recognized by Chicago Association of Realtors as Top Producers. Our extensive marketing program includes premium placement on hundreds of websites, morechicagohomes.com and state of the art Facebook advertising. My team works tirelessly to make each client feel like they are our only client! We strive for the highest level of performance every day so that we exceed your highest expectations. Our business is 75%+ referral-based and we want you to not only be our client but our biggest raving fan. In December 2020, I brought my team to Keller Williams ONEChicago with branches in Lincoln Park, Lakeview and O'Hare. To set up a consultation or if you have any questions, please contact me at 773-732-9898.

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    Eric Marcus Chicago Homes

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    1525 W. Belmont Avenue, Chicago, IL 60657

    Keller Williams ONEChicago

    1525 W. Belmont Avenue, Chicago, IL 60657

    773-732-9898
    [email protected]

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