The number of homes with “SOLD” signs in their front yard in the city of Chicago and surrounding suburbs started skyrocketing last summer and hasn’t cooled off since.
Chicagoland home prices are on the rise, as well. But, that isn’t preventing homes from being sold so quickly in such a competitive market. With the combination of a low supply of homes available and low mortgage rates, the trend of strong buyer activity is expected to continue.
If You Build It, They Will Come
With a limited number of homes available on the market in Chicago, new home construction has become very appealing. There’s nothing quite like the brand-new look and freshly painted feel of a new home, no matter if it’s a townhouse in River North, a condo in Bucktown, or a luxury single-family home in Evanston.
Recently, MK Construction & Builders purchased a vacant church site in Elmwood Park with plans to turn it into 12 three-bedroom townhouses equipped with an inviting courtyard, ample parking, and picturesque landscaping. The luxury townhouse developments are very popular in Chicagoland areas, in fact, they are now the fastest-growing segment of the single-family housing construction market.
More Affordable Than Ever
Even with the prices of homes increasing at record rates, they’ve become more affordable than ever. That may seem counteractive, but there’s a reason for it.
Along with the historically low interest rates, consumers have spent the pandemic saving more money than ever before. Armed with more money in the bank and easily accessible low mortgage interest rates, homebuyers can afford loftier asking prices.
Our team at MK Construction & Builders, Inc. specializes in making your home look and feel like an extension of you. If you’re looking for custom home building services, wanting to add new rooms to your home, or thinking of remodeling your bathroom or kitchen, we want to hear about it.
To get started on the home of your dreams, please contact us today.