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Some Highlights

  • Based on a recent study, in 22 of the top 50 metros, the monthly mortgage payment is lower than the rent payment.
  • Make sure you work with a pro who can help you crunch the numbers and see how your city stacks up.
  • This may be your opportunity to forget renting for good. If you want to see which option makes the most sense in our area, let’s do the math together.

Originally posted at Simplifying The Market.

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If you’re toying with the idea of selling your house, you’re probably wondering how much it’ll cost. To be honest, the final number will depend on several factors like the offer you accept, if you help with your buyer’s closing costs, how many repairs you tackle, and more.

So, to give you a ballpark of what to expect, here’s some information on a few of the expenses you’ll want to be ready for (see graph below):

a graph of cost and costsBut here’s something that puts those costs into perspective. Most homeowners today have a substantial amount of equity built up in their homes, and that means they stand to make significant gains when they sell. Chances are, you do too. This can help quickly recoup these selling costs. You may even have enough equity leftover to put some…

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The real estate market in Geneva, Illinois is heating up as we enter the final quarter of 2024! If you're considering buying or selling a home in this picturesque town along the Fox River, it's essential to stay informed about the latest market trends. This October, Geneva's real estate scene is bustling with activity, and things are moving fast.

Let’s break down the key stats and what they mean for both buyers and sellers in the Geneva, Illinois housing market this month.

Geneva’s Inventory: Low Supply, High Demand

Right now, Geneva is experiencing a 1.2 Months Supply of Inventory, which is a significant 33% decrease compared to the previous year. What exactly does this mean for you? Essentially, it shows that homes are in high demand,…

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You may have heard chatter recently about the economy and talk about a possible recession. It's no surprise that kind of noise gets some people worried about a housing market crash. Maybe you’re one of them. But here’s the good news – there’s no need to panic. The housing market is not set up for a crash right now.

Real estate journalist Michele Lerner says:

“A housing market crash happens when home values plummet due to a lack of demand for homes or an oversupply.”

With that definition in mind, here are two reasons why this just isn’t on the horizon.

1. Demand for Homes Is Higher than Supply

One of the biggest reasons the housing market crashed back in 2008 was an oversupply of homes. Today, though, it’s a very different story.

It’s a…

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Has your house been sitting on the market longer than expected? If so, you’re bound to be frustrated by now. Maybe you’re even thinking it’s time to pull the listing and wait to see what 2025 brings. But what you may not realize is, the decision to hold off could actually cost you. Here’s a look at why staying the course could be the smarter move.

Other Sellers Are Pulling Back. Should You Hold Off Too?

According to recent data from Altos Research, the number of withdrawals is increasing – that means more sellers are opting to pull their listings off the market right now. And this isn’t unusual for this time of the year.

In the housing market, there are seasonal ebbs and flows. Inventory levels typically start to drop off a bit headed into the…

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If you’ve been wanting to sell your house and move up to a bigger or nicer home, you’re not alone. A recent Inman survey reveals the top motivator for today’s homebuyers is the desire for more space or an upgraded home (see graph below):

No Caption ReceivedBut there’s also a good chance you, like many other people, have been holding off on that goal because of recent market challenges. It makes sense – when you’re planning an upgrade that could increase your monthly housing costs, affordability has a huge impact on when you make your move. But there’s good news: now’s actually a great time to make that move happen. Here’s why.

You Have a Lot of Equity To Leverage

One of the key benefits in today’s market is the amount of equity you’ve likely built up in your…

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Some Highlights

  • Affordability is based on three key factors: mortgage rates, home prices, and wages.
  • And today, it’s improving quickly as rates come down, prices level off, and wages climb.
  • If you put your search on pause because it was too expensive to buy, let’s talk about why now may be the perfect time to jump back in.

Originally posted at Simplifying The Market.

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Recent headlines have been buzzing about the median asking price of homes dropping compared to last year, and that’s sparked plenty of confusion. And as a buyer or seller, it’s easy to assume that means prices are coming down. But here’s the catch: those numbers don’t tell the full story.

Nationally, home values are actually rising, even if the median price is down a bit. Let’s break down what’s really happening so you can make sense of the market without getting caught up in the fear the headlines create.

Homes on the Market Right Now Are Smaller

The biggest reason for the dip in median price is the size of homes being sold. The median price reflects the middle point of all the homes for sale at any given time. And that’ll be affected by the mix…

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Seeing your house sit on the market without any bites is the ultimate frustration. And unfortunately, some sellers are in that tricky spot today.

According to data from the National Association of Realtors (NAR), the average time a house spends on the market has increased over the past few years (see graph below):

No Caption ReceivedA recent post from Realtor.com notes a similar trend:

“During the week ending Sept. 14, homes stayed on the market eight days longer compared to last year. With more choices available and mortgage rates expected to fall, buyers are taking their time, which means sellers will need to be patient and flexible.”

Some of that is because inventory has gone up, so buyers have more options. And higher mortgage rates have definitely slowed…

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Are you tired of missing out on your dream home? With the real estate market moving at lightning speed, it takes more than luck to succeed. In 2024, buying a house can feel like a race against time, with homes flying off the market in just 24 days and 30% of them selling for more than the asking price. To stand out and secure your dream home, you need strategies that go beyond the basics. Luckily, we have five powerful secrets that will transform you from a hopeful buyer into a savvy homeowner. Get ready to learn how to make an offer sellers can’t refuse!

Your Home-Buying Journey: A Thrilling Adventure

Buying a home is one of life’s most exciting challenges. Think of it as a thrilling adventure, where you are the hero navigating the twists…

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