Fox Valley Real Estate Blog

The Down Payment Assistance You Didn’t Know About

Believe it or not, almost 80% of first-time homebuyers qualify for down payment assistance, but only 13% actually use it. And if you’re hoping to buy a home, this is a mission-critical gap to close – fast (see graph below):

Here’s what you need to know to make the most of your down payment in today’s housing market.

Amplify Your Down Payment Potential

For first-time buyers, the name of the game with down payments is making sure you’re taking advantage of all the resources out there designed to help you. And a bunch of them can get you to your goal faster than you may have thought possible.

For example, there are loan options that require as little as 3% down, or even 0% for certain qualified borrowers, like Veterans. And let’s not forget down…

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Is Your House Priced Too High?

Every seller wants to get their house sold quickly, for as much money as they can, with as few headaches as possible. And chances are, you’re no different.

But did you know one of the biggest things that could jeopardize your success is the asking price for your home? Pricing your house correctly is one of the most crucial steps in the selling process.

So, how do you know if you’re missing the mark? Here are four signs your high asking price might be turning potential buyers away—and why leaning on your real estate agent is the best way to course correct.

1. You’re Not Getting Many Showings or Offers

One of the most obvious signs your house may be overpriced is a lack of showings. If it's been on the market for several weeks and only a few…

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Lower Mortgage Rates Boost Your Buying Power

Some Highlights

• Mortgage rates are trending down and that’s great news for your bottom line.
• As rates drop, your monthly payment on your next home does too. Even a small change in mortgage rates can have a big impact on your purchasing power.
• If you put your search on hold when mortgage rates were higher, think about how much you could save now that rates are coming down.

Originally posted at Simplifying The Market.

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5 Essential Tips Before Moving to North Aurora, IL

Are you considering a move to North Aurora, Illinois? Whether you're a first-time homebuyer or a seasoned real estate investor, relocating to a new area is a big decision that requires careful planning. North Aurora, a charming suburb in Kane County, offers a unique blend of suburban tranquility and easy access to urban amenities. In this blog post, we'll cover five essential tips you need to know before making your move to North Aurora, IL. From understanding the local housing market to exploring community amenities, these insights will help you make an informed decision and ensure a smooth transition to your new home.

North Aurora, IL: An Overview

Located in the heart of Kane County, North Aurora provides its residents with a picturesque…

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Falling Mortgage Rates Are Bringing Buyers Back

If you’ve been hesitant to list your house because you’re worried no one’s buying, here’s your sign it may be time to talk with an agent.

After months of high rates keeping buyers on the sidelines, things are starting to shift. Rates are already coming down due to a number of economic factors. And yesterday the Federal Reserve cut the Federal Funds Rate for the first time since they began raising that rate in March 2022. And while they don’t control mortgage rates, this sets the stage for mortgage rates to fall even further than they already have – especially since more cuts from the Fed are expected into next year. And lower mortgage rates are bringing more buyers back into the market. Lisa Sturtevant, Chief Economist at Bright MLS, says:

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The Latest Builder Trend: Smaller, Less Expensive Homes

Even though affordability is improving, buying a home can still feel tough right now. But here’s some good news: builders are focusing their efforts on building smaller homes, and they’re offering key incentives to buyers. And both of these things can be a big help if you're worried about finding a home that’s right for your budget. 

Builders Are Building Smaller Homes 

During the pandemic, homebuyers were looking for larger homes—and many could afford them. Builders responded to that demand and created bigger spaces to help people with things like working from home, setting up home gyms, and having extra rooms for virtual school.

Now, with affordability as tight as it is, builders are turning their focus to smaller single-family homes. Data from…

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Why Now Is the Best Time to Sell Your Home in Geneva: Maximize Your Investment

In today’s fast-paced real estate market, Geneva homeowners are in a prime position to maximize the value of their property. Geneva, with its picturesque homes, inviting streets, and tight-knit community, has always been a desirable place to live. But what truly sets this moment apart is the unique combination of market conditions that make selling a home in Geneva an especially lucrative decision right now.

Geneva's Booming Real Estate Market

Over the past year, Geneva has experienced a remarkable surge in home prices. With limited inventory available, the demand for homes is outpacing the supply, putting sellers in the driver’s seat. Buyers are actively seeking properties in the area, and with competition so fierce, they’re often willing to…

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Mortgage Rates Drop to Lowest Level in over a Year and a Half

Mortgage rates have hit their lowest point in over a year and a half. And that’s big news if you’ve been sitting on the homebuying sidelines waiting for this moment.

Even a small decline in rates could help you get a better monthly payment than you would expect on your next home. And the drop that’s happened recently isn’t small. As Sam Khater, Chief Economist at Freddie Mac, says:

But if you want to see it to really believe it, here’s how the math shakes out. Take a closer look at the impact on your monthly payment.

The chart below shows what a monthly payment (principal and interest) would look like on a $400K home loan if you…

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Wheaton Real Estate Market Update – September 2024: A Hot Market with Fast Sales and Strong Prices

Wheaton, Illinois Real Estate Market in September 2024: Fast-Moving, Competitive, and Thriving

If you’re considering buying or selling in Wheaton, Illinois, now might be the perfect time. The September 2024 real estate market is hot, with homes moving quickly, selling for strong prices, and competition driving up values. The Kombrink Team at One Source Realty is here to break down the latest numbers and help you understand what’s happening in Wheaton’s real estate scene. Whether you’re looking to snag your dream home or capitalize on selling your property, the data shows that the Wheaton market is full of opportunity.

Let’s dive into the numbers and see why now is such a promising time to make a move in Wheaton.

1.5 Months Supply of…

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Sycamore Real Estate Market Update – September 2024: Fast Sales, High Value, and Hot Demand

A Hot Real Estate Market in Sycamore: What Buyers and Sellers Need to Know

Welcome to the September 2024 real estate market update for Sycamore, Illinois, brought to you by The Kombrink Team. Whether you’re a buyer searching for your dream home or a seller looking to maximize your property’s value, this is an exciting time to be involved in the Sycamore housing market.

Let’s dive into the numbers and get a clear picture of why the Sycamore real estate market is moving so quickly—and what that means for you.

2.3 Months Supply of Inventory: A Seller's Advantage

Currently, Sycamore is operating with a 2.3 months supply of inventory. This means homes are selling fast, making it a seller’s market. In real estate terms, anything below six…

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