Over the past couple of years, a lot of people have had a hard time buying a home. And while affordability is still tight, there are signs it's getting a little better and might keep improving throughout the rest of the year. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:

“Housing affordability is improving ever so modestly, but it is moving in the right direction.”

Here’s a look at the latest data on the three biggest factors affecting home affordability: mortgage rates, home prices, and wages. 

1. Mortgage Rates

Mortgage rates have been volatile this year, bouncing around from the mid-6% to low 7% range. But there's some good news. Data from Freddie Mac shows rates have been trending down overall since May…

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In the world of real estate, staying informed about market trends is crucial, whether you're looking to buy, sell, or simply keep an eye on your investment. Here in Saint Charles, Illinois, the market has shown some interesting developments as we move through August 2024. Let’s dive into the numbers that matter most and explore what they mean for you.

A Shift Towards a More Balanced Market

As of August 2024, Saint Charles is experiencing a 3.61 Months Supply of Inventory. This figure represents the amount of time it would take to sell all the current homes on the market, assuming no new listings are added. A 3.61-month supply indicates a more balanced market, which benefits both buyers and sellers.

Months Supply of Inventory in St Charles IL for August 2024

Why is this significant? The supply…

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Wondering what’s happening in the North Aurora real estate market?
Thinking about buying or selling but not sure if now’s the right time?

Hey everyone, I’m Kris with The Kombrink Team at One Source Realty, your local REALTOR® team in North Aurora, Illinois.
Today, I’m breaking down the latest market update for August 2024.
So whether you’re a buyer, seller, or just curious about what’s going on, stick around.

Let’s dive right in.

Current Market Overview in North Aurora

2.2 Months Supply of Inventory

Here’s where we’re at with inventory.

Right now, North Aurora has a 2.2 Months Supply of Inventory.
But what does that really mean?
Simply put, if no new homes were listed starting today, it would take just over two months to sell everything…

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Thinking about buying or selling a home in Elgin?
Curious about the latest real estate trends?
Wondering if now’s the right time to make your move?

Hi, I’m Kris with The Kombrink Team at One Source Realty, your local REALTOR® team here in Elgin, Illinois.
Today, I’m breaking down the latest market update for August 2024, so you know exactly what’s happening in our area.

Let’s get into the numbers.

Elgin Market Breakdown: What You Need to Know

1.44 Months Supply of Inventory

Right now, Elgin has a 1.44 Months Supply of Inventory.
What does that mean?
If no new homes hit the market, we’d sell everything currently listed in just over a month and a half.

Months Supply of Inventory in Elgin IL for August 2024

This is a pretty tight market.
It’s competitive out there, and both buyers and…

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Are you wondering if now is the right time to buy or sell a home in Batavia?
Feeling overwhelmed by all the numbers and market trends?
Not sure if you should wait or take the plunge?

I’m Kris from The Kombrink Team at One Source Realty, your go-to REALTOR® team in Batavia, Illinois. Today, I’m breaking down the latest real estate market update for August 2024 so you can make informed decisions.

Let’s jump right into the numbers.

Batavia Market Snapshot: Key Numbers You Need to Know

1.38 Months Supply of Inventory

Here’s the deal: we’re sitting at just 1.38 months of inventory.
Translation?
It’s a strong seller’s market.
With inventory this low, demand is high, and there are fewer homes available for buyers to choose from.

Months Supply of Inventory in Batavia IL for August 2024

If you’re…

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One of the biggest bright spots in today’s housing market is how much the supply of homes for sale has grown since the beginning of this year. 

Recent data from Realtor.com shows that nationally, there are 36.6% more homes actively for sale now compared to the same time last year. That’s a significant improvement. It gives you far more options for your move than you would’ve had just a year ago. And with supply improving, you’re also regaining a bit of negotiation power. So, if you’re someone who thought about buying a home over the last few years but was discouraged by how limited inventory was, this should be welcome news.

As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:

 “Increased housing supply spells…

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What’s Going on in the Aurora, IL Real Estate Market This August?

Hey there, Kris here with The Kombrink Team at One Source Realty. I’m here to break down what’s happening in the Aurora real estate market this August. Whether you’re looking to buy, sell, or just stay in the know, I’ve got all the details you need.

Let’s get into it.

Right now, Aurora has a 1.24 Months Supply of Inventory.

That’s a fancy way of saying that if no new homes were listed starting today, it would take just over a month to sell everything currently available.

Months Supply of Housing Inventory in Aurora IL August 2024

But here’s the twist—over the last year, we’ve seen a 16.9% increase in this inventory number.

What does that mean?

It’s a sign that the market is cooling off a bit. We’re not in the same…

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What's the Geneva, IL Real Estate Market Like in August 2024?

Hey, it's Kris with The Kombrink Team at One Source Realty, your local real estate guide here in Geneva, Illinois. If you're curious about the latest market trends, you're in the right place. Whether you're thinking about buying, selling, or just want to know what's happening in the neighborhood, I’ve got all the details for you.

Let’s cut to the chase.

Right now, the Geneva market is on fire. With a 1.27 Months Supply of Inventory, homes are flying off the market faster than we’ve seen in a while. What does that mean for you? If you’re in the market to buy, you’ve got to be ready to move fast. If you find something you love, don’t wait—someone else might snag it before you get a…

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Some Highlights

  • If you’re thinking about selling your house, it’s important to know what the home inspection is and what inspectors look for.
  • As supply grows and buyers regain negotiation power, you may find you want to do some select repairs with a good return on investment before listing to get ahead of things a buyer may ask you to fix.
  • To decide what's worth tackling, you need expert advice. Let's chat so you know what to prioritize.

Originally posted at Simplifying The Market.

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508 S Chestnut St, Kewanee, IL

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$ CLICK FOR CURRENT PRICE 4 BEDROOMS 4 BATHROOMS 0.59 acres Lot

Welcome to 508 S Chestnut St, an iconic home in Kewanee, Illinois, designed by the renowned Chicago architect Jerome P. Cerny and built in 1942. This English Cotswold Cottage-inspired residence boasts numerous Tudor Revival features, including decorative half-timbers and large chimneys adorned with ornate chimney pots. With two garages providing four parking spaces, this home offers ample convenience and style. Step inside to discover large living areas filled with…

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