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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If you’re planning to sell your house and move, you probably know there’s been a shortage of options available. But here’s the good news: the supply of homes for sale has grown in a lot of markets this year – and that’s not just existing, or previously-owned, homes. It’s true for newly built homes too.

 So how do you decide which route to go? Do you buy an existing home or a brand-new one? The choice is yours – you just need to figure out what’s most important to you.

Perks of a Newly Built Home

Here are some benefits of buying a newly built home right now:

  • Have brand new everything with never-been-used appliances and materials
  • Use energy efficient options to save money and leave a smaller footprint
  • Minimize the need for repairs and…

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Mortgage rates have been one of the hottest topics in the housing market lately because of their impact on affordability. And if you’re someone who’s looking to make a move, you’ve probably been waiting eagerly for rates to come down for that very reason. Well, if the past few weeks are any indication, you may be getting your wish.

Mortgage Rates Trend Down in Recent Weeks

There’s big news for mortgage rates. After the latest reports on the economy, inflation, the unemployment rate, and the Federal Reserve’s recent comments, mortgage rates started dropping a bit. And according to Freddie Mac, they’re now at a level we haven’t seen since February. To help show the downward trend, check out the graph below:

No Caption ReceivedMaybe you’re seeing this and wondering if…

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If you haven’t already heard, homebuyers are regaining some negotiating power in today’s market. And while that doesn’t make this a buyer’s market, it does mean buyers may be able to ask for a little more. So, sellers need to be ready for that possibility and know what they’re willing to negotiate.

Whether you’re looking to buy or sell a house, here’s a quick rundown of potential negotiations that may pop up during your transaction. That way, you’re prepared no matter which side of the deal you’re on.

What Can You Negotiate?

Most things in a home purchase are on the negotiation table. Here’s a list of just a few of those options, according to Kiplinger and LendingTree:

  • Sale Price: The most obvious is the price of the home. And that…

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Curious about selling your home? Understanding how much equity you have is the first step to unlocking what you can afford when you move. And since home prices rose so much over the past few years, most people have much more equity than they may realize.

Here’s a deeper look at what you need to know if you’re ready to cash in on your investment and put your equity toward your next home.

Home Equity: What Is It and How Much Do You Have?

Home equity is the difference between how much your house is worth and how much you still owe on your mortgage. For example, if your house is worth $400,000 and you only owe $200,000 on your mortgage, your equity would be $200,000.

Recent data from the Census and ATTOM shows Americans have significant equity…

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Some Highlights

  • Back in 2008, there was an oversupply of homes for sale. Today, there’s an undersupply. The three main sources of inventory show this isn’t like the last time.
  • Existing homes, new homes, and foreclosures are all way below the levels we saw during the housing crash.
  • Inventory data shows there just aren’t enough homes available to have a repeat of what happened back in 2008. 

Originally posted at Simplifying The Market.

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