Thinking about buying a home? If so, you're probably wondering: should I buy now or wait? Nobody can make that decision for you, but here's some information that can help you decide.

What’s Next for Home Prices?

Each quarter, Fannie Mae and Pulsenomics publish the results of the Home Price Expectations Survey (HPES). It asks more than 100 experts—economists, real estate professionals, and investment and market strategists—what they think will happen with home prices.

In the latest survey, those experts say home prices are going to keep going up for the next five years (see graph below):

 a graph of green bars


Here’s what all the green on this chart should tell you. They’re not expecting any price declines. Instead, they’re saying we’ll see a 3-4% rise each…

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Even with the latest data coming in, the experts agree there’s no chance of a large-scale foreclosure crisis like the one we saw back in 2008. While headlines may be calling attention to a slight uptick in foreclosure filings recently, the bigger picture is that we’re still well below the number we’d see in a more normal year for the housing market. As a report from BlackKnight explains:

“The prospect of any kind of near-term surge in foreclosure activity remains low, with start volumes still nearly 40% below pre-pandemic levels.”

That’s good news. It means the number of homeowners at risk is very low compared to the norm.

But, there’s a small percentage who may be coming face to face with foreclosure as a possibility. That’s because some…

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As we dive into the latest real estate trends for Geneva, Illinois, there's something exciting for current and potential home sellers to consider. A quick glance at the most recent chart depicting the average market time for homes in our beloved Geneva might just have you rubbing your hands with glee.

Geneva IL Average Market Time Chart

Let's break it down. The graph in question shows a clear and consistent trend. Since January 2021, the average market time for homes has seen a significant drop. From highs of 80+ days on the market, we've witnessed a gradual but steady plunge, bringing us to a remarkable under-30-days average as we step into the spring of 2024.

What does this mean for you, the savvy homeowner? In plain terms, the buyer demand is buzzing, but the hive of available…

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Are you thinking about buying a home soon? If so, you should know today’s market is competitive in many areas because the number of homes for sale is still low – and that’s leading to multiple-offer scenarios. And moving into the peak homebuying season this spring, this is only expected to ramp up more.

Remember these four tips to make your best offer.

1. Partner with a Real Estate Agent

Rely on a real estate agent who can support your goals. As PODS notes:

“Making an offer on a home without an agent is certainly possible, but having a pro by your side gives you a massive advantage in figuring out what to offer on a house.”

Agents are local market experts. They know what’s worked for other buyers in your area and what sellers may be looking…

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a close up of a chart

Some Highlights

  • With the number of new listings going up and average days on market going down, buyers may have more options, but will still want to move fast.
  • For sellers, inventory is still low and houses are selling fast, meaning your house should stand out and may get multiple offers if you price it right.
  • If you want to know more about what’s happening in our area, let’s connect.

Previously posted at Simplifying The Market.

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Thinking about selling your house and wondering if now’s a good time to do it? Here’s what you need to know. Even though the number of homes for sale has been growing this year, there still aren’t enough homes on the market for all the buyers who want to buy.

So, what does that mean for you? To keep it simple, it means it’s still a seller’s market. Here’s how it works:

  • A neutral market is when supply and demand is balanced. Basically, there are enough homes to meet buyer demand based on the current sales pace, and home prices hold fairly steady.
  • A buyer’s market is when there are more homes for sale than there are buyers. When that happens, buyers have more negotiation power because sellers are willing to make compromises to close the deal. In…

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Are you looking to buy a new home in St. Charles, Illinois? If so, you're embarking on an exciting journey, and we're here to guide you through every step of the way. This blog post is all about making your house-hunting experience in St. Charles as smooth and successful as possible, with a focus on the invaluable role a realtor plays in this process.

The Overwhelming Quest for the Perfect Home

Firstly, it's important to acknowledge that searching for a new home, especially in a place as sought-after as St. Charles, IL, can be quite daunting. The myriad of options, the competitive market, and the sheer time it takes to sift through listings can be overwhelming. This is where the expertise of a realtor becomes not just helpful, but essential.

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Going into 2023, there was a lot of talk about a possible recession that would cause the housing market to crash. Some in the media were even forecasting home prices would drop by as much as 10-20%—and that might have made you feel a bit unsure about buying a home.

But here’s what actually happened: home prices went up more than usual. Brian D. Luke, Head of Commodities at S&P Dow Jones Indices, explains:

“Looking back at the year, 2023 appears to have exceeded average annual home price gains over the past 35 years.”

To put last year’s growth into context, the graph below uses data from Freddie Mac on how home prices have changed each year going back to 1980. The dotted line shows the long-term average for appreciation:

 a graph showing the average of a home appreciation


The big…

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If you’ve been thinking about buying a home, mortgage rates are probably top of mind for you. They may even be why you’ve put your plans on hold for now. When rates climbed near 8% last year, some buyers found the numbers just didn’t make sense for their budget anymore. That may be the case for you too.

Data from Bright MLS shows the top reason buyers delayed their plans to move is due to high mortgage rates (see graph below):

 a graph of blue rectangles with text


David Childers, CEO at Keeping Current Matters, speaks to this statistic in the recent How’s The Market podcast:

“Three quarters of buyers said ‘we’re out’ due to mortgage rates. Here’s what I know going forward. That will change in 2024.”

That’s because mortgage rates have come down off their peak last October.…

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90 10th Ave, Bartlett, IL

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$ CLICK FOR CURRENT PRICE 2 BEDROOMS 2 BATHROOMS

Spacious mobile home in desirable Spring Lake Estates of Bartlett on waterfront lot! Park amenities include a clubhouse, park, ponds and more. Oversized driveway and convenient storage shed. 2 bedrooms and 2 full baths. Large inviting living room and adjacent eat-in kitchen complete with breakfast bar, table space and decorative tile backsplash. Master with luxury bath includes double bowl vanity. Stove works, oven does not. Seller offering $500 credit for repair or replacement. All occupants must be 55+ years old.…

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