On the road to becoming a homeowner? If so, you may have heard the term pre-approval get tossed around. Let’s break down what it is and why it’s important if you’re looking to buy a home in 2024.

What Pre-Approval Is

As part of the homebuying process, your lender will look at your finances to figure out what they’re willing to loan you. According to Investopedia, this includes things like your W-2, tax returns, credit score, bank statements, and more.

From there, they’ll give you a pre-approval letter to help you understand how much money you can borrow. Freddie Mac explains it like this:

“A pre-approval is an indication from your lender that they are willing to lend you a certain amount of money to buy your future home. . . . Keep in mind…

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23W302 Cambridge Ct, Glen Ellyn, IL

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$ CLICK FOR CURRENT PRICE 4 BEDROOMS 2 BATHROOMS 0.35 acres Lot

Welcome to the epitome of suburban living in the prestigious Foxcroft neighborhood of Glen Ellyn! Nestled on a beautifully landscaped cul-de-sac lot, this updated 4-bedroom ranch home seamlessly blends charm and modern convenience. With a welcoming front brick paver patio, a sprawling backyard oasis complete with a patio, and a concrete drive leading to a 2-car attached garage, this home offers both curb appeal and functionality. Inside, discover a haven of comfort…

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Have you been thinking about selling your house? If so, here’s some good news. While the housing market isn't as frenzied as it was during the ‘unicorn’ years when houses were selling quicker than ever, they’re still selling faster than normal.

The graph below uses data from Realtor.com to tell the story of median days on the market for every January from 2017 all the way through the latest numbers available. For Realtor.com, days on the market means from the time a house is listed for sale until its closing date or the date it’s taken off the market. This metric can help give you an idea of just how quickly homes are selling compared to more normal years:

 


When you look at the most recent data (shown in green), it's clear homes are selling…

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Finding the right home is one of the biggest challenges for potential buyers today. Right now, the supply of homes for sale is still low. But there is a bright spot. Newly built homes make up a larger percent of the total homes available for sale than normal. That’s why, if you’re craving more options, it makes sense to see if a newly built home is right for you.

But it’s important to remember the process of working with a builder is different than buying from a homeowner. And, while builders typically have sales agents on-site, having your own agent helps make sure you have proper representation throughout your homebuying journey. As Realtor.com says:

“Keep in mind that the on-site agent you meet at a new-construction office works for the builder.…

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172 Canterbury Ct, Bloomingdale, IL

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$ CLICK FOR CURRENT PRICE 3 BEDROOMS 2.5 BATHROOMS

Discover the epitome of suburban luxury living in The Crossing neighborhood of Bloomingdale with this exquisite 3-bedroom, 2.1-bath townhome. Nestled in a serene and quiet community, yet strategically located close to shopping, dining, transportation, and more, this residence offers the perfect blend of tranquility and convenience. The brick and vinyl exterior, concrete driveway, and 2-car attached garage provide a welcoming entrance, while the private oversized front porch and mature landscaping create a…

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1616 N Leonard Ave, McHenry, IL

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$ CLICK FOR CURRENT PRICE 3 BEDROOMS 2 BATHROOMS 0.23 acres Lot

Welcome home to the epitome of comfort and convenience in McHenry Lake Estates! This meticulously crafted 3-bedroom residence, nestled on a beautifully landscaped lot, offers an idyllic lifestyle with its close proximity to shopping, dining, parks, the river, beaches, and the Metra train. The allure begins with a 2-car attached garage and a welcoming concrete drive, leading to a spacious backyard adorned with a charming brick paver patio. This outdoor oasis boasts built-in seating, a…

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Some Highlights

  • Headlines saying foreclosures are rising might make you feel uneasy. But the truth is, there’s no need to worry.
  • If you look at the latest numbers, they’re still below pre-pandemic norms and way below what happened during the crash.
  • If you're worried about a flood of foreclosures, the data shows a foreclosure crisis is not where the market is today and is not where it’s headed.

Previously posted at Simplifying The Market.

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105 N Barton Trl, Batavia, IL

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$ CLICK FOR CURRENT PRICE 2 BEDROOMS 2.5 BATHROOMS

Experience the pinnacle of modern living in this impeccably updated townhome nestled in the heart of Deerpath Crossing, Batavia. Boasting a prime location close to Randall Road shopping and a short drive to the Metra train, convenience meets style in this residence. Enjoy the utmost privacy as the townhome backs to single-family homes, surrounded by privacy fencing and new arborvitaes. The 2-car attached garage, freshly painted and equipped with a new hose hook up valve and nozzle, leads to a private entrance and…

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As you think about the year ahead, one of your big goals may be moving. But, how do you know when to make your move? While spring is usually the peak homebuying season, you don’t actually need to wait until spring to sell. Here's why.

1. Take Advantage of Lower Mortgage Rates

Last October, the 30-year fixed mortgage rates peaked at 7.79%. In January, they hit their lowest level since May. That means you may not feel as locked-in to your current mortgage rate right now. That downward trend in rates has made moving more affordable now than it was just a few months ago.

Another reason today’s rates make now a good time to sell? More buyers are jumping back into the market. Many had been waiting on the sidelines for rates to fall, but now that that’s…

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911 Kehoe Dr, St Charles, IL

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$ CLICK FOR CURRENT PRICE 4 BEDROOMS 2.5 BATHROOMS 0.24 acres Lot

Welcome to the epitome of charm and modernity in this beautifully updated 4-bedroom home located in the heart of St. Charles. Situated in a sought-after in-town location, this residence is within walking distance to parks, schools - including the highly regarded Davis Richmond - downtown St. Charles, the picturesque river, and scenic paths. The landscaped corner lot adorned with mature trees features a 2-car sideload garage and a large inviting front porch, providing a warm welcome. The…

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