Even though activity in the housing market has slowed from the frenzy that was the ‘unicorn’ years, it’s still a seller’s market because the supply of homes for sale is so low. But what does that really mean for you? And why are conditions today so good if you want to sell your house?

The latest Existing Home Sales Report from the National Association of Realtors (NAR) shows housing supply is still astonishingly low. Housing inventory is measured by the number of available homes on the market. It’s also measured by months’ supply, meaning the number of months it would take to sell all those available homes based on current demand. In a balanced market, there’s usually about a six-month supply. Today, we have only about 3 months’ supply of homes at the…

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Some Highlights

  • Your equity grows as you pay down your home loan and as home prices increase. With home prices rising again, your equity is getting an extra boost.
  • Almost half of homeowners are equity rich because they have at least 50% equity in their homes. If you’ve been in your home for a while, you might have gained a considerable amount of equity, too.
  • Want to find out how much equity you have? Connect with a trusted real estate agent for a Professional Equity Assessment Report (PEAR).

Previously posted at Simplifying The Market.

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1002 Pattee Ave, Elburn, IL

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$ CLICK FOR CURRENT PRICE 4 BEDROOMS 2.5 BATHROOMS 0.22 acres Lot

Move-in ready 3,200 sq ft two story home in sought after Blackberry Creek neighborhood close to shopping, dining, downtown Elburn and Metra train. Minutes from Randall Rd corridor, downtown Geneva and St Charles. Ideal location just steps from elementary school and playground. Gorgeous landscaped lot with welcoming front porch, 2-car attached garage, large and inviting backyard patio perfect for entertaining and relaxing. Brand new roof in 2023! Step inside to find a modern…

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Have you ever wondered how inflation impacts the housing market? Believe it or not, they’re connected. Whenever there are changes to one, both are affected. Here’s a high-level overview of the connection between the two.

The Relationship Between Housing Inflation and Overall Inflation

Shelter inflation is the measure of price growth specific to housing. It comes from a survey of renters and homeowners that’s done by the Bureau of Labor Statistics (BLS). The survey asks renters how much they’re paying in rent, and homeowners how much they’d rent their homes for, if they weren’t living in them.

Much like overall inflation measures the cost of everyday items, shelter inflation measures the cost of housing. And for four consecutive months, based on…

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4N065 Walt Whitman Rd, St Charles, IL

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$ CLICK FOR CURRENT PRICE 5 BEDROOMS 5.5 BATHROOMS 0.42 acres Lot

Spectacular 4,600 sq ft 5BR/5.1BA brick and cedar two story home in prestigious Fox Mill neighborhood of St Charles! Large landscaped corner lot complete with 3-car attached garage, welcoming wraparound front porch and backyard paver patio, plus deck, perfect for entertaining and relaxing. Lawn irrigation system. Step inside to find an exceptional floor plan with 2-story, vaulted, domed and coffered ceilings. Formal dining room, family room with gas log fireplace…

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Are you putting off selling your house because you’re worried no one’s buying because of where mortgage rates are? If so, know this: the latest data shows plenty of buyers are still out there, and they’re purchasing homes today. Here’s the data to prove it.

The ShowingTime Showing Index is a measure of buyers touring homes. The graph below uses the latest numbers available and compares them to the same month in the last normal years to show just how active today’s buyers still are:

As you can see, when June 2023 numbers are stacked alongside what’s typical for the housing market at this time of year, it's clear buyers are still active. And, they’re actually a lot more active than the norm.

If you’re wondering how this could possibly be true, it’s…

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Even though you may feel reluctant to sell your house because you don’t want to take on a mortgage rate that’s higher than the one you have now, there’s more to consider. While the financial side of things does matter, your personal needs may actually matter just as much. As an article from Bankrate says:

“Deciding whether it’s the right time to sell your home is a very personal decision. There are numerous important questions to consider, both financial and lifestyle-based, before putting your home on the market.”

So, ask yourself this: why did I want to move in the first place?

Chances are your primary motivation wasn’t just financial in nature. Why you’re really thinking about selling likely has more to do with something changing in your life…

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Generation Z (Gen Z) is eager to put down their own roots and achieve financial independence. As a result, they’re turning to homeownership. According to the latest Home Buyers and Sellers Generational Trends Report from the National Association of Realtors (NAR), 30% of Gen Z buyers transitioned straight from living under their parents' roofs to owning their own homes.

If you’re a member of this generation, and you’re interested in pursuing your own dream of homeownership, here’s some information you may find helpful on why and where your peers are buying.

The Reasons Gen Z Want To Become Homeowners

A recent survey by Rocket Mortgage identifies some of the top motivators driving Gen Z buyers to purchase a home:

“Of those surveyed, 34% said…

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Some Highlights

  • There are only about half the number of homes for sale compared to the last normal years in the market.
  • That means buyers don’t have enough options right now. So, if you work with an agent to list your house, it should be in the spotlight.
  • If you're thinking of selling, let’s connect so your house can stand out while there’s such a shortage of supply and buyers are craving more options. 

Previously posted at Simplifying The Market.

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There’s been talk about a recession for quite a while now. But the economy has been remarkably resilient. Why? One reason is employment and wages have stayed strong. Let’s look at the latest information on each one and why both are good news if you’re thinking about selling your house.

More Jobs Are Being Created

Instead of facing the job losses typical of any recession, the economy has been growing and adding jobs. According to the Bureau of Labor Statistics (BLS), 187,000 jobs were created in July, which is up from the 185,000 created in June. That means more people are finding work. In fact, so many jobs are being added that the unemployment rate is far lower than the long-term average of 5.7% (see graph below):

A low unemployment rate…

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