Fox Valley Real Estate Blog - For Buyers

Buying Beats Renting in These Top Cities

Some Highlights

• Based on a recent study, in 22 of the top 50 metros, the monthly mortgage payment is lower than the rent payment.
• Make sure you work with a pro who can help you crunch the numbers and see how your city stacks up.
• This may be your opportunity to forget renting for good. If you want to see which option makes the most sense in our area, let’s do the math together.

Originally posted at Simplifying The Market.

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Home Values Rise Even as Median Prices Fall

Recent headlines have been buzzing about the median asking price of homes dropping compared to last year, and that’s sparked plenty of confusion. And as a buyer or seller, it’s easy to assume that means prices are coming down. But here’s the catch: those numbers don’t tell the full story.

Nationally, home values are actually rising, even if the median price is down a bit. Let’s break down what’s really happening so you can make sense of the market without getting caught up in the fear the headlines create.

Homes on the Market Right Now Are Smaller

The biggest reason for the dip in median price is the size of homes being sold. The median price reflects the middle point of all the homes for sale at any given time. And that’ll be affected by the mix…

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How to Make an Offer Sellers Can’t Refuse: 5 Insider Secrets to Secure Your Dream Home

Are you tired of missing out on your dream home? With the real estate market moving at lightning speed, it takes more than luck to succeed. In 2024, buying a house can feel like a race against time, with homes flying off the market in just 24 days and 30% of them selling for more than the asking price. To stand out and secure your dream home, you need strategies that go beyond the basics. Luckily, we have five powerful secrets that will transform you from a hopeful buyer into a savvy homeowner. Get ready to learn how to make an offer sellers can’t refuse!

Your Home-Buying Journey: A Thrilling Adventure

Buying a home is one of life’s most exciting challenges. Think of it as a thrilling adventure, where you are the hero navigating the twists…

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How to Avoid First-Time Home Buyer Mistakes and Secure Your Dream Home

Picture this: You've finally found your perfect home. The kitchen is exactly what you’ve dreamed of, the backyard is perfect for your summer barbecues, and you can already see yourself lounging in your new living room. Everything seems to be falling into place, but suddenly, disaster strikes—a higher offer comes in, leaving you frustrated and heartbroken. Sound familiar?

Buying a home, especially for the first time, is often an emotional rollercoaster. From the excitement of finding that “just-right” property to the disappointment of losing out to another buyer, it can be a wild ride. But what if there was a way to smooth out the bumps and avoid the common mistakes that trip up most first-time homebuyers? What if you could turn the house-hunting…

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This Is the Sweet Spot Homebuyers Have Been Waiting For

After months of sitting on the sidelines, many homebuyers who were priced out by high mortgage rates and affordability challenges finally have an opportunity to make their move. With rates trending down, today’s market is a sweet spot for buyers—and it’s one that may not last long.

So, if you’ve put your own move on the back burner, here’s why maybe you shouldn’t delay your plans any longer.

As you weigh your options and decide if you should buy now or wait, ask yourself this: What do you think everyone else is going to do?

The truth is, if mortgage rates continue to ease, as experts project, more buyers will jump back into the market. A survey from Bankrate shows over half of homeowners would be motivated to buy this year if rates drop below 6%…

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Buying Beats Renting in 22 Major U.S. Cities

That’s right—according to a recent study from Zillow, in 22 of the 50 largest metro areas, monthly mortgage payments are now lower than rent payments (see chart below):

As mortgage rates have eased off their recent peak, home prices have moderated, and inventory has ticked up, affordability has improved significantly. When you add all of that up, it’s getting less expensive to buy a home than to rent one in many parts of the country.

This is a big deal if you’ve been renting for a while now. But if you don’t see your city on this list, don’t sweat it. Things are moving fast, and your area might be joining these top metros soon.

You see, talking with a local real estate agent about what’s happening in your market before this happens in your ideal…

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Buy Now, or Wait?

Some Highlights

• If you’re wondering if you should buy now or wait, here’s what you need to know.
• If you wait for rates to drop more, you’ll have to deal with more competition and higher prices as additional buyers jump back in. But if you buy now, you’d get ahead of that and have the chance to start building equity.
• Should you buy now or wait? Let’s talk through it together, so you can make your best decision. 

Originally posted at Simplifying The Market.

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Navigating the Kane County Real Estate Market: What's Hot and What's Not

If you’re a homeowner, buyer, or seller in Kane County, this post is for you! Staying on top of the local real estate trends is crucial whether you're considering a move or simply curious about the market dynamics. Today, we're diving deep into what’s happening in the Kane County real estate scene. We'll explore the most sought-after areas, highlight the types of properties that are in demand, and discuss opportunities that you shouldn't overlook. Let's get started!

What’s Hot in the Kane County Real Estate Market?

Certain neighborhoods in Kane County are experiencing a surge in demand, making them prime areas for both sellers and buyers. If you’re in one of these neighborhoods, you might be sitting on a goldmine.

St. Charles, Geneva, and…

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Don’t Fall for These Real Estate Agent Myths

When it’s time to buy or sell a home, one of the most important decisions you’ll make is who you’ll work with as your agent. That choice will have an impact on your entire experience and how smoothly it goes.

As you figure out who you’ll partner with, it’s important to know what to expect and what to look for. Unfortunately, there may be some myths holding you back from making the best decision possible. So, let’s take some time to address those, and make sure you have the information you need to find the right agent for you.

Myth #1: All Real Estate Agents Are the Same

You might think all agents are the same – so it doesn’t matter who you work with. But, in reality, agents have varying levels of experience, specialties, and market knowledge,…

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Why Buying Now May Be Worth It in the Long Run

Should you buy a home now or should you wait? That’s a question a lot of people have these days. And while what’s right for you is going to depend on a lot of different factors, here’s something you’ll want to consider as you make your decision.

As soon as you buy, you’ll start gaining equity. And you’d be surprised how quickly that can add up – even with more moderate home price appreciation.

Each quarter, Fannie Mae releases the Home Price Expectations Survey. It asks over one hundred economists, real estate experts, and investment and market strategists what they forecast for home prices over the next five years. In the latest release, experts project prices will continue to rise nationally through at least 2028 (see the graph below):

While…

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