Northern Illinois Real Estate Videos & Market Updates

Feel like your first home is years out of reach? With affordability this tight, we get it. But the type of home you buy can change the timeline in a big way. On the typical path, saving up and reaching the break-even point where owning costs about the same as renting takes around 15 years. With a starter home, it's closer to 7. And both of those numbers assume a 20 percent down payment. Most first-time buyers put down far less, and some loans require as little as 3 percent or even zero down. Tired of waiting? Reach out to The Kombrink Team at One Source Realty and let's chat about getting you into your first home sooner.

Mortgage rates may be making headlines again, but the rate you see quoted online isn’t necessarily the rate you’ll actually get. Your mortgage rate depends on your individual financial picture, including your credit score, debt-to-income ratio, down payment, loan type, loan term, and other factors. That means your actual rate could look different from the number making headlines. If higher rates have you putting your home search on hold, talk with a trusted local lender or loan officer and find out what you could actually qualify for. A quick conversation may give you a much clearer picture of what’s possible.

Waiting for mortgage rates to come down might seem like the safest move, but it doesn’t always play out that way. A recent survey found that 41% of buyers who waited for lower rates wish they had bought sooner. With inflation, the economy, and global events all influencing mortgage rates, there’s no guarantee a big drop is coming anytime soon. That doesn’t mean you should rush into buying. It means you should know what the numbers look like right now before deciding to wait. A trusted lender can help you understand today’s rates, available loan programs, and what payment actually works for your budget.

Thinking about tapping your 401(k) for a down payment? It can be tempting, especially when saving enough cash feels like the biggest hurdle to buying a home. But accessing retirement savings early can come with taxes, potential penalties, and the bigger long-term cost of missing out on future investment growth. Before touching your retirement account, explore other possibilities. Qualified buyers may be able to use an FHA loan with as little as 3.5% down, and down payment assistance programs may also be available. Talk with a qualified financial advisor about the financial side, and if you're wondering what home-buying options are available in Northern Illinois, contact The Kombrink Team at 630-402-0021.

A lot of buyers are putting their plans on hold until mortgage rates come down. But historically, today’s rates are closer to normal than many people realize. The ultra-low rates during the pandemic were the exception, not the rule. Waiting for those record-low rates to return could mean missing opportunities that are available right now. If buying a home is important to you, The Kombrink Team can help you explore strategies that make today’s market work for your budget.

Buying a home involves more than just the mortgage payment. Homeowner’s insurance premiums have risen significantly since 2019, and that cost can affect how much home you can comfortably afford. The good news is that the pace of those increases appears to be slowing. Still, buyers should request insurance quotes early and compare several providers before making an offer. A little preparation now can help you avoid an expensive surprise later.

Worried that big investors are buying up all the homes? The latest data shows the largest institutional investors are now selling more properties than they’re purchasing, adding more homes back to the market. Many of these homes fall within price ranges where first-time buyers are shopping. That could mean less competition and more options for buyers who have been waiting for an opportunity.