Northern Illinois Real Estate Videos & Market Updates

Mortgage rates get most of the attention, but fall can bring some important changes for home buyers too. Historically, buyers may see more homes to choose from, lower asking prices, and sellers who are more willing to negotiate as the end of the year approaches. If affordability has kept you on the sidelines, the seasonal shift could create opportunities that weren’t there a few months ago.

Think a brand-new home automatically costs more than an existing one? Not necessarily. Nationally, the typical new construction home is around $394,000, compared with roughly $434,000 for an existing home. That’s about a $40,000 difference. Builders with inventory to sell may also be offering incentives, rate buydowns, closing cost help, or other opportunities that can make new construction even more attractive. Just remember: the agent sitting in the builder’s sales office represents the builder. Having your own real estate agent means having someone looking out for your interests during the purchase.

Home buyers may have more negotiating power right now than they realize. With more sellers competing for buyers, some homeowners are becoming more flexible on price, closing costs, repairs, and other terms. That doesn’t mean every seller will negotiate, but it can create opportunities for buyers who know where to look. Want to know where buyers have the most leverage in the Fox Valley and Northern Illinois market? Contact The Kombrink Team.

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.

Think every home seller is firm on their asking price? Not anymore. Recently, 41% of homes for sale had a price reduction, which means more sellers are showing a willingness to negotiate rather than let their home sit on the market. That doesn’t mean every house is suddenly affordable, but buyers may have more negotiating power, flexibility, and opportunity than they realize. If you’ve put your home search on hold, let’s take another look at what’s happening locally.

Feel like everything has been a little unpredictable lately? The housing market may actually be one of the more stable things out there. Home prices have been relatively steady, housing inventory is close to where it was last year, and mortgage rates have stayed in roughly the same 6% to 7% range since late 2022. If you’ve been waiting for the market to “settle down” before buying or selling, it may already be there. That stability can make it easier to plan your next move with a little more confidence.

Home price growth slowed significantly over the past couple of years, but early data suggests it may be starting to pick up again. A few months don’t make a trend, and real estate is always local. Reach out to The Kombrink Team for a closer look at home prices across Kane and DuPage Counties and what the latest shift could mean for your move.

Your first home was never meant to be your forever home. If you’re ready for more space, today’s market may offer a unique advantage. Starter homes remain in high demand, which could help you get a strong price when you sell. Meanwhile, more move-up homes are hitting the market, giving you additional choices and potentially more negotiating power. Add in the equity you’ve built, and your next move may be closer than you think. Ready to explore your options? Contact The Kombrink Team today.

If you’ve owned your home for several years, you may have built more buying power than you realize. The typical repeat buyer is putting around 23% down on their next home, often using equity from the home they’re selling. That larger down payment can mean a smaller mortgage, lower monthly payments, less interest over time, and potentially no private mortgage insurance. So if today’s mortgage rates have you wondering whether your next move is still possible, don’t assume the answer is no. Your current home equity could change the math quite a bit.

Still waiting for mortgage rates to fall? The 10-year Treasury yield and the mortgage “spread” help explain why a major drop may not be coming anytime soon. The spread is the gap between the 10-year Treasury yield and mortgage rates. That gap has narrowed significantly since 2023, which is actually helping keep today’s mortgage rates from being even higher. Before putting your home search on hold hoping for dramatically lower rates, let’s run the numbers and see what makes sense for you.

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.

Does your home have an in-law suite, finished basement, bonus room, or separate living space? Those flexible features may be more valuable than you think. Multi-generational homes are getting 13.5% more online views and typically list for 22% more per square foot than standard homes. Buyers are actively looking for homes that can accommodate parents, adult children, guests, or extended family. Thinking about selling? The Kombrink Team can help you understand what your home is worth and how to market its most valuable features.

Feel like your home search has been showing you the same options over and over? There’s a reason. Housing inventory is still higher than last year, but the pace of growth has slowed dramatically. Last spring, the number of homes for sale was up about 31% year-over-year. Today, that increase is closer to 2%. But recent trends suggest inventory growth may be starting to stabilize. And if homes continue taking longer to sell, more listings could begin piling up again. If your home search has felt a little stale, don’t give up. New opportunities are hitting the market every day.

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.