Realty Executives Midwest
If you’re thinking about selling your house, you may have heard the supply of homes for sale is still low, and that means your house should stand out to buyers who are craving more options. But you may also be wondering, once you sell, how does the current supply impact your own move? And, will you be able to find a home you want to buy with inventory this low?
One thing that can help you find your next home is exploring all your options, including both homes that have been lived in before as well as newly built ones. Let’s look at the benefits of each one.
First, let’s look at the advantages of purchasing a newly constructed home. With a brand-new home, you’ll be able to:
Now, let’s compare that to the perks that come with buying an existing home. With a pre-existing home, you can:
The choice is yours. When you start your search for the perfect home, remember that you can go either route – you just need to decide which features and benefits are most important to you. As an article from The Mortgage Reports says:
“When building, you gain more freedom to tailor the design, materials, and features, but it demands more time and involvement. Conversely, buying an established home offers immediate occupancy . . . yet may require compromises. Your choice should align with your budget, timeline, customization preferences, and the local real estate landscape.”
Either way, working with a local real estate agent throughout the process is mission-critical to your success. They’ll help you explore all of your options based on what matters most to you in your next home. Together, you can find the home that’s right for you.
If you have questions about the options in your area, connect with a local real estate agent to discuss what's available and what's right for you. That way you’ll be ready to make your next move with confidence.
Source: Keeping Current Matters
Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com
Everyone has their own idea of the American Dream, and it’s different for each person. But, in a recent survey by Bankrate, people were asked about the achievements they believe represent the American Dream the most. The answers show that owning a home still claims the #1 spot for many Americans today (see graph below):
In fact, according to the graph, owning a home is more important to people than retiring, having a successful career, or even getting a college degree. But is the dream of homeownership still alive for younger generations?
A recent survey by 1000watt dives into how the two generations many people believed would be the renter generations (Gen Z and millennials) feel about homeownership. Specifically, it asks if they want to buy a home in the future. The resounding answer is yes (see graph below):
While there are plenty of reasons why someone might prefer homeownership to renting, the same 1000watt survey shows, that for 63% of Gen Z and millennials, it’s that your place doesn’t feel like “home” unless you own it – maybe you feel the same way.
That emotional draw is further emphasized when you look at the reasons why Gen Z and millennials want to become homeowners. For all the financial benefits homeownership provides, in most cases it’s about the lifestyle or emotional benefits (see graph below):
If you’re a part of Gen Z or are a millennial and you’re ready, willing, and able to buy a home, you’ll want a great real estate agent by your side. Their experience and expertise in the local housing market will help you overcome today’s high mortgage rates, low inventory, and rising home prices to find your first home and turn your dream into a reality.
Working with a local real estate agent to find your dream home is the key to unlocking the American Dream.
Buying a home is a big, important decision that represents the heart of the American Dream. If you want to accomplish your goal, begin by talking to a local real estate expert to start the process today.
Source: Keeping Current Matters
Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com
As the year winds down, you may have decided it’s time to make a move and put your house on the market. But should you sell now or wait until January? While it may be tempting to hold off until after the holidays, here are three reasons to make your move before the new year.
Typically, in the residential real estate market, homeowners are less likely to list their houses toward the end of the year. That’s because people get busy around the holidays and sometimes deprioritize selling their house until the start of the new year when their schedules and social calendars calm down. But that gives you an opportunity to get one step ahead.
Selling now, while other homeowners may hold off until after the holidays, can help you get a leg up on your competition. Start the process with a real estate agent today so you can get your house on the market before your neighbors do.
Even though the supply of homes for sale did grow compared to last year, it’s still low. That means there aren’t enough homes on the market today. While some buyers may also delay their plans to move until January, others will still need to move for personal reasons or because something in their life has changed.
Those buyers are still going to be active later this year and will be seriously motivated to make their move happen because they need to. Unfortunately, the challenge they’ll face is a shortage of available inventory to meet their needs. A recent article from Investopedia says:
“. . . if your house is up for sale in the winter and someone is looking at it, chances are that person is serious and ready to buy. Anyone shopping for a new home between Thanksgiving and New Year’s is likely going to be a serious buyer. Putting your home on the market at this time of year and attracting a serious buyer can often result in a quicker sale.”
Keep in mind that homeowners today have record amounts of equity. According to CoreLogic, the average amount of equity per mortgage holder has climbed to almost $290,000. That means the equity you have in your house right now could cover some, if not all, of a down payment on the home of your dreams.
And as you weigh the reasons to sell before year-end, it’s important to remember the reasons that sparked your desire to move in the first place. Maybe it’s time for a new home in a location that suits you better, one that offers the perfect space for you and your loved ones, or maybe your needs have evolved over time. A local real estate agent can help you determine how much home equity you have and how you can use it to achieve your goal of making a move.
Listing your home before the new year can offer unique benefits. Less competition, motivated buyers, and your equity gains can all play to your advantage. Reach out to a local real estate agent to achieve your goals before winter sets in.
Source: Keeping Current Matters
Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com
As winter approaches, it is time to trade in beach towels for fluffy blankets and to prepare your home for the colder months ahead.
Taking time to perform some necessary maintenance tasks can protect your home from potential damage, keep you comfortable, and save you from significant expenditures in the future.
Here is your ultimate checklist to ensure your home is winter-ready!
With the winter season just around the corner, it is necessary to take preventative measures to ensure that your heating system is functioning at its best. One of the most important steps is scheduling a professional maintenance check for your HVAC system.
This maintenance check will involve a thorough inspection of your heating system to identify any underlying issues that could prove to be problematic in the future. During the maintenance check, the HVAC technician will also clean the system, lubricate the moving parts, and make necessary adjustments to ensure optimal performance.
In addition to the maintenance check, do not forget to replace furnace filters regularly! Dirty filters can restrict airflow, making your home less efficient and increasing energy bills. By replacing your furnace filters, you can make sure your home stays warm, and your heating system is running efficiently and effectively.
When it comes to energy efficiency, windows and doors are often the main culprits for heat loss. That is why, as winter approaches, it is important to check all entrances and openings for drafts and leaks and seal them with caulk or weatherstripping. You can buy this at the hardware store for a few dollars, but the savings can translate big time to your heating bills!
In addition, installing storm windows and doors can significantly improve your home’s energy efficiency, keeping it warm during the cold months and saving you additional money on heating.
As the cold weather approaches, it is important to make sure your home stays warm and comfortable! One of the best ways to do this is by checking the insulation in your home.
Make sure to check the insulation in your roof, external walls, and attic, as these are the areas where heat loss is most likely to occur. If your insulation is outdated or inadequate, consider upgrading or adding insulation to keep your home cozy and reduce your heating bills. This investment can also help pay off in the summer since new insulation will also keep cool air in.
Winter weather can bring about a serious problem of frozen pipes — which is the last thing anyone wants to be dealing with! If a pipe bursts, it can cause major water damage to your home.
To avoid this, it is important to take preventive measures by insulating any exposed piping, particularly in colder areas such as basements and garages. Additionally, on exceptionally cold days, you can keep water flowing by letting your faucets drip slightly. This will help prevent water from freezing inside the pipes and causing damage.
Late fall is a good time to conduct a thorough inspection of your roof to see if there are any potential areas of concern or damage.
You will want to look for missing, cracked, or curled shingles, as well as any gaps or holes that may have developed. Pay close attention to the flashing around chimneys, vents, and skylights, as these are common areas for leaks to occur.
It is equally important to ensure that your gutters are clean and free of debris. Blocked gutters can lead to ice dams, preventing water from draining from your roof. This can cause the water to seep into your home, significantly damaging your ceilings, walls, and floors.
Be careful working on your roof, though! If you are uncomfortable looking at or inspecting your roof, call a trusted professional who can provide their input and expertise without risking a dangerous situation.
As the seasons change, it is a great time to test your smoke detectors and carbon monoxide detectors and replace any batteries as needed. It is also a good idea to check out your fire extinguishers and purchase new ones if they expire.
Do not forget your yard! Before the season’s first frost, drain and store outdoor hoses and shut off water to outdoor faucets. Additionally, cover your outdoor furniture to protect it from the elements. That way, as spring comes around, your outdoor furniture will be just like you left it.
Make sure to also spend some time cleaning up any debris from your yard and cut back any branches that may pose a hazard. These can fall and become dangerous when heavy with snow or ice.
While some people may love the snowy winter, it can also be a hassle to shovel and deal with through the season. Taking some time now to prepare for any snowstorms will ensure you are extra ready when the first winter storm hits.
Take some time to inspect your snow shovel and ensure it is in good condition, purchase enough ice melt to last through the season, and schedule a maintenance check for your snow blower if you own one.
Last but not least, equip your home with an emergency kit with some important essentials like bottled water, canned food, first aid supplies, a flashlight, a radio, extra batteries, and necessary medications. You never know when dangerous temperatures or a winter storm could knock power out, and you will want to be safe if you find yourself without your normal resources.
Winter can be a harsh season for your home! By staying on top of home and yard maintenance, you can ensure you are ready for anything winter throws your way. This checklist will ensure that your home is able to withstand the cold, keeping you safe, comfortable, and ready to welcome the winter wonderland outside your door!
Source: Realty Executives
Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com
According to the latest data from Fannie Mae, 23% of Americans still think home prices will go down over the next twelve months. But why do roughly 1 in 4 people feel that way?
It has a lot to do with all the negative talk about home prices over the past year. Since late 2022, the media has created a lot of fear about a price crash and those concerns are still lingering. You may be hearing people in your own life saying they’re worried about home prices or see on social media that some influencers are saying prices are going to come tumbling down.
If you’re someone who still thinks prices are going to fall, ask yourself this: Which is a more reliable place to get your information – clickbait headlines and social media or a trusted expert on the housing market?
The answer is simple. Listen to the professionals who specialize in residential real estate.
Here’s the latest data you can actually trust. Housing market experts acknowledge that nationally, prices did dip down slightly late last year, but that was short-lived. Data shows prices have already rebounded this year after that slight decline in 2022 (see graph below):
But it’s not just Fannie Mae that’s reporting this bounce back. Experts from across the industry are showing it in their data too. And that’s why so many forecasts now project home prices will net positive this year – not negative. The graph below helps prove this point with the latest forecasts from each organization:
What’s worth noting is that, just a few short weeks ago, the Fannie Mae forecast was for 3.9% appreciation in 2023. In the forecast that just came out, that projection was updated from 3.9% to 6.7% for the year. This increase goes to show just how confident experts are that home prices will net positive this year.
So, if you believe home prices are falling, it may be time to get your insights from the experts instead – and they’re saying prices aren’t falling, they’re climbing.
There’s been a lot of misleading information about home prices over the past year. And that’s still having an impact on how people are feeling about the housing market today. But it’s best not to believe everything you hear or read.
Source: Keeping Current Matters
Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com
Realty Executives agents are real estate experts. They have the education and expertise you need to navigate through the process of buying or selling a home. From listing at the right price to making the best offer, our Executives have witnessed the best - and most regrettable - decisions homeowners and homebuyers can make. Every day, they are immersed in every aspect of real estate that includes comparable home price analysis, property surveys, credit reports, open houses, HOA agreements, lenders, title companies, homeowners’ insurance, walk-throughs, terms of sale or purchase, repairs, concessions and closing documents. Let our accomplished Executives help navigate you through the process of buying or selling a home.
