Will 2023 Be a Better Year for Home Buyers?

Industry experts predict that 2023 will be a favorable year for homebuyers–better than they’ve seen in the last few years.

Danielle Hale, the chief economist of Realtor.com, said there’ll be more houses up for grabs and they’ll probably take longer to sell than before. Plus, buyers won’t have to deal with the intense competition that has been the norm these past few years.

It looks like property prices don’t have to drop for buyers to get a good deal. The return of seller contingencies also means buyers won’t have the added stress of needing to buy a house without any repairs or work being done. Good news for new home buyers; builders might reduce prices to make up for lost sales from 2022 due to the rise of mortgage interest rates. This could mean more affordable homes in the near future.

Talks of mortgage interest rates going down in 2023 are reviving some buyers’ hopes that they could afford a home. But it’s tough to be certain about this, no one knows for sure. Fannie Mae expected rates to drop to 6.1%-6.5% by the end of 2021, while the Mortgage Bankers Association suggested a decrease to 5.2%. Both these predictions were wrong last year though, and any changes in the Federal Reserve’s rate may shift these figures even more.

When it comes to predicting home prices, opinions differ. Some pros believe the demand will cause prices to rise, but others think we might see a drop of 20% or more.

Industry experts are pretty certain that waiting and trying to predict the market is a bad idea. They all agree that your home’s value will be higher in 10-plus years no matter what.

If you’re looking to buy your first home, upgrade or make an investment, we can help You.

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Tips When Looking for Chicago Homes for Sale

It’s a great time to buy because there are still quite a few Chicago homes for sale now and interest rates have continued to stay low. Whether it’s your first time purchasing real estate or you’re a seasoned professional, here are a few tips to make shopping for a new house more pleasurable.

1. Get Help

Searching through all of the available real estate can be mind-boggling. Find a professional real estate agent to wade through the Chicago homes for sale and find one that meets your family and financial needs.

2. Start Looking Now

Finding the perfect house can take months, especially if you’re looking in a competitive market. If you’re looking at getting a good deal on a foreclosure or short sale, then these transactions can take even longer because you’re waiting on the bank to make the final call. Try to be patient. The more thorough you are in your search, the happier you’ll be in the long term.
3. Don’t Settle for the First Place You See
Searching for a house can be extremely emotional. If you think you’ve found the one, then take a step back, consult your real estate agent and go over your housing checklist one last time before placing a bid. …

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Are You Ready for Home Ownership? Find Out by Answering These 4 Questions

Have you been dreaming about a larger, roomier, or more luxurious living space? Or perhaps just want to experience the joy of owning your own home and building your net worth instead of renting? Let’s explore a few questions that can help to answer whether or not you’re ready for a new lifestyle as a homeowner.

Can You Realistically Afford To Buy A Home?

The first consideration to make is a financial one: can you afford it? Buying a home is a significant financial investment. In most cases, you’ll need to manage monthly mortgage payments for many years. The good news: owning a home is more affordable than you might think. If you’re already a stable renter then you’re most of the way there.

Do You Have Your Down Payment Saved Up?

If you’re confident that monthly payments are no problem, then the next step is saving up enough to cover your down payment. This is a lump-sum investment that you make when you buy the home. The rest of the purchase cost is paid by your mortgage lender, who you pay back over time. Typically your down payment is around 20 percent of the home’s cost, but there are assistance programs that can reduce this further.

Do You Know What Type Of Home You Need?

Once you’ve cleared all of the financial hurdles, you will next need to decide exactly what kind of home you need. If you’re a single young professional, a condo or apartment might be the perfect starter home from which you can upgrade later. Or you might prefer something more rural which comes with more yard space, perfect for pets.

Are You Ready To Set Down Some Roots?

Finally, it’s worth taking some time to decide whether or not you’re ready to emotionally and physically invest in your local community. Is your career stable enough that you won’t be moving for at least a few years? What about that of your partner or spouse? If you don’t already, do you envision having children in the future? All of these are considerations that will help you choose the right neighborhood.

When you are ready, our professional real estate team is here to help you find the home of your dreams. To learn more about buying in our area and to view homes that are perfect for first-time buyers, contact us today.

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Buying a New Home? Make Your Move Easier With These Three Purging Tips

Are you thinking about buying a new house or apartment? While the prospect of a new home is undoubtedly exciting, you may be dreading the thought of having to pack everything up and move. In today’s blog post we will explore three tips for purging old, unwanted, or forgotten items before making a move into a new home.

Sort Everything That You Don’t Need

The first step you will want to take is to sort everything in your home. Many families go through the house, room-by-room, separating their must-have items from everything else. At first, this process is quick as there are many items just sitting around waiting to be thrown out. However, you are bound to find some older keepsakes that are much harder to let go. In the end, you’ll want to ensure that you only keep those goods that are important to you. Everything else should go.

Host A (Virtual) Yard Sale And Consider Consignment

Now that you have everything in your home sorted, it’s time to host a yard sale. If you are so inclined, you can run a traditional sale where you place everything out on the lawn on a Saturday morning and put up signs to let the neighborhood know. Alternatively, you can run a virtual yard sale through web and app-based classifieds like Craigslist.

You may also want to consider calling up local consignment shops to see if they’ll take some of your unwanted goods. A consignment store will sell your items for you and keep a portion of the sale price as a fee. This can be a useful option if you have antiques or other goods that are more popular with an older crowd.

Donate Everything Else

Is there anything left in your home? If so, it’s time to hand over this last bit of unwanted clothing, furniture, or appliances to your local charity. Many charitable organizations will come and pick up your unwanted items, which saves you from having to drive a load of stuff over somewhere to drop it off. Call up your charity of choice and see if they accept donations. If not, they will be able to refer you to other local organizations that are interested.

Purging your older or unwanted items is a surefire way to make your move easier. If you’re in the market for a new home, or for more information about real estate opportunities in the local area, contact us today. Our professional team is happy to show you around.

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