Thinking about buying a home or selling your current one to find a better fit? If so, you might be wondering what’s going on with home prices these days. Here’s the scoop. The latest national data from Case-Shiller and the Federal Housing Finance Agency (FHFA) shows they’re going up (see graphs below): As you can see, home prices were rising for most of 2023. But over the course of December and January, they were virtually flat – which is pretty normal for that time of year. But here’s what you need to kno ..read more

          SUMMER FUN AWAITS... Summertime in the western suburbs is hard to beat. From live music and art festivals to parades and county fairs. There are plenty of ways to make the most of the beautiful weather. Here's a 2024 event schedule to help you plan for the excitement ahead. As always, if you're thinking about making a move or looking for more information on your local real estate market, feel free to reach out anytime. Have a great summer!           ..read more

          Some Highlights When it comes to the current housing market, there are some myths circling around right now. Some of the more common ones are that it’s better to wait for mortgage rates to fall or prices to crash. But there are others about the supply of homes for sale and down payments.  Lean on a real estate professional to help separate fact from fiction in today’s housing market. KCM May 2024 ..read more

          There’s no arguing it, affordability is still tight. And if you’re trying to buy a home, that may mean you need to look at smaller houses to find one that’s still in your budget. But there is a silver lining: builders are focused on building these smaller homes right now and they’re offering incentives. And that can help give you more options that fit the bill. Newly Built Homes Are Trending Smaller During the pandemic, homebuyers wanted (and could afford) larger homes – and builders delivered. They focused on homes that wer ..read more

          When mortgage rates spiked up over the last few years, some homeowners put their plans to move on pause. Maybe you did too because you didn’t want to sell and take on a higher mortgage rate for your next home. But is that still the right strategy for you? In today’s market, data shows more homeowners are getting used to where rates are and thinking it may be time to move. As Mark Zandi, Chief Economist at Moody’s Analytics, explains: “Listings are up a bit as life events and job changes are putting increasing pressure on locked ..read more

        Rents and home prices skyrocketed during the pandemic-fueled housing boom, and they’re still high, but demand continues to remain strong. “Unbelievable demand has sort of been the story of the last five to seven years,” Invitation Homes’ chief executive Dallas Tanner recently told CNBC, “and that’s due to really the villain being supply. We continue to talk about this lack of supply; we need somewhere between three and five million more housing units.” The rental market began to soften toward the end of 2023 and into the beginning of 2024 becaus ..read more

          Thinking about buying a home? If so, you’re probably wondering: should I buy now or wait? Nobody can make that decision for you, but here’s some information that can help you decide. What’s Next for Home Prices? Each quarter, Fannie Mae and Pulsenomics publish the results of the Home Price Expectations Survey (HPES). It asks more than 100 experts—economists, real estate professionals, and investment and market strategists—what they think will happen with home prices. In the latest survey, those experts say hom ..read more

          If you’ve been thinking about buying a home, mortgage rates are probably top of mind for you. They may even be why you’ve put your plans on hold for now. When rates climbed near 8% last year, some buyers found the numbers just didn’t make sense for their budget anymore. That may be the case for you too. Data from Bright MLS shows the top reason buyers delayed their plans to move is due to high mortgage rates (see graph below):   David Childers, CEO at Keeping Current Matters, speaks to this ..read more

        There’s been a lot of recession talk over the past couple of years. And that may leave you worried we’re headed for a repeat of what we saw back in 2008. Here’s a look at the latest expert projections to show you why that isn’t going to happen.   According to Jacob Channel, Senior Economist at LendingTree, the economy’s pretty strong: “At least right now, the fundamentals of the economy, despite some hiccups, are doing pretty good. While things are far from perfect, the economy is probably doing better than people want to give it credit for ..read more

          Some Highlights If you’re looking to buy a home, it’s important to know how mortgage rates impact what you can afford and how much you’ll pay each month. That’s because even a small change in mortgage rates can have a big impact on your purchasing power.  The best way to navigate changing mortgage rates and make an informed buying decision is to rely on the expertise of a local real estate professional and mortgage lender ..read more