KM Realty Group LLC Chicago

Thinking about selling your house this year? As you decide, consider what’s pushing you to think about moving. A recent  survey  from  Realtor.com  looked into why people want to sell their homes this year. Here are the top two reasons ( see graphic below ): Let’s look closer and see if they’re also motivating you to make a change. 1. To Make a Profit If you’re thinking about selling your house, you probably have a lot of questions on your mind. Well, here’s some good news — the latest data shows most sellers get a great return on their investment when they sell.  ATTOM , a property data provider,  explains : “. . . home sellers made a $121,000 profit on the typical sale in 2023, generating a 56.5 percent return on investment.” That’s significant. And here’s one contributing factor. During the pandemic,  home prices  skyrocketed. There was way more buyer demand than homes available for sale, pushing prices up. Now, home prices are still rising, ju...

Are you thinking about selling your house? If so, you might be weighing factors like today’s mortgage rates and changing needs to determine your next move. Here’s something else to consider.  According  to the latest  Home Purchase Sentiment Index  (HPSI) from  Fannie Mae , the percentage of respondents who say it’s a good time to sell is on the rise ( see graph below ): Why Are Sellers Feeling so Optimistic? One reason is because right now is traditionally the  best time of year to sell a house . A recent article from  Bankrate  says: “Late spring and early summer are generally considered the best times to sell a house. . . . while today’s rates are relatively high, low inventory is still keeping sellers in the driver’s seat in most markets.” These are the seasons when most people move. That means buyer demand grows. And because there still aren’t enough homes for sale to meet that demand, sellers see some serious perks. According to  Rocket...

The number of homes for sale plays a big role in today’s housing market. And, if you’re considering whether or not to list your house, today’s limited supply is one of the biggest advantages you have right now. That’s because your house stands out more when the inventory is low, especially if priced right. But the supply of  homes for sale is growing . According to the  latest data  from  Realtor.com , new listings (homeowners who just put their house up for sale) are trending up ( see graph below ): This graph shows that more homeowners are putting that sale sign up in their yards than last year. As  Realtor.com   says : “. . . sellers turned out in higher numbers this march as newly listed homes were 15.5% above last year’s levels. This marked the fifth month of increasing listing activity after a 17-month streak of decline.” What This Means for You If you’ve been putting off  selling your house in Chicago, Illinois , or nearby areas, maybe it’s time...

Thinking about buying a home in your area? While today’s mortgage rates might seem intimidating, here are two solid reasons why, if you’re ready and able, it could still be a smart move to get your place. 1. Home Values Typically Go Up Over Time There’s been some confusion over the past year or so about which way home prices are headed. Make no mistake, nationally, they’re still going up. In fact, over the long term,  home prices  almost always go up ( see graph below ): Using  data  from the  Federal Reserve  (the Fed), you can see the overall trend is home prices have climbed steadily for the past 60 years. There was an exception during the 2008 housing crash when prices didn’t follow the normal pattern, but generally, home values kept rising. This is a big reason why buying a home can be better than renting. As prices go up and you pay down your mortgage, you build  equity . Over time, this growing equity can increase your net worth. The  Urban...

You may have heard mortgage rates will stay a bit higher for longer than originally expected. And if you’re wondering why, the answer lies in the latest economic data. Here’s a quick overview of  what’s happening with mortgage rates  and what experts say is ahead. Economic Factors That Impact Mortgage Rates When it comes to mortgage rates, the job market, the pace of inflation, consumer spending, geopolitical uncertainty, and more all impact them. Another factor is the  Federal Reserve  (the Fed) and its decisions on monetary policy. And that’s what you may be hearing a lot about right now. Here’s why. The Fed decided to start raising the Federal Funds Rate in early 2022 to try to slow down the economy (and inflation). That rate impacts how much it costs banks to borrow money from each other. It doesn’t determine mortgage rates, but they do respond when this happens. And that’s when mortgage rates started to climb. And while there’s been a ton of headway seeing infla...