KM Realty Group LLC Chicago

Infographic by KM Realty Group LLC, Chicago, Illinois If you’re wondering if you should  buy now  or wait, here’s what you need to know. If you wait for rates to drop more, you’ll have to deal with more competition and higher prices as additional buyers jump back in. But if you buy now, you’d get ahead of that and have the chance to start building  equity . Should you buy now or wait? Let’s talk with  real estate agents , so you can make your best decision.

Highlights: Down payment help can make homeownership more affordable. Different programs offer support for first-time buyers. Check eligibility and application process to benefit. Intro: When you’re ready to buy a home, one of the biggest hurdles is often saving for a down payment. However, many buyers aren’t aware that there are numerous assistance programs that can help reduce the upfront cost. If you think homeownership is out of reach, learning about these resources might change your perspective. Understanding Down Payment Assistance Programs: These programs are designed to support homebuyers—especially first-time buyers—by offering loans or grants that cover part of the down payment. They can be from state, federal, or even local agencies. The best part? Some programs don’t require repayment if you meet certain criteria! How to Qualify for Down Payment Assistance: Eligibility varies, but factors like income level, location, and being a first-time buyer often come into play. It’s e...

Infographic by KM Realty Group LLC, Chicago, Illinois Lower Mortgage Rates Boost Your Buying Power Some Highlights Mortgage rates   are trending down, and that’s great news for your  bottom line . As rates drop, your monthly payment on your next home does too. Even a small change in mortgage rates can have a big impact on your purchasing power. If you put your search on hold when mortgage rates were higher, think about how much you could save now that rates are coming down. Follow Our Team: Facebook ,  Twitter ,  Instagram ,  Linkedin ,  Pinterest ,  Youtube

Even though affordability is improving,   buying a home   can still feel tough right now. But here’s some good news: builders are focusing their efforts on building smaller homes, and they’re offering key incentives to buyers. And both of these things can be a big help if you’re worried about finding a home that’s right for your budget. Builders Are Building Smaller Homes During the pandemic,  homebuyers  were looking for larger homes — and many could afford them. Builders responded to that demand and created bigger spaces to help people with things like working from home, setting up home gyms, and having extra rooms for virtual school. Now, with affordability as tight as it is, builders are turning their focus to smaller single-family homes.   Data from the  Census   shows  how significant this trend toward smaller new homes has been over the last couple of years ( see graph below ): Newly Built Homes Are Getting Smaller But why would builders wa...

Mortgage rates have hit their lowest point in over a year and a half. And that’s big news if you’ve been sitting on the  homebuying  sidelines waiting for this moment. Even a small decline in rates could help you get a better monthly payment than you would expect on your  next home . And the drop that’s happened recently isn’t small. As Sam Khater, Chief Economist at  Freddie Mac ,  says : “Mortgage rates have fallen more than half a percent . . . and are at their lowest level since February 2023.” But if you want to see it to really believe it, here’s how the math shakes out. Take a closer look at the impact on your monthly payment. Chicago’s Preferred Real Estate Team The chart below shows what a  monthly payment  (principal and interest) would look like on a $400K home loan if you purchased a house back in April (this year’s mortgage rate high), versus what it could look like if you  buy a home  now ( see below ): How the Recent Drop in Mo...

The Best Time To Buy a Home This Year A shift is underway in the  housing market  this season. And if you’ve been sitting on the sidelines waiting for the right moment to jump back into your homebuying search, this is a great time to do it. That’s because the best week to buy a home this year is just around the corner. Your sweet spot is here. The experts at  Realtor.com  study   seasonal trends to figure out the ideal week for  homebuyers : “Nationally, the best time to buy in 2024 is the week of Sept. 29–Oct. 5. This week historically has shown the best balance of market conditions that favor buyers. Inventory tends to be high, prices are below peak levels, demand is waning, and the pace of the market slows to a more manageable speed.” In addition to the historical trends and typical seasonality that  Realtor.com  looks at, there are also clear indicators in  today’s market  data that you’ll see better conditions right now than you wou...

Infographic by KM Realty Group LLC, Chicago, Illinois Checklist for Getting Your House Ready To Sell Getting your  house  ready to sell? Here are a few tips on what you may want to do to prepare. Focus on making it inviting, showing it’s cared for, and boosting your curb appeal. If you want specific advice to help your house stand out in our local market, let’s connect with  real estate agents  from KM Realty Group LLC.

What To Know About Closing Costs Now that you’ve decided to  buy a home  and are ready to make it happen, it’s a good idea to plan ahead for the costs that are a typical part of the homebuying process. And while your  down payment  is probably the number one expense on your mind, don’t forget about closing costs. Here’s what you need to know. What Are Closing Costs? Simply put, your closing costs are the additional fees and payments you have to make at closing. And while they’ll vary based on the price of the home and how it’s being financed, every buyer has these, so they shouldn’t be a surprise. It’s just that some people forget to budget for them. According to  Freddie Mac , this part of the  homebuying  process typically includes: Application fees Credit report fees Loan origination fees Appraisal fees Home inspection fees Title insurance Homeowners Insurance Survey fees Attorney fees Some of these are one-time expenses that are baked into your...

If you’re wondering what’s going on with  home prices  lately, you’re definitely not the only one. With so much information out there, it can be hard to figure out your next move. As a buyer, you might be worried about paying more than you should. And if you’re thinking of selling, you might be concerned about not getting the price you’re aiming for. So, here’s a quick breakdown to help clear things up and show you what’s really happening with prices — whether you’re thinking about  buying  or   selling . Home Price Growth Is Slowing, but Prices Aren’t Falling Nationally Throughout the country, home price appreciation is moderating. What that means is, prices are still going up, but they’re not rising as quickly as they were in recent years. The graph below uses  data  from  Case-Shiller  to make the shift from 2023 to 2024 clear: Home Price Appreciation Is Moderating But rest assured, this doesn’t mean home prices are falling. In fact, all t...