Explore The Chicagoland Housing Market
Lance Kammes is a professional realtor you can trust. Buying or selling a home is now easier with the help of a real estate professional. Navigate the housing market’s complex world in Chicago with Lance Kammes’s help. Our team is the number one realtor in Wheaton, Illinois. We only provide top-notch service. This gives our clients the confidence to keep coming back for our service. For queries, visit our FAQs page. You can also call us at (630) 868-6300, so our team can help you better with your concerns. For testimonials, visit our page.
Things You Should Consider From Chicagoland Housing Market
Exploring the housing market alone will be difficult. Sometimes, a professional’s help can make the experience ten times better. It is never wrong to ask for help from an expert. They can guide us better in choosing the perfect home for you. You don’t want to sell a valuable home below market value. You don’t like the idea of paying more than the market value for a house. This is when a professional realtor comes into the picture. Here are the guides for you to consider:
Home Prices Can Fall Or Rise Anytime
The market price is something we cannot predict at all times. It can change from time to time. But a huge price drop in the real estate housing market seems impossible. House prices can stabilize, but they cannot go lower than we expect them to.
Investing in a home is an investment worth our money. Different factors can affect house pricing. We will never know how the market price can rise or fall instantly. But prepare yourself for both the best and worst-case scenarios. Lance Kammes will help you find the best home that suits your budget and needs without breaking the bank. Find your dream home by visiting the best realtor who puts their clients’ interests forward.
No More Bidding Wars
Bidding wars usually occur between two buyers competing for offers on a single home. This has become a norm in recent years. In data from September 2020, houses in the U.S. are sold 20% above their selling price. Many people will pay a lot to get the place they like. If you are selling your home, be familiar with the price. You might be selling a billion-dollar worthy home for less than its expected market price. Letting a professional realtor help make everything easier.
Get An Adjustable-Rate Mortgage
If you buy a home anytime soon, consider getting an adjustable-rate mortgage. This is a better option than getting a fixed-rate mortgage. An adjustable-rate mortgage becomes more beneficial in the long run. A 5-year, 1-period adjustable-rate mortgage can last up to five years due to its initial fixed-rate period. After this, lenders can adjust their rate yearly, considering the loan’s remaining life.
If you plan to stay in a single home for over five years, getting this loan is a good option. Remember to be wary of adjustable-rate mortgages. Not all cases will be the same. If you are staying for a long time, your rate can increase over time. This may depend on the fluctuations that happen in the market. Be open to the possibility that its price will fall. A guaranteed rate is not always possible.
Inventory Of Houses Increases Too
The slow progress of home sales means more homes are available in the market now. You can find about 20,000 homes available and up for sale. The underbuilding of entry-level homes has caused problems in the market. There is still an affordable housing gap that exists. Demand usually comes from entry-level homes. Millennials’ entry into the market increased demand for entry-level housing. It’s encouraging to see so many options on the market. But it is also sad that the needs are not being met.
A Tough Experience For First-Time Buyers
Everything can become confusing if this is your first time buying real estate. There will be terms that you need to become more familiar with. There will be concerns that only a realtor can answer for you. Rental rates are rising as home prices rise and inventory remains low.
You will struggle a lot, especially if you are doing it alone. Those who have enough experience in the market have built wealth. This usually comes from their past real estate investments. Gaining experience in the market will put you a step ahead of the game. Don’t be afraid to navigate the world of real estate. But do not also hesitate to hire a professional to guide you better.
3 Things You Must Consider In The Chicago Real Estate Market
1. The House Prices Must Be Appropriate
Buying and selling a home should always match our money’s worth. We don’t want to undersell or overspend on a home. This is the place where we will live in. About 79% of real estate agents say sellers expect to sell their homes beyond their market value. This is according to the survey of Zillow. Buyers usually spend their time examining the house before making a bid. This is a safer thing to do when you want to make the most out of your money.
2. Shoppers Must Learn The Difference Between Their Wants And Needs
This is always a reminder for every home buyer. While we all have our dream house, we should remember to be realistic too. In the same survey by Zillow, about 28% of agents say buyers find it hard to distinguish their wants from their needs. We all want our homes to be as beautiful as possible. But a bigger and prettier home could also mean being more expensive.
Buying a home is a crucial decision to make. You will need a functional kitchen to make it more useful. Larger families cannot live in a house with one or two bedrooms. There are many things to consider before buying a home. We don’t want to sacrifice comfort for our personal interests. If you cannot find a home that meets your criteria, you should reassess your expectations.
3. Is The Chicagoland Suburbs A Good Option?
The answer will always be yes. Make sure you have a long-term strategy in place to reap the benefits of moving. The difference between city and suburban life is far different. They can be different in terms of interest and market strength. There has been massive growth in the city market over the past 15 years. The demand in the suburbs increased due to the pandemic in 2020.
Suburban real estate has grown over the years. But, comparing it to the city, they are still far different. Expect that the suburban market’s demand will increase in the coming years.
4. Buying A Lot
If no house fits your needs, then consider another option. You might ask, “Is buying a lot the better option?” The answer would always depend on you and your needs. As a homeowner, you know what you want for your own house. Keep in mind that you will be the one living there for many years. Building a lot might be the better option if you like customizing homes. Don’t hesitate to do it yourself if you have the time and budget to start from scratch. But if you want a faster and less expensive result, you can also look for remodeled homes.
5. Considering A Short-Term Rental
It is not Chicago’s strong suit for a short-term rental. While this can be a great investment, it is not advisable in the area. Make sure to do your homework before you decide on this. Most condos in Chicago are banned. Real estate agencies are there to help you. Make sure to hire a realtor who understands you. If you are looking for a realtor who knows Chicagoland too well, that would be Lance Kammes.
Buying or selling a home can be a difficult task for first-timers. If you are unfamiliar with the housing market, you can be fooled. You might be wasting your time and energy on something that is not worth it. Lance Kammes is the professional realtor you can trust at all times. Our team always ensures a high code of ethics. Our team is recognized as the “Top Real Estate Agents in the United States.” We are open every day. For queries, visit our FAQs page to learn more about our team. Read testimonials from our clients to ensure you are in safe hands. Buying and selling a home is now easier with the help of a professional realtor. Contact Lance Kammes today, or you can reach out to us via email. Explore the housing market 2023 with Lance Kammes.
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Frequently Asked Questions
Forecast for the Chicago housing market in 2023: As interest rates weigh on buyer demand, Chicago home prices will likely stagnate or fall slightly. Low supply, on the other hand, should keep prices from falling more than 3 to 5%. Home prices in Chicago increased by 4.9% between November 2021 and November 2022.
Overview of the Illinois Housing Market. In January 2023, home prices in Illinois were 2.8% lower than the previous year, with a median price of $150,000.
Chicago home values have increased by over 34% in the last five years. A 9.1% increase in the previous year resulted in a brisk Chicago real estate market. “Luxury and turnkey houses are selling very quickly.