Chicagoland Area Real Estate Blog & News

Three Things Buyers Can Do in Today’s Housing Market

It’s clear the 2022 housing market has been defined by rising mortgage rates. With rates on the rise, it has become more costly to purchase a home. According to the National Association of Realtors (NAR):

“Compared to one year ago, the monthly mortgage payment rose to $1,944 from $1,265.”

This is an increase of nearly 54%that’s a massive increase for a monthly mortgage payment! If you’re thinking of buying a home in Chicagoland, it may be causing you to consider putting your plans for homeownership on pause. This rate hike is making homes less affordable, especially compared to the historic lows we saw over the last few years.

The good news is we are here to help you navigate today’s housing market and this rising rate environment. Here are three key things to consider when buying a home with higher-than-normal interest rates:

1. Expand Your Search Area and Criteria

If you’ve been looking for a home in the city center or a specific area in the Chicago suburbs that’s starting to feel like a stretch for your budget, you may want to try looking a little further away for a location that could be more affordable. Expanding your search location or re-prioritizing the items on your must-have list can open up opportunities...

Chicago Suburbs With the Best Downtowns

Chicago Suburbs With the Best DowntownsWhen deciding which Chicago suburbs you want to narrow your home search down, there are always a few factors that come to mind for what you want. So check out these Chicago suburbs with the best downtowns for potential places to settle down in the future. These suburbs are in no particular order, and each brings something unique to the table as a consideration for places to buy your next home. Some criteria to make it on this list include being walkable / bikeable, having a vibrant nightlife, plenty of shopping options, and a delicious food scene.

  1. Arlington Heights
  2. Evanston
  3. Oak Park
  4. Elmhurst
  5. Downers Grove
  6. Wheaton
  7. Hinsdale
  8. Geneva
  9. Lake Forest
  10. La Grange
  11. Plainfield
  12. Winnetka
  13. Aurora
  14. Naperville
  15. Joliet
  16. Park Ridge
  17. Mount Prospect
  18. Glen Ellyn


Why You Need a Real Estate Pro

Why You Need an Experienced Real Estate Team

If you're considering buying or selling a home, you'll want an experienced real estate team on your side. From contract negotiations to closing, we're here to assist you from start to finish, ensuring you have the best possible experience throughout your sale or purchase!

If you're considering buying or selling a home near Chicago, give us a call today!