Chicagoland Area Real Estate Blog & NewsRecently posted or modified blog postshttps://www.amykite.com/blog/Copyright AmyKite.com2022-11-28T20:02:04-07:00tag:amykite.com,2012-09-20:5334Three Things Buyers Can Do in Today’s Housing MarketIt’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 <a href="https://www.nar.realtor/blogs/economists-outlook/housing-affordability-conditions-fade-as-mortgage-rates-push-monthly-payments-higher-in-june-2022">National Association of Realtors</a> (NAR):
“Compared to one year ago, the monthly mortgage payment rose to $1,944 from $1,265.”
This is an increase of nearly 54% - <a href="https://www.amykite.com/buyers/"><img src="https://assets.site-static.com/userfiles/597/image/Moving_to_Chicago_2.png" width="400" height="400" style="float: right; margin: 4px; border: 4px solid black;" /></a>that’s a massive increase for a monthly mortgage payment! If you’re thinking of <a href="https://www.amykite.com/buyers/">buying a home in Chicagoland</a>, 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 you may not have yet considered, and that will help you afford more of what you’re looking for in a home. As CNET <a href="https://www.cnet.com/personal-finance/mortgages/6-tips-for-buyers-in-competitive-real-estate-markets/">shares</a>:
“Area growth is likely to keep pace with the market, which means that the outskirts of town might be hopping within five years. Consider stepping out of your ideal location by searching in the nearby cities. You may find better prices and more square footage.”
2. Explore Alternative Financing Options
Working with a trusted lender to learn about the different loan types and options is essential too. There are various mortgage options available with different down payment and eligibility options and requirements.
<a href="https://www.amykite.com/about/">Your trusted Chicagoland real estate experts</a> will help point you in the right direction when it comes to exploring creative ways to find the best home loan and location for your situation. With rising mortgage rates making it more costly to finance a home today, your loan officer may introduce you to an ideal option that you have not yet considered. This could make a home purchase more affordable and within your financial reach over the life of your loan.
3. Consider Grants, Gift Funds, and Down Payment Assistance
There are many options available when it comes to securing the funding you need to purchase a home. Searching for specific down payment assistance options available in your local community could be a game changer when it comes to taking your first step toward homeownership. <a href="https://www.nar.realtor/first-time-homebuyers/first-time-homebuyer-loans-grants">NAR</a> shares:
“Many local governments and non-profit organizations offer down-payment assistance grants and loans, targeted to area borrowers and often with specific borrower requirements.”
Plus, there are programs and special benefits for individuals working in certain professions or with unique statuses, including teachers, doctors and nurses, and veterans.
Ultimately, that means there are many federal, state, and local programs available for you to explore. The best way to do that is to connect with a local <a href="https://www.amykite.com/">Chicagoland real estate professional</a> and your lender to learn more about what’s available in your area.
The Bottom Line
If you’ve been searching for a home in the Chicagoland area and have found yourself considering stepping away from the process because you’re worried about rising costs, let’s connect. Having a team of local advisors on your side may be just what you need to guide your search in a new, and more affordable, direction.2022-11-28T19:47:11-07:002022-11-28T20:02:04-07:00Amy Kitetag:amykite.com,2012-09-20:5239Chicago Suburbs With the Best Downtowns<img src="https://assets.site-static.com/userfiles/597/image/Chicago-Suburbs-With-The-Best-Downtowns.jpg" width="450" height="450" alt="Chicago Suburbs With the Best Downtowns" style="float: right; margin: 15px 0px 15px 15px;" />When 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.
<a href="https://www.amykite.com/#arlington_heights">Arlington Heights</a>
<a href="https://www.amykite.com/#evanston">Evanston</a>
<a href="https://www.amykite.com/#oak_park">Oak Park</a>
<a href="https://www.amykite.com/#elmhurst">Elmhurst</a>
<a href="https://www.amykite.com/#downers_grove">Downers Grove</a>
<a href="https://www.amykite.com/#wheaton">Wheaton</a>
<a href="https://www.amykite.com/#hinsdale">Hinsdale</a>
<a href="https://www.amykite.com/#geneva">Geneva</a>
<a href="https://www.amykite.com/#lake_forest">Lake Forest</a>
<a href="https://www.amykite.com/#la_grange">La Grange</a>
<a href="https://www.amykite.com/#plainfield">Plainfield</a>
<a href="https://www.amykite.com/#winnetka">Winnetka</a>
<a href="https://www.amykite.com/#aurora">Aurora</a>
<a href="https://www.amykite.com/#naperville">Naperville</a>
<a href="https://www.amykite.com/#joliet">Joliet</a>
<a href="https://www.amykite.com/#park_ridge">Park Ridge</a>
<a href="https://www.amykite.com/#mount_pleasant">Mount Prospect</a>
<a href="https://www.amykite.com/#glen">Glen Ellyn</a>
Arlington Heights
Arlington Heights is an excellent choice on this list when you’re looking for a busy downtown. The area works hard to host many events downtown, including concerts in the summer, art fests, food festivals, and more. This city is highly walkable, and you can have a great night out without having to get in the car to drive around. Visit the great fitness studios, live music, and restaurants. There are over 30 local restaurants to choose from, so you’ll always be able to try something new.
<a href="https://www.amykite.com/cook-county/arlington-heights/" class="btn btn--primary">Arlington Heights Homes for Sale »</a>
<img src="https://assets.site-static.com/userfiles/597/image/Chicago-Suburbs-With-Best-Downtowns-Evanston-IL.jpg" width="1200" height="800" alt="Chicago Suburbs With Best Downtowns: Evanston IL" style="display: block; margin-left: auto; margin-right: auto;" />
Evanston
Evanston has it all for someone looking for a bustling suburb with an excellent downtown. There are many diverse food choices for dining out, shopping, and entertainment options. Plus, for those who enjoy going outdoors or have young kids, there is a great park system that features 50 playgrounds, five beaches to swim, and 76 parks in total.
<a href="https://www.amykite.com/cook-county/evanston/" class="btn btn--primary">Evanston Homes for Sale »</a>
Oak Park
You might have noticed a theme with many of these downtowns regarding great dining and shopping, and Oak Park doesn’t disappoint. There are a lot of different shopping and dining options in this walkable city. For instance, there are some unique shopping opportunities, such as specialty food stores, a book store, and a cigar shop. In addition, the Oak Park Festival Theatre offers live performances for those who love live theater, while there’s also a movie theater in town. Finally, with lots of parking, you can park your car once and enjoy the rest of your day walking through the area.
<a href="https://www.amykite.com/cook-county/oak-park/" class="btn btn--primary">Oak Park Homes for Sale »</a>
Elmhurst
Elmhurst boasts a whopping 300 businesses in its downtown. That’s plenty of places to keep you busy for a weekend of shopping or dining out with friends every night of the week. In addition, you can often find a place to listen to live music or visit the art museum if you love a more cultural scene.
<a href="https://www.amykite.com/dupage-county/elmhurst/" class="btn btn--primary">Elmhurst Homes for Sale »</a>
Downers Grove
When you want to live in a place with a great downtown where everyone seems to know everyone, Downers Grove should make the cut on your house hunting list. It’s a great small-town community feel while still being able to commute to work elsewhere easily. In fact, you can get to Union Station in less than half an hour when you commute from Downers Grove. Some great local restaurants offer a wide variety of dining choices. In addition, a yearly art festival and other regular events are put on by the community. There are also walking paths and trails for those that enjoy the great outdoors.
<a href="https://www.amykite.com/dupage-county/downers-grove/" class="btn btn--primary">Downers Grove Homes for Sale »</a>
Wheaton
When you love to sit at a coffee shop absorbing the bustle around you or dine out at a local restaurant, Wheaton has you covered with 37 dining options. This walkable community also offers a yearly festival with a beer garden, rides, entertainment, and vendors.
<a href="https://www.amykite.com/dupage-county/wheaton/" class="btn btn--primary">Wheaton Homes for Sale »</a>
Hinsdale
Are you looking for an area that offers historic charm? Look no further than Hinsdale, as it’s a National Register Historic District. Some of the offerings you can find in this area include local restaurants and small shops. It’s also conveniently located next to the train station to help make your commute that much easier.
<a href="https://www.amykite.com/dupage-county/hinsdale/" class="btn btn--primary">Hinsdale Homes for Sale »</a>
Geneva
The actual draw to downtown Geneva is the riverfront. Walking along the riverfront and being active is a big reason many move to the area. To add a cherry on top, there’s also excellent dining, shopping, and entertainment to be found in the area. In addition, you’ll love exploring the variety of locally-owned boutiques, art shops, and other shopping in the historic shopping district.
<a href="https://www.amykite.com/kane-county/geneva/" class="btn btn--primary">Geneva Homes for Sale »</a>
Lake Forest
If architecture is your thing, Lake Forest should be on your list of places to check out. This quaint downtown area may not be as large as some of the other suburb’s downtown areas, but it still has a lot to offer. Many buildings are in a Tudor style, and there’s even an English pub to check out while visiting. But, of course, you won’t want to miss the sweet shop, bookstore, or fish market.
<a href="https://www.amykite.com/lake-county/lake-forest/" class="btn btn--primary">Lake Forest Homes for Sale »</a>
La Grange
A top walkable downtown, La Grange has a lot to offer, especially if you like to walk to your favorite local restaurant to help burn off your meal afterward. Some local restaurants have been around for years, but some newcomers offer unique twists on dining, such as rooftop dining. You’ll be happy to know that La Grange also has a wide variety of events they put on downtown every year, such as an annual Pet Parade.
<a href="https://www.amykite.com/cook-county/la-grange/" class="btn btn--primary">La Grange Homes for Sale »</a>
Plainfield
There’s nothing plain about Plainfield’s downtown. It’s a very pedestrian-friendly area where you can easily walk throughout the region. There are great restaurants and shops dotting the area. For families, after dinner, you can always go and enjoy the Village Green Park playground after a long day of school and work.
<a href="https://www.amykite.com/will-county/plainfield/" class="btn btn--primary">Plainfield Homes for Sale »</a>
Winnetka
Small-town charm meets convenient location. Winnetka is about 16 miles away from Chicago, but you’d think you were in a small town in the middle of America. The beautiful downtown area has a lot to offer. There are shops and restaurants dotting the downtown area. In addition, there are a lot of parks and beaches to enjoy the outdoors.
<a href="https://www.amykite.com/cook-county/winnetka/" class="btn btn--primary">Winnetka Homes for Sale »</a>
<img src="https://assets.site-static.com/userfiles/597/image/Chicago-Suburbs-With-Best-Downtowns-Aurora-IL.jpg" width="1200" height="786" alt="Chicago Suburbs With Best Downtowns: Aurora IL" style="display: block; margin-left: auto; margin-right: auto;" />
Aurora
Aurora, Illinois is often not thought of when it comes to downtowns, as it’s a neighbor to Naperville, which also found its way on the list. As the fictional home to Wayne’s World characters Wayne and Garth, there’s a great cultural scene downtown for live music, theater, and other community events. There’s also a great food scene, including a local brewpub. It’s also home to several large shopping centers, the Fox Valley Mall, and for more thrifty shoppers, the Chicago Premium Outlets. Plus, for those that like to get outdoors, there are walking and biking paths throughout the suburb.
<a href="https://www.amykite.com/dupage-county/aurora/" class="btn btn--primary">Aurora Homes for Sale »</a>
<img src="https://assets.site-static.com/userfiles/597/image/Chicago-Suburbs-With-Best-Downtowns-Naperville-IL.jpg" width="1200" height="800" alt="Chicago Suburbs With Best Downtowns: Naperville, IL" style="display: block; margin-left: auto; margin-right: auto;" />
Naperville
Naperville not only has a great downtown, but it’s also known as one of the <a href="https://www.amykite.com/blog/best-chicago-suburbs-for-families/">best Chicago suburbs for families</a> and one of the coolest suburbs of Chicago, so it’s a pretty popular place for people to settle. It features a walkable downtown with plenty to do when meeting with friends or having a family day out. In addition, the Riverwalk is available when you want to have a stress-free and relaxing time walking without traveling outside the city.
<a href="https://www.amykite.com/will-county/naperville/" class="btn btn--primary">Naperville Homes for Sale »</a>
<img src="https://assets.site-static.com/userfiles/597/image/Chicago-Suburbs-With-Best-Downtowns-Joliet-IL.jpg" width="1200" height="792" alt="Chicago Suburbs With Best Downtowns: Joliet, IL" style="display: block; margin-left: auto; margin-right: auto;" />
Joliet
Downtown Joliet is up-and-coming as an excellent downtown for Chicago suburbs. They have recently started planning how to improve parking to make the area more convenient to visit for residents and visitors alike. In addition, there are plenty of racing activities for NASCAR fans, a museum, an art district, and even a farmers market in the summer. Plus, they boast their own minor league baseball team for those that prefer a stadium where every seat in the park is impressive.
<a href="https://www.amykite.com/will-county/joliet/" class="btn btn--primary">Joliet Homes for Sale »</a>
Park Ridge
If you visit Park Ridge and ask a local to find their downtown, don’t be surprised when they say you want to see the Uptown. That’s what they call downtown Park Ridge. This walkable area is perfect for shopping, dining, and entertainment. There’s a movie theater, grocery stores, shops, and more, all within walking distance. Also, you can catch the train in the area, as well. Plus, there are nearby forest preserves where those who love the outdoors will get a chance to stretch, bike, hike, and even kayak.
<a href="https://www.amykite.com/cook-county/park-ridge/" class="btn btn--primary">Park Ridge Homes for Sale »</a>
Mount Prospect
Mount Prospect has a great walkable downtown with a lot to offer. Although this is one of the furthest suburbs on the list, it’s still easy enough to take the train for your commute. Some of the attractions of this suburb’s downtown include a local library, ice cream shop, local restaurants, a farmer’s market, live music concerts, and being part of a family-friendly community.
<a href="https://www.amykite.com/cook-county/mount-prospect/" class="btn btn--primary">Mount Prospect Homes for Sale »</a>
Glen Ellyn
When you look up charming in the dictionary, there’s a good chance that Glen Ellyn will show up. It’s a lovely city center with plenty of things to see and do while visiting the downtown. They have an annual arts festival, excellent boutique shopping, restaurants to fit every budget, and a fun wildlife center to relax in as you stroll looking to catch sight of an animal.
<a href="https://www.amykite.com/dupage-county/glen-ellyn/" class="btn btn--primary">Glen Ellyn Homes for Sale »</a>
Conclusion
This list has a lot to offer when it comes to the Chicago suburbs with the best downtowns for your new home search. You can start narrowing down your choices for where you want to go house hunting next. Are you still feeling overwhelmed with the number of options available to you? I can help you in finding the perfect suburb for your needs.
<a href="https://www.amykite.com/buyers/">Contact us</a> today to learn more about getting your house hunt started on the right foot by finding suburbs with great downtowns.
<a href="https://www.amykite.com/buyers/" class="btn btn--primary">Contact Us »</a><br /><br />Google Reviews
⭐⭐⭐⭐⭐ "Moving our family to a new state without any connections forced us to find a Realtor on our own. That daunting task was made simple after finding The Kite Team!" -<a href="https://goo.gl/maps/NcKVBFiDeZoYMNEQ8" target="_blank">Rachel Herrick</a>
⭐⭐⭐⭐⭐ "I rarely if ever give a 5 star review! The Kite Team and Amy Kite are absolutely the best. Most knowledgeable, professional and honest real estate company in Chicago! They were so helpful in educating me throughout the process and took the stress out. I'm in real estate as well in another state and they are my go to and ONLY team I refer to my friends and customers! Words don't describe. If you want trust, integrity, honesty and someone on your side, Amy and her team will not disappoint!" -<a href="https://goo.gl/maps/xseFgdF7JaQx45gw7" target="_blank">Jo Ferraro</a>
⭐⭐⭐⭐⭐ "We absolutely love working with Amy and the Kite Team! We have purchased and sold multiple homes with Amy and have always had a great experience. The awesome part about working with Amy Kite is that no matter what you need during the buying/selling process they have an expert on their team to help you - financing, home inspection, general questions - they have it all! You really can't go wrong by choosing to buy or sell your home with Amy and her team." -<a href="https://goo.gl/maps/fz9xeCgmsQ9QhcYB9" target="_blank">Jason Castaneda</a>
These are just some of our 565+ Google reviews.
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2022-11-09T11:24:46-07:002022-11-09T14:39:35-07:00Amy Kitetag:amykite.com,2012-09-20:5206Why You Need a Real Estate ProWhy 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!
<img src="https://assets.site-static.com/userfiles/597/image/Key_Reasons_to_Work_With_an_Experienced_Real_Estate_Team_1.png" width="800" height="2000" title="Key Reasons to Work With an Experienced Real Estate Team" style="vertical-align: middle; margin: 2px;" />
If you're considering buying or <a href="https://www.amykite.com/sellers/">selling a home near Chicago</a>, give us a call today!
2022-11-02T10:23:42-07:002022-11-02T10:38:12-07:00Amy Kitetag:amykite.com,2012-09-20:5050Build Your Net Worth With Home OwnershipHow Owning Real Estate Builds Your Net Worth
Investing in real estate is a significant milestone and both a financial and personal achievement to take pride in. The equity you build as a homeowner gives your net worth a big boost, and if you own multiple properties, you can look forward to monthly rental income as well. With interest rates and inflation at record highs right now, the link between owning real estate and building wealth is critical.<img src="https://assets.site-static.com/userfiles/597/image/Moving_to_Chicago_1.png" width="450" height="450" title="Real Estate Investment" style="float: right; margin: 2px;" />
“On average some properties in the Chicagoland area have seen their values increase by 30% since 2019. That means that a house that was valued at $300,000 in 2019 can be worth as much as $400,000 today. The owner increased their net worth by $100,000 without doing anything other than owning the home. If they owned a rental property in addition to their primary residence, their net worth increase would have doubled to $200,000.” -Amy Kite
If you’re looking to increase your financial security and plan for the future, now is likely a fantastic time to start your journey toward homeownership and <a href="https://www.amykite.com/blog/category/real-estate-invesment/">real estate investment</a>.
Pro Tip: Owning a Home Is a Key Ingredient for Financial Success
It’s no secret that real estate is one of the first places financial pros recommend investing, but have you seen the data to back those recommendations up? A <a href="https://cdn.nar.realtor/sites/default/files/documents/2022-snapshot-of-race-and-home-buying-in-the-us-report-02-23-2022_0.pdf">recent report</a> from the National Association of Realtors (NAR) details recent homeownership trends, including the significant gap in net worth commonly found between homeowners and renters. It states that in 2021, the net worth of a homeowner was around $300,000, while that of a renter was about $8,000.
To put that into perspective, the average homeowner’s net worth is roughly 40 times that of a renter.
This difference helps highlight that owning real estate is a key factor in achieving long-term financial security and success.
Equity Gains Can Substantially Increase a Homeowner’s Net Worth
The net worth gap between owners and renters exists in large part because homeowners build equity. When you <a href="https://www.amykite.com/buyers/first-time-buyers/">own a home</a>, your equity grows as your home appreciates in value and you make your mortgage payments each month. As a renter, you don’t have that same opportunity. A <a href="https://www.cnet.com/personal-finance/mortgages/should-you-buy-a-home-in-2022-heres-what-you-need-to-know/">recent article</a> from CNET explains why homeownership is a good idea, even in today’s economy:
“Homeownership is still considered one of the most reliable ways to build wealth. When you make monthly mortgage payments, you’re building equity in your home”
When you rent, you’re not investing in your own financial future, you’re investing in the future of the person you’re paying rent to. But on top of that, your home equity grows even more as your home appreciates in value over time. That has a major impact on the wealth you build, as <a href="https://www.bankrate.com/home-equity/how-to-build-equity-in-your-home/">Bankrate explains</a>, a home is one of the only assets that appreciate in value as you make payments on it. Even in today’s economy, real estate is still likely a sound investment.
Consider looking at homes that may be smaller or in less expensive neighborhoods if higher mortgage rates have made your previous housing goals unattainable. This allows you to begin your real estate investment journey with a <a href="https://www.amykite.com/buyers/mortgage-calculator/">manageable mortgage payment</a> and start building equity while you wait for conditions to improve.
When you own real estate, you have the advantage of your mortgage payment acting as a deposit into a long-term savings account that <a href="https://www.mykcm.com/2022/07/25/whats-causing-ongoing-home-price-appreciation/">grows in value</a> as your home does. When you sell, any <a href="https://www.mykcm.com/2022/07/08/why-growing-home-equity-is-great-news-if-you-plan-to-move-infographic/">equity</a> you’ve built up comes back to you, allowing you to re-invest or use those funds as needed.
As a renter, you’ll never see a return on the money you pay out in rent every month.
The Bottom Line
If you’re considering selling your Chicago area home, <a href="https://www.amykite.com/contact/">call us</a>. We are happy to discuss your options and help you weigh out the best way to build your net worth through <a href="https://www.amykite.com/buyers/">Chicago area real estate investment</a>.
Our award-winning real estate team is here to ensure you get the best possible return on your Chicagoland real estate investments. In the meantime, check out our guide for buying Chicagoland real estate:<br /><br />
<a href="https://www.amykite.com/buyers/featured-listings/">Featured Listings</a>
<a href="https://www.amykite.com/buyers/mortgage-calculator/">Mortgage Calculator</a>
<a href="https://www.amykite.com/buyers/mortgage-pre-approval/">Mortgage Pre-Approval</a>
<a href="https://www.amykite.com/buyers/first-time-buyers/">First Time Buyers</a>
<a href="https://www.amykite.com/buyers/making-an-offer/">Making an Offer</a>
<a href="https://www.amykite.com/buyers/what-are-closing-costs/">What Are Closing Costs?</a>
<a href="https://www.amykite.com/buyers/escrow-now-what/">Escrow: Now What?</a>
<a href="https://www.amykite.com/buyers/financial-terms-glossary/">Financial Terms Glossary</a>
<a href="https://www.amykite.com/buyers/personalized-home-search/">Personalized Home Search</a>
<a href="https://www.amykite.com/buyers/btip/">Builder Trade-In</a>
2022-10-11T08:31:00-07:002022-10-11T09:01:50-07:00Amy Kitetag:amykite.com,2012-09-20:4944Should I Sell My House Now or Wait?It’s no secret that we’re seeing changes in the Chicagoland housing market as interest rates climb and buyer demand slows. Fortunately, there are benefits to selling in a slowing seller's market. We’ve put together our top reasons <a href="https://www.amykite.com/#dynamic-section-collapse-465">selling your Chicagoland home</a> now may be a better option than waiting to see what happens in the new year.
Benefit: You Have Great Options For Your Move<img src="https://assets.site-static.com/userfiles/597/image/Sell%20my%20chicago%20home.png" width="450" height="450" style="float: right; margin: 10px 0 10px 10px;" />
We’ve all seen the growing housing inventory in Illinois and throughout the country this year, as rising mortgage rates slowed the post-COVID lockdown real estate frenzy. While this seems like a negative for anyone getting ready to sell a home, there are benefits waiting for you when buying after you sell your home.
If you’re selling your home due to an upcoming move, it means you’ll have a broader range of options when <a href="https://www.amykite.com/#dynamic-section-collapse-464">shopping for your next property</a>. This offers you a great opportunity to find a home at a competitive price. So, if you have been waiting to move due to housing inventory shortages, it’s good to know that more options are available than last year, and the bidding wars have slowed dramatically. While you may have to wait a little bit longer to sell, you’re not going to be facing repeated disappointment and heavily inflated prices when moving to a new home.
Benefit: Inventory Throughout Illinois is Still Low
While the number of available homes for sale has increased this year, this is still considered a sellers’ market. We may not see the historical inventory lows we did in 2021, but available property numbers are still low overall. For example, in a typical market, we are considered to have a balanced market when there is enough housing inventory available to meet the pace of buyer demand. This would mean that there would need to be approximately a six-month supply of homes. According to the National Association of Realtors (NAR) <a href="https://www.nar.realtor/newsroom/existing-home-sales-retreated-5-9-in-july">July report</a>, there was only enough housing inventory available to cover about 3.3 months.
While you’ll have more options for your own home search, inventory is still low, and that means your home will still sell quickly if you price it well. This is where having an <a href="https://www.amykite.com/about/">experienced Chicagoland real estate team</a> on your side comes in. According to NAR, in July the average home sold in as little as 14 days with multiple offers to choose from.
Benefit: You Likely Have Seen an Impressive Growth in Equity
The record increases in home values over the past few years have very likely increased your equity considerably. Danielle Hale, Chief Economist at realtor.com, explains:
“Homeowners trying to decide if now is the time to list their home for sale are still in a good position in many markets across the country as a decade of rising home prices gives them a substantial equity cushion . . .”
If you’ve been waiting to sell your home due to concerns about how rising prices will impact your next home search, don’t forget to factor in the equity you’ve earned on your current home. In many cases, it is enough to cover a substantial down payment on your new home, keeping your payment relatively low. The mantra is to sell high - buy high so your alternative is to wait until prices fall which means you will sell for less in order to buy for less.
The Bottom Line
If you’re considering selling your Chicago area home, give us a call. We are happy to discuss your options and help you weigh out the pros and cons of selling in today’s market. Our award-winning real estate team is here to ensure you get the best possible price on your home, and that you find the home of your dreams to move into! In the meantime, check out our guide for selling your Chicagoland home:<br /><br />
<a href="https://www.amykite.com/sellers/free-market-analysis/">FREE market analysis</a>: Find out how much your property is worth
<a href="https://www.amykite.com/sellers/pricing-your-home/">How to price your home</a>: Pricing is both an art and a science
<a href="https://www.amykite.com/sellers/marketing-your-home/">How to market your home</a>: An expert's guide to marketing your home
<a href="https://www.amykite.com/sellers/showing-your-home/">Showing your home</a>: See the 9-minute showing drill
<a href="https://www.amykite.com/sellers/what-to-expect-when-listing-a-home/">What to expect when listing your home (video)</a>
<a href="https://www.amykite.com/sellers/adding-value/">How to add value to your home</a>: See which updates add the most value
<a href="https://www.amykite.com/sellers/chicago-real-estate-listings-closed-data/">Recently closed homes in Chicagoland</a>: See how much your neighbors sold for
2022-09-26T09:45:00-07:002022-09-26T11:01:18-07:00Amy Kitetag:amykite.com,2012-09-20:4885How Real Estate Can Help You Build Wealth
Everyone should invest in real estate if they can and here’s why.
Investing in real estate is one of the best ways to build long-term wealth, so it’s no surprise that I have a passion for it. I invest in real estate in pretty much every way I can, including flipping. However, I prefer to hold onto my properties.
Look at it this way. Housing appreciates by 4% every year on average. That means that if you invest in real estate, your wealth will double every 10 years.
As an example, I recently purchased a property for about $43,000. I put $15,000 into fixing it up and rented it out. However, I discovered I could no longer rent in this neighborhood because zoning laws had changed.
This may seem like a disaster, but real estate always has a plan B built into it. If you ever decide you no longer want a property, you can always sell. In the end, I sold the property for around $90,000 and made a nice profit.
When investing, make sure you always have a plan A and a plan B. If you have questions about today’s topic or anything else, please call or email me. I am always willing to help!2022-09-09T05:00:00-07:002022-09-15T07:53:45-07:00Amy Kitetag:amykite.com,2012-09-20:4862Best Chicago Suburbs for Families<img src="https://assets.site-static.com/userfiles/597/image/The-Best-Chicago-Suburbs-for-Families.jpg" width="885" height="442" alt="Best Chicago Suburbs for Families" style="display: block; margin-left: auto; margin-right: auto;" />Having a family often means that when you look for a place to settle, there are different criteria for the area. It needs to be more family-friendly to ensure your kids get the most out of their childhood. Some of the things considered for this list include great schools, diverse populations, plenty of recreation options, and other factors that make an area great for families of all sizes and ages. Here are some of the best Chicago suburbs to raise a family in no particular order.
<a href="https://www.amykite.com/dupage-county/elmhurst/">Elmhurst</a>
<img src="https://assets.site-static.com/userfiles/597/image/Best-Chicago-Suburbs-for-Families-Elmhurst-IL.jpg" width="450" height="300" alt="Elmhurst, IL Is One of the Best Chicago Suburbs for Families" style="float: right; margin: 10px 0 10px 10px;" />Starting off our list of best suburbs of Chicago for families, Elmhurst has an excellent school system. In fact, statistically, they have some of the best testing scores in the area. Elmhurst schools are the tip of the iceberg for those with inquiring minds, making this a great place to raise a family in the Chicago suburbs. Elmhurst offers museums, a symphony, and a library. Plenty of parks, a community center, pools, a golf course, and other outdoor entertainment round out this area’s family-friendly potential.
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<a href="https://www.amykite.com/cook-county/hickory-hills/">Hickory Hills</a>
Cook County is home to several great suburbs, but Hickory Hills is one of the best Chicago suburbs for young families. Hiking, biking, and equestrian trails are perfect for those families that like to get outside in nature. Part of a less active family? You can still enjoy the outdoors with the many parks featuring perfect places for picnics. Thanks to several shopping centers, shopping is not a problem in Hickory Hills. Parents will love the choices of public and private schools in the area.
<a href="https://www.amykite.com/cook-county/hickory-hills/" class="btn btn--primary">See Hickory Hills, IL homes for sale</a>
<a href="https://www.amykite.com/cook-county/crestwood/">Crestwood</a>
Above-average schools are located in Crestwood, making it a great place to raise children in and around the Chicago area. Another boon of living in Crestwood is the number of things to see and do in the area. Crestwood offers plenty of shopping, and the big theater is the perfect place for a date night away from the kids or to see the next big kid’s movie. There’s also a forest preserve that’s perfect for nature lovers.
<a href="https://www.amykite.com/cook-county/crestwood/" class="btn btn--primary">See Crestwood, IL homes for sale</a>
You might also be interested in this <a href="https://www.amykite.com/blog/chicago-suburbs-with-best-downtowns/">list of Chicago suburbs with the best downtowns</a>.
<a href="https://www.amykite.com/will-county/lemont/">Lemont</a>
<img src="https://assets.site-static.com/userfiles/597/image/Best-Chicago-Suburbs-for-Families-Lemont-IL.jpg" width="450" height="300" alt="Lemont, IL Is One of the Best Chicago Suburbs for Families" style="float: right; margin: 10px 0 10px 10px;" />As one of the oldest suburbs of Chicago, Lemont has a lot to offer families. It’s conveniently located close to the city for a commute to work or to visit the city’s fantastic entertainment options. The schools are rated highly, and plenty of local activities keep even the most active kids busy. Parks, playgrounds, golf courses, and more can fill your days. In addition, there are many restaurants and shopping options for when you want to keep close to home.
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<a href="https://www.amykite.com/will-county/frankfort/">Frankfort</a>
Highly-rated schools, low property taxes, and a beautiful setting combine to make Frankfort a true jewel among the Chicago suburbs. Frankfort has kept its rustic appeal despite growing into a community with excellent infrastructure and commerce. This configuration means there are plenty of shopping, restaurants, and other amenities which come from being in a bigger city while still keeping the charm of a rural community.
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<a href="https://www.amykite.com/cook-county/chicago-heights/">Chicago Heights</a>
A historical area, Chicago Heights has a lot to offer parents. There are many public and private school choices in addition to several colleges calling this area home in case you’d like to try to keep your children close to home. This area also has plenty of employment opportunities that are another way to help keep kids close to home. While the commerce of the suburb makes it attractive, the historical touches help separate this community from others. Many of the homes have been preserved through the years and are excellent for those that enjoy older architectural styles.
<a href="https://www.amykite.com/cook-county/chicago-heights/" class="btn btn--primary">See Chicago Heights, IL homes for sale</a>
<a href="https://www.amykite.com/chicago/edison-park/">Edison Park</a>
<img src="https://assets.site-static.com/userfiles/597/image/Best-Chicago-Suburbs-for-Families-Edison-Park.jpg" width="450" height="329" alt="Edison Park Is One of the Best Chicago Suburbs for Families" style="float: right; margin: 10px 0 10px 10px;" />Safety, places to place outside, and affordable homes are some of the top reasons why Edison Park is one of the best Chicago suburbs for families. As an area very attractive to young professionals, many parents just starting out with young children flock to the site. In addition, as an economically and ethnically diverse area, it can be a great place to raise children.
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<a href="https://www.amykite.com/cook-county/elk-grove-village/">Elk Grove Village</a>
When your suburb is named in a book like, Fifty Fabulous Places to Raise Your Family, you know it’s pretty special. Elk Grove Village has that distinct honor thanks to a few reasons. Mix a small-town vibe with all the great things that make living in a more prominent suburb, and you’ve got Elk Grove Village. Transportation options, recreational activities, a great community feel, parks, and a low crime rate all help bump this Chicago suburb into making families’ lists.
<a href="https://www.amykite.com/cook-county/elk-grove-village/" class="btn btn--primary">See Elk Grove Village, IL homes for sale</a>
<a href="https://www.amykite.com/lake-county/buffalo-grove/">Buffalo Grove</a>
When you’re looking for a Chicago area suburb that’s progressing and growing but still resembles communities of yesterday with tree-lined streets and a tight-knit community, you can’t go wrong with Buffalo Grove. It’s not as small as some of the great Chicago suburbs for families, but that’s part of its charm. You get a nice mix of a larger town with plenty of options for entertainment, shopping, and restaurants while still keeping that small-town feel, such as the weekly farmer’s market.
<a href="https://www.amykite.com/lake-county/buffalo-grove/" class="btn btn--primary">See Buffalo Grove, IL homes for sale</a>
<a href="https://www.amykite.com/lake-county/lake-forest/">Lake Forest</a>
An affluent suburb of Chicago, Lake Forest has a lot to offer anyone that lives there, from luxurious homes to plenty of amenities. It’s also perfect for families that enjoy getting out into nature. This suburb has the ideal setting for being outside, from beaches to parks. Summer camps can be a great way to keep your kids active and learning through the summer months, and this Chicago suburb offers a great summer camp every year. In addition, Lake Forest provides top-notch schools that help round out why this should be on your list of places to check out for your family.
<a href="https://www.amykite.com/lake-county/lake-forest/" class="btn btn--primary">See Lake Forest, IL homes for sale</a>
<a href="https://www.amykite.com/cook-county/arlington-heights/">Arlington Heights</a>
<img src="https://assets.site-static.com/userfiles/597/image/Best-Chicago-Suburbs-for-Families-Arlington-Heights-IL.jpg" width="450" height="253" alt="Arlington Heights, IL Is One of the Best Chicago Suburbs for Families" style="float: right; margin: 10px 0 10px 10px;" />It’s hard to ignore Arlington Heights when trying to determine the best Chicago suburbs for families when looking for the perfect place to settle your family. This large area takes up three zip codes. It would seem that once an area swells to that size, it would lose what makes a small town shine, but that’s not the case with Arlington Heights. It’s convenient for commuters and offers low property taxes, recreational facilities, and excellent schools.
<a href="https://www.amykite.com/cook-county/arlington-heights/" class="btn btn--primary">See Arlington Heights, IL homes for sale</a>
<a href="https://www.amykite.com/cook-county/elmwood-park/">Elmwood Park</a>
A library is a magical place for families. For families with younger children, the library is often their first chance for story time and similar programming that helps set them up for lifelong learning. It’s also an excellent place for families with older kids who need a quiet place to study. Elmwood Park operates a library exclusive to the suburb’s residents. In addition, plenty of activities are available for more active residents, with parks, playgrounds, a skate park, an aquatic center, and a rec center. Plus, the schools are diverse with a lower student to ratio teacher count compared to the national average.
<a href="https://www.amykite.com/cook-county/elmwood-park/" class="btn btn--primary">See Elmwood Park, IL homes for sale</a>
<a href="https://www.amykite.com/cook-county/winnetka/">Winnetka</a>
<img src="https://assets.site-static.com/userfiles/597/image/Best-Chicago-Suburbs-for-Families-Winnetka-IL.jpg" width="450" height="300" alt="Winnetka, IL Is One of the Best Chicago Suburbs for Families" style="float: right; margin: 10px 0 10px 10px;" />If living close to Lake Michigan with views of the Chicago skyline is on your bucket list, Winnetka might be one of the best Chicago suburbs for families to consider. Parents have the choice of excellent public schools and private schools. Plus, there are great hiking trails and parks to explore. Another great perk for raising a family in Winnetka is the Village Toy Shop. Traditional toy stores are hard to find, so having one in your area is a lot of fun. The wonder in a child’s eye makes for a fun afternoon exploring all the different playthings and hobby items.
<a href="https://www.amykite.com/cook-county/winnetka/" class="btn btn--primary">See Winnetka, IL homes for sale</a>
<a href="https://www.amykite.com/chicago/norwood-park/">Norwood Park</a>
Who didn’t love spending their summers at the pool and parks as a child? There are plenty of options for outdoor fun in this area, including a golf course. Norwood park is an excellent choice for growing families that’s also one of the safest areas to live. Both families and retirees love to call this lovely Chicago suburb home, and there’s something to be said about raising your family in an area where many generations live among each other.
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<a href="https://www.amykite.com/cook-county/homewood/">Homewood</a>
The name, Homewood, should give potential buyers an idea of what to expect from this quaint suburb. Imagine streets lined by stately trees, and you get a glimpse into the heart of Homewood. This suburb offers more beyond looks. There’s a library, a historical museum, and excellent schools. There’s an ice arena, pool, sports club, playgrounds, ball fields, and more for entertainment. Another lovely perk of this suburb is that there are homes in various price ranges.
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<a href="https://www.amykite.com/kane-county/batavia/">Batavia</a>
<img src="https://assets.site-static.com/userfiles/597/image/Best-Chicago-Suburbs-for-Families-Batavia-IL.jpg" width="450" height="450" alt="Batavia, IL Is One of the Best Chicago Suburbs for Families" style="float: right; margin: 10px 0 10px 10px;" />Batavia’s city governmental buildings are graced by windmills adding a charming, nostalgic feel to the area. Add in the large acreage of parks and nature preserves in the area, and you have the perfect place to get safely lost in the wild for an hour or two for a picnic and explore the natural world around you. Batavia is also rated as one of the best school districts in Kane County and offers private and public options for families.
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Conclusion
These are some of the best Chicago suburbs for young families for various reasons. First, you’ll love being able to narrow down your choices when you start your hunt. Then, once you’re ready to start looking for a family-friendly neighborhood for your next home, I’d be happy to help.
<a href="https://www.amykite.com/buyers/">Contact us</a> today to get your home search started in some of the best Chicago suburbs for families.
<a href="https://www.amykite.com/buyers/" class="btn btn--primary">Contact Us »</a><br /><br />
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<br /><br />Google Reviews
⭐⭐⭐⭐⭐ "Moving our family to a new state without any connections forced us to find a Realtor on our own. That daunting task was made simple after finding The Kite Team!" -<a href="https://goo.gl/maps/NcKVBFiDeZoYMNEQ8" target="_blank">Rachel Herrick</a>
⭐⭐⭐⭐⭐ "I rarely if ever give a 5 star review! The Kite Team and Amy Kite are absolutely the best. Most knowledgeable, professional and honest real estate company in Chicago! They were so helpful in educating me throughout the process and took the stress out. I'm in real estate as well in another state and they are my go to and ONLY team I refer to my friends and customers! Words don't describe. If you want trust, integrity, honesty and someone on your side, Amy and her team will not disappoint!" -<a href="https://goo.gl/maps/xseFgdF7JaQx45gw7" target="_blank">Jo Ferraro</a>
⭐⭐⭐⭐⭐ "We absolutely love working with Amy and the Kite Team! We have purchased and sold multiple homes with Amy and have always had a great experience. The awesome part about working with Amy Kite is that no matter what you need during the buying/selling process they have an expert on their team to help you - financing, home inspection, general questions - they have it all! You really can't go wrong by choosing to buy or sell your home with Amy and her team." -<a href="https://goo.gl/maps/fz9xeCgmsQ9QhcYB9" target="_blank">Jason Castaneda</a>
These are just some of our 565+ Google reviews.
<a href="https://www.google.com/maps?cid=17676312501535555631" target="_blank">Read more reviews »</a>2022-09-07T07:05:00-07:002022-11-09T14:30:58-07:00Amy Kitetag:amykite.com,2012-09-20:4863The Importance of Wills and Trusts
If you haven’t written a will yet, there’s no better time to write one.<br />
I recently had a family member pass, and they didn't have a will or an estate. The kids all have different ideas about what to do with the property, so there's a lot of bickering. None of this had to happen—it all could have been planned for and handled in a will.
Everybody needs a will, and if you own real estate, you also need a trust. You want to stay out of probate because that costs more than creating the will and trust. Having things planned out will also reduce stress during an emotional time. On top of that, establishing a set plan will avoid family members infighting and allow them to grieve together.
Many attorneys will provide a free consultation over the phone to give you some options. If you need one, we're happy to get you in touch with somebody so you can save your loved ones that headache when you pass.
If you have any other questions, don’t hesitate to reach out to me by phone or email. I look forward to hearing from you.2022-09-07T05:00:00-07:002022-09-11T10:27:58-07:00Amy Kitetag:amykite.com,2012-09-20:47632 Main Things To Upgrade in Your Home
The market has shifted, and staging has become even more important.<br />
Properties are no longer selling as quickly as they had over the past two years. Due to this slight slowdown, I often get asked, “Should I stage my home?” The answer is, "Yes, you should do things now to get your home in the best condition possible by spending money smartly and your time wisely."
The market’s not what it was a few months ago when people were buying regardless of what the property looked like. Homes that are in move-in condition can still get multiple offers. Paint and flooring are always the first two things you should revamp. Neutralize colors to something that would appeal to the vast majority of buyers and still avoid white as it is very sterile and buyers today generally don't find it appealing. Flooring should be consistent and also neutral. You may want to consider an LVP (luxury vinyl plank) or neutral carpet. Anything after those two should be discussed with your trusted real estate professional as you can spend more on additional upgrades than you can get out of them in the sale.
We are happy to provide information to contractors we trust in order to help you through this process. If you have any questions, don’t hesitate to reach out to me by phone or email. I look forward to hearing from you.2022-08-11T05:00:00-07:002022-09-21T13:52:43-07:00Amy Kitetag:amykite.com,2012-09-20:4698Your Summer 2022 Market Update
We’re still in a seller’s market, though things are slowing down a little.<br />.
June was a great month for our market! Today I’ll share our latest findings to keep you up to date with all the changes.
The average sales price in May was $409,000, but by June, it increased to $436,000. That’s an exciting change for potential home sellers, but a $27,000 increase in just a month isn’t sustainable. In fact, price jumps like that are one reason the Federal Reserve has been increasing interest rates—to slow down the market. Rates have already hit 6%, and we anticipate that they’ll have increased by another half point by the end of July.
"We’re still in a crazy seller’s market."
Around 20,0000 homes were added to the market last month, leaving us with around two months of supply. This is fantastic news for buyers who have been struggling to find options.
Despite two more months' worth of inventory, we’re still in a crazy seller’s market. However, activity has slowed down due to rising interest rates pushing some buyers out of the market. The homes that are selling take slightly longer to leave the market than they did over the last couple of years.
If you have any questions about what’s going on in the market or how it will affect your plans to buy or sell a home, don’t hesitate to give me a call or send me an email. I’d love to hear from you.2022-07-28T05:00:00-07:002022-08-02T14:27:50-07:00Amy Kitetag:amykite.com,2012-09-20:4584This Market Is Turning Around for Fatigued Buyers
Buyers are starting to get a wave of relief from increased inventory.<br />
Have you been struggling to find a home in this market? If so, here’s some exciting news: We're starting to see an increase in inventory, meaning you’ll have more options to choose from. More inventory will also likely lead to lower prices and more negotiating power. Buyers should have their credit checked to verify that they’re qualified so they can start looking in the neighborhoods they’re interested in.
Interest rates have stabilized for the time being, but we don't know what they'll do in the coming weeks and months. However, with them being stable at the moment, now is a great opportunity to go find the dream home you've been looking for. It’s still a great time to invest in real estate. On average, if you buy a property today, it will be worth 50% more in 10 years.
If you have any questions, don’t hesitate to reach out to me by phone or email. I look forward to hearing from you.2022-06-30T17:50:00-07:002022-07-06T10:12:53-07:00Amy Kitetag:amykite.com,2012-09-20:4507Don’t Miss This Chance To Buy a Home
Now is a great time to invest in real estate.
Are you struggling to find a home in the market right now? I have great news for you! We are starting to see an increase in inventory, so you’ll have more options when choosing your home. You can negotiate more easily, and you won’t feel like you’ve overpaid.
Buyers should get their credit checked to verify what they qualify for. Start looking at neighborhoods you’re interested in. Interest rates have stabilized recently, and with inventory increasing, it’s the perfect opportunity for you to find the dream home you always wanted.
Now is still a great time to invest in real estate. If you buy a property today, it will be worth 50% more in 10 years. If you need more help with your real estate concerns, don’t hesitate to call or email me. I look forward to hearing from you.2022-06-17T05:00:00-07:002022-06-23T07:53:33-07:00Amy Kitetag:amykite.com,2012-09-20:4432It's Always a Good Time To Buy
Here’s why it’s never really a bad time to buy in real estate.
One of the biggest questions we are asked in today’s market is, “Are we in a real estate bubble?” Back in 2007, home values dropped after the last bubble burst. However, current prices are higher than they were before the last crash.
That’s my key point for you today. If you buy real estate as a long-term investment, your value will increase to a higher level than it is today. It doesn’t matter when you buy; over time, values increase. That’s why real estate is considered such a great investment.
So should you buy right now? Absolutely; rates are slightly higher now, but they will come down eventually and allow you to refinance.
If you have any questions about buying a home or real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.2022-05-31T05:00:00-07:002022-06-02T10:14:35-07:00Amy Kitetag:amykite.com,2012-09-20:4348Is It Still a Good Time To Buy and Sell?
Here’s what buyers and sellers need to know about our housing market. <br /><br />
The latest numbers from April just came in, so today, let’s take a look at them to see what’s going on in our housing market.
The average sales price in March was $395,000. In April, that number climbed to $412,000. Meanwhile, the average number of days on market decreased to about 40 in April. This is a normal trend for this time of year.
If you’ve been paying attention to the news, you know that interest rates continue to increase. This means it’s becoming more expensive each month to buy a home.
Is it a good time to buy or sell? The answer is still yes. Sellers should list their properties before rates get too high and buyers’ purchasing power decreases. For the same reason, you should buy as soon as you can. The higher rates get, the less home you can afford.
If you need help buying or selling or have any questions, please call or email us. Our team is always willing to help!
2022-05-17T05:00:00-07:002022-05-19T09:05:07-07:00Amy Kitetag:amykite.com,2012-09-20:4170Questions You Should Ask in Agent Interviews
Four great questions to ask when you’re interviewing listing agents. <br /><br />
If you’re interviewing agents to sell your home, what questions should you ask? Of course, you want to ask about what’s important to you in an agent, but there are a few ideas you might not have considered.
One of the most important questions is, “How many homes have you sold personally?” New agents are trained to say how many homes the office has sold instead of their personal count. You want to figure out whether you’re working with an experienced agent or not.
Another great question is, “What’s your average list-to-sales price ratio?” If someone has a low ratio, that means they’re listing your property too high and selling it for too little. The average list-to-sales price ratio is 97.4%, so if they have a ratio of 95%, for example, that means their pricing strategy is less than ideal.
"Experienced agents will always get you more money."
You should also ask, “What type of marketing will you do to sell my home?” Most agents just put your home on Zillow or social media, but understand that these methods are pretty basic. You’re looking for someone who will do more to help drive people to your home.
Don’t forget to ask, “Who will I communicate with?” You won’t always connect with the person you’re hiring, and you might not always communicate as often or in the way you would like. Ask about who you’ll be communicating with, how often, and how to make sure their style matches yours. Ideally, they should gear their communication to what you prefer.
Remember that experienced agents will always get you more money. We’ve had a ton of new agents enter the industry because of the pandemic, so make sure you know if you’re hiring a new agent.
If there’s anything we can do for you, we’re here to help. Just call or email us. We’d love to hear from you.
2022-04-25T08:00:00-07:002022-04-26T11:50:13-07:00Amy Kitetag:amykite.com,2012-09-20:4124What’s Happening in Chicagoland Real Estate?
Here is your march 2022 Chicagoland real estate market update. <br /><br />
Let’s talk about the March 2022 real estate market in Chicagoland.
Our average sales prices went up significantly last month, almost 10%. The peak last month was $395,000. In February, the average sales price was $368,000. Our highest ever sales price was just over $400,00 in June 2021, so we are almost back to that same number.
This increase might seem weird since our interest rates just increased so much. However, understand that this average sales price is from properties put under contract 30 to 60 days ago, so they weren't affected by the increased rates. We anticipate that the average sales price will fall over the next few months.
"Our market should adjust over the next few months. "
The average days on the market went down to 58 from 66 in February. This is normal; the days on market always increases in January and February and decreases in March. It will probably continue decreasing as we head into summer.
The number of homes for sale is just over 12,000. A year ago, that figure was about 18,000. We have about a third fewer homes for buyers to buy. 15,000 new homes went on the market, and just over 12,000 properties went under contract. We’re putting <a href="https://www.amykite.com/idx/results/">inventory on the market</a>, and it’s almost all selling immediately. Right now, we’re living in a low-inventory market, but that should change soon. There are fewer buyers because of our interest rates, so our market should adjust over the next few months.
If you’re considering <a href="https://www.amykite.com/sellers/">selling your Chicagoland home</a>, it’s a great time. If you want to buy, you should do that now before rates climb to 6%.
If you’re interested in buying or selling, I’m happy to have a conversation with you and answer all your questions. Just <a href="https://www.amykite.com/contact/">contact me</a>.2022-04-18T05:24:00-07:002022-04-20T13:31:30-07:00Amy Kitetag:amykite.com,2012-09-20:4073Buying and Selling at the Same Time
Here are six options when buying and selling a home at the same time. <br /><br />
Recently, I’ve noticed a lot of sellers are excited to sell their homes, but they’re less enthused to buy. Since inventory levels are so low, I understand the concern. Don’t worry; if you’re looking to sell your home and buy a new one, you have options, and I want to go over a few of them with you today:
1. Negotiate a long closing with your buyer. Instead of a typical 30-day close, try and have a 90-day one. In this seller’s market, many buyers are willing to accommodate this need. With such a long close, you should have plenty of time to find a new home.
2. Use a reverse contingency. In this scenario, you would insert a clause into your purchase agreement that makes your sale contingent on finding another home to buy. This is very convenient, but some buyers may not be interested in a house with one in place.
3. Negotiate a rent-back agreement. In this situation, you close on the house as normal, then rent the property back from your buyer while you look for a new home. These are increasingly popular, but some mortgages limit the amount of time you can rent the property from your buyer.
"Each option has its pros and cons. "
4. Find temporary housing. After your home sale, you could rent for a year and give the market time to settle. This option is popular with people who don’t know if they want to stay in their area since there is little commitment.
5. Buy new construction. You can actually time your closing date with the move-in date on your new construction home. I’ve done this for years, and it’s very convenient.
6. Use a bridge loan or HELOC. Both of these options leverage the equity in your home to make a purchase before selling.
If you want to go over any of these options in detail, please call or email me. I’d love to discuss them further with you!2022-04-08T08:00:00-07:002022-04-14T08:11:17-07:00Amy Kitetag:amykite.com,2012-09-20:4006How Has the Pandemic Affected Us?
Comparing the market from before the pandemic to the current situation.<br /><br /><br />
Have you forgotten what the market was like pre-pandemic? Let's talk about what's changed over the past couple of years and how those changes benefit you.
Before the pandemic, interest rates were higher. At one point, they were as high as 5%. Today they're still down in the 3% range, although we anticipate that they will go up this year. Interest rates during the pandemic have been fabulous. At some points, they were in the 2% range. The average sales price has gone up 24% since January 2020. The $293,000 house you bought is now worth $363,000. Appreciating $70,000 in two years is huge!
"Interest rates are still low, but they will likely increase soon."
The amount of time it takes to sell a home has decreased. Before the pandemic, it could take as long as 100 days to sell a home. Since then, days on market has gotten as low as 35 days. Right now, it’s about 60 days.
In terms of pre-pandemic inventory, there were 30,000 homes for sale in our area. Now there are only 15,000. With 50% less competition, you can expect more money when you sell. That's exactly why prices were driven up during the pandemic.
If you have any questions or are interested in buying or selling, I'd love to help you. Reach out to me by phone or email. I look forward to hearing from you.2022-03-29T05:19:00-07:002022-04-01T08:02:39-07:00Amy Kitetag:amykite.com,2012-09-20:3934Your February 2022 Chicagoland Market Update<br />Let’s take a look at the market stats for our February 2022 market.<br /><br /><br />
Today I’m going to go over what happened in the Chicagoland real estate market in February 2022:
The average sales price last month went up 2% to about $370,000. If we compare February 2021 to February 2022, sales prices have gone up 10%. That’s great for sellers.
The average days on market went up to 66. This is normal; we usually see the days on market increase between December and February. Next month, we should see this number drop.
The average number of home sales is down 33% from February 2021 to just under 12,000. There aren’t a lot of homes out there to buy, but great buyers are still winning properties. It’s a good time to look for a house before interest rates increase.
The list to sales price is up to 98.5%. That means when a property is listed, it sells for 98.5% of its asking price on average. Keep in mind that this only applies if you price your property reasonably.
If you have any questions about these stats or real estate in general, feel free to call or email me. I would love to help.2022-03-17T09:00:00-07:002022-03-18T08:09:59-07:00Amy Kitetag:amykite.com,2012-09-20:3880How Our Commission Rate Works<br />How is an agent’s commission determined on the Kite Team?<br /><br /><br />
People often ask us how our commission right works—I mean, who wouldn’t want to know? Today I’ll quickly cover a couple of things to note about commissions here at the Kite Team.
We can help you sell your house starting at a 1% commission rate that increases based on the services you want. We only charge 1% commission in cases such as when you find your own buyer (like a tenant or family member) and you just need us to walk you through the contract, disclosures, etc.
For the listing side, the commission covers professional photography for your home, signs, and other services to expose your listing to the most possible buyers. Remember that there is a commission for marketing on the seller’s side as well as for the buying side. Agents and sellers need to be mindful about what they tell buyers concerning the commission rate because that can affect the number of showings you receive.
If you have any questions or would like to speak in more detail about our commission rates, don’t hesitate to call or email us. We’d love to have a conversation with you.2022-03-10T09:00:00-07:002022-03-11T13:17:55-07:00Amy Kitetag:amykite.com,2012-09-20:3822Are You Struggling To Pay Your Mortgage?
Those who are struggling with paying a mortgage have options.
Recently, I've started getting questions about being late on mortgage payments and whether you need to sell your house.
There's a lot of fear around this because people have been in forbearance for quite some time, and all of a sudden, they're now forced to come up with the money despite their situation not having changed. If you or somebody you know is behind on payments, I have options for helping those who are struggling to pay their mortgage. I’m happy to discuss and walk you through all your options so you can make the best decision.
If this doesn’t apply to you, please pass this information on to somebody who may need it. If you have any questions, please give me a call. I look forward to hearing from you.2022-02-25T09:00:00-07:002022-03-01T10:27:33-07:00Amy Kitetag:amykite.com,2012-09-20:3772The Market Numbers You Need To Know
These are the January numbers from our market that you should know.
Welcome to our recap of the January 2022 real estate market stats for homebuyers and sellers. If you’re a seller, I’m going to guess that you’re interested in the average sale price. Over the last six months, it has hovered right around the $360,000 range after peaking at around $400,000 last June. We have seen a 10% adjustment, but that adjustment has been stable.
You might also be wondering how much inventory we have. There is just 1.1 months’ worth of inventory right now, which keeps us in a strong seller’s market.
With such low inventory, things are a little more difficult for homebuyers.
The average price has flattened out, but what about the list-to-sale price ratio? Right now, sellers are getting 97.4% of their list price on average. This peaked at 100% last June. The average days on market has increased from a valley of 35 in August to 61 days in January.
Homes are taking slightly longer to sell, and price growth has slowed down a bit. However, we’re still seeing multiple offers, and we’re still in a strong seller's market.
If you have questions about today’s market, what you need to do to successfully buy or sell, or anything else related to real estate, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.2022-02-17T05:00:00-07:002022-02-18T07:39:47-07:00Amy Kitetag:amykite.com,2012-09-20:3733How Interest Rates Affect Both Sellers and Buyers
This is how rising rates will affect both sellers and buyers.
Are you looking to buy or sell a home this year? If so, have you wondered how interest rates will affect you? Most of the time, we think that interest rates are only crucial to buyers, but they're also important to sellers.
If you want to sell your home and interest rates rise 1% this year, buyers will be able to afford less. Therefore, sellers may see their values fall and attract fewer buyers. As a buyer, if interest rates rise 1%, you can afford 10% less. If you qualified for a $300,000 mortgage in December, a 1% rise in rate would mean that you now only qualify for $270,000. If you were looking for a $300,000 home and couldn't find something that made you happy, you’re not likely to find an ideal home for $270,000.
Interest rates will increase this year, so if you have any interest in buying or selling, you should get in the market soon. If you have any questions, don’t hesitate to reach out to me by phone or email. I look forward to hearing from you.
2022-02-10T07:00:00-07:002022-02-10T14:46:55-07:00Amy Kitetag:amykite.com,2012-09-20:3668Are You Looking To Sell This Spring?
Here are a few ways you can prepare your home to sell this spring.
Are you thinking about selling a home this spring? If so, now is the time to prepare. Today I want to go over a few things to consider to get your house ready to sell this spring.
First, consider the exterior maintenance of your home. Every year, someone calls my team in April wanting to sell, but we have to wait for the weather to break so that they can do the necessary outside maintenance. What does this maintenance look like? You should seal your driveway, paint if you need to, seal your windows, and tidy up your landscaping.
Once you get the outside taken care of, it’s time to start thinking about the interior. This means it’s finally time to declutter. Create separate piles labeled donate, trash, give away, and keep. There’s no sense in hauling around something you don’t want or use, so the sooner you do this the better.
Finally, talk with an agent so that you know exactly what you need to do to sell your home. If you’d like someone on the Kite Team to be that agent for you, give us a call or send us an email. We’d love to talk with you!
2022-02-03T07:00:00-07:002022-02-04T15:36:04-07:00Amy Kitetag:amykite.com,2012-09-20:3583Understanding Illinois Transfer Taxes
Transfer tax amounts and who pays them vary based on location.
Today I’ll talk about closing costs, particularly transfer tax. When you sell a property in Illinois, you will have a state transfer tax of $0.50 per $500 of the sales price. Every county in Illinois also charges you $0.25 for every $500 of the sale price sales price. Some villages will also charge you.
80% of the time, these transfer taxes are paid by the seller. If you’re a buyer, be prepared to face the uncommon situation where you’ll need to pay instead. For example, Harwood Heights charges the buyer $10 per $1,000 of the sales price as a transfer tax while Cicero charges the sellers that same amount. Chicago actually charges both parties.
If you're interested, I have a list of transfer tax charges by location, and I’m happy to send that to you. If you have any questions, don’t hesitate to call or email me. I look forward to hearing from you.
2022-01-20T07:00:00-07:002022-01-21T12:38:59-07:00Amy Kitetag:amykite.com,2012-09-20:3525How Has the Market Changed in the Last 4 Years?
Here’s what you need to know about the latest statistics from 2021.
It’s hard to believe we’re already in 2022! Many people take the new year as an opportunity to reflect, and we want to do the same. We’ve pulled three important market statistics from 2021 so we can do year-over-year comparisons all the way back to 2018.
The first stat we want to look at is the months’ supply of homes. This number measures inventory, and it refers to the number of months it would take for every home currently listed to sell. In 2018 we had 3.2 months’ supply of homes, in 2019 we had 3.2, in 2020 we had 2.1, and in 2021 we had 1.2. Keep in mind that six months of supply is considered a balanced market, so these numbers are crazy. We expect these numbers to climb slightly soon since people will be preparing their homes for the spring.
We can see a big difference between our pre- and post-pandemic markets.
Next, let’s take a look at the average sales price. In 2018 it was $290,000, in 2019 it was $299,000, in 2020 it was $336,000, and in 2021 it was $366,000. Just like with months’ supply of homes, we can see a big difference between our pre-and post-pandemic markets. It will be interesting to see how much homes appreciate this year.
The last statistic we want to talk about is the average days on market, and it measures how long it takes a property to sell. In 2018 it was 86 days, in 2019 it was 92, in 2020 it was 64, and in 2021 it was 52. The pace of our market keeps increasing. One thing to keep in mind is that these numbers track the end of the year, which is typically the slowest time. If you go back to spring, these numbers will all be much lower.
The bottom line is that our market is great right now for sellers, and things look like they’ll get better soon for buyers. If you have any questions for us about today’s topic, please give us a call or shoot us an email. We’d love to help! 2022-01-10T09:27:00-07:002022-01-10T09:30:30-07:00Amy Kitetag:amykite.com,2012-09-20:3481We’ll Be Interviewing Rae Kaplan on Student Loans<br />In 2022, we’ll be bringing on Rae Kaplan to talk about student loans.<br /><br /><br />
Can you believe we’re almost in 2022? The new year is just a few days away! We’re excited about 2022, and that’s why we wanted to talk a bit about what you can expect from us this coming year.
We’re going to be interviewing a couple of people we think you should know about, like Rae Kaplan from Kaplan Law Offices. If you have student loans or will be getting them in the next few years, you need to know about Rae. She can tell you how to protect yourself in the loan process, and she’ll talk about that a bit when we talk to her.
If you have any questions in the meantime, feel free to call, email, or text us. Have a great New Year’s, and I’ll see you in 2022!2021-12-29T07:00:00-07:002021-12-29T07:40:53-07:00Amy Kitetag:amykite.com,2012-09-20:3458Getting a Credit Report From All 3 Nationwide Agencies<br />Here’s how you can get a free credit report from three national agencies.
Today I want to talk to you about a pretty important topic: your annual free credit report.
With the amount of fraud and database breaches, this is something you need to take seriously. In case you didn’t know, you receive one free credit report from each of the three nationwide reporting agencies. It’s better to know you have an issue sooner rather than later, so I recommend you act fast.
If you go to <a href="http://www.annualcreditreport.com" target="_blank">annualcreditreport.com</a> and put in your information, you can receive all three credit reports. This is important for a couple of reasons: You can verify your information hasn’t been compromised, and you can be sure your score is accurate.
If you are looking to purchase a home this year, my team can help you increase your score. Just give us a call or send us an email; we are always willing to help!
2021-12-20T08:00:00-07:002021-12-27T09:08:31-07:00Amy Kitetag:amykite.com,2012-09-20:3428Your Chicagoland Market Update<br />Here’s what you need to know about Chicago’s real estate market.<br /><br />Want to buy a home? <a href="http://www.amykite.com/buyers/featured-listings/" title="Home Search" target="_blank">Search All Homes</a>Looking to sell your home? <a href="http://www.amykite.com/sellers/free-market-analysis/" title="Home Value" target="_blank">Receive a Home Value Report</a>
What’s happening in Chicago's real estate market? Let’s take a look at the numbers.
There were 17,412 homes for sale in the Chicagoland area this November. This is a bit lower than the 21,880 homes that were for sale in October. Our inventory numbers continue to shrink, and if you’re a buyer, you’re probably feeling it.
Meanwhile, we have around 1.5 months of inventory. In case you don’t know, inventory is a measure of how many months it would take to sell all of our inventory if no new homes came on the market. A six-month supply of inventory is considered a balanced market. This number is also down from October, where the months of supply was 1.9.
The average list price was around $373,667. This number has continued to fall, but it doesn’t mean we’re heading for a crash. Instead, sellers are just running into the realization that overpriced homes won’t sell, even in this market.
"If you are a seller, this is an amazing time to list your home."
The average time a home sits on the market is 47 days. This is up from October, where it was 42 days. 10,685 new homes hit the market in November, which was down from 15,121 homes in October.
What does this all mean? If you are a seller, this is an amazing time to list your home. Our inventory continues to shrink, so you’ll have less competition. For buyers, you need to make a good offer when you find a home you like. There isn’t a lot of room for low offers, so underbid at your own risk.
If you need help buying or selling a home, please call or email my team. We would love to help you out this holiday season and beyond!2021-12-13T00:42:00-07:002021-12-16T08:46:11-07:00Amy Kitetag:amykite.com,2012-09-20:3317How to Buy & Sell at the Same Time<br />If you need to sell your home and buy a new one, do it simultaneously.<br />
One of the biggest concerns that sellers have in today’s market is how to go about buying and selling a home at the same time. Luckily, we do this all the time, so today we can help you manage both transactions.
Generally, the easiest way to go about it is to list your home for sale when you get a contract, after which, you can search for a new home. Then, we’ll help you close both houses on the same day; you’ll close the one you’re selling in the morning and the one you’re buying in the afternoon. All your possessions will be loaded on the moving truck the night before so that they can begin unloading at your new home as soon as you’re done closing.
This way, you won’t have to worry about where you’re going to live between transactions. If there does happen to be a larger gap between when you close on your old home and when you buy the new one, you may be able to get post-closing possession if you and your agent negotiate for it.
If you have any further questions or need assistance juggling two transactions at once, don’t hesitate to give us a call or send an email. We’d love to help you.2021-11-24T12:00:00-07:002021-12-07T09:32:36-07:00Amy Kitetag:amykite.com,2012-09-20:3261The Latest Stats From Our Market<br />Here are the latest stats from October 2021 housing market.<br /><br />Want to buy a home? <a href="http://www.amykite.com/buyers/featured-listings/" title="Home Search" target="_blank">Search All Homes</a>Looking to sell your home? <a href="http://www.amykite.com/sellers/free-market-analysis/" title="Home Value" target="_blank">Receive a Home Value Report</a>
Let’s go over what happened in the real estate market here in the Chicagoland area over the month of October 2021.
The average sales price was $358,825. That’s a 1% decline from September, which was $361,165, and an even sharper drop from when the market peaked in June at $400,109. One year ago in October 2020, the average sales price was $344,879, showing that the average sales price has increased since last year.
In October 2021, the average original list price was $381,000. The market peaked back in February when the average was $441,000. One year ago, the average was $391,000, demonstrating that homes last month were listed for $10,000 less on average.
But how long were homes spending on the market? Between 2018 and 2020, the average ranged somewhere between 60 and 105 days, meaning that it would take an average of two to 3.5 months for a property to go under contract. The average market time as of last month was 42 days, so homes are selling faster.
"You’ll make more money from your sale than you would have a year ago."
The months' supply of homes actually declined. The lowest point for inventory was between March and May 2021, which was 1.7 months of supply. In September this year, inventory increased to 2.1 months but then dropped back down in October to 1.8 months. That means if no other homes came on the market, it would take us 1.8 months to sell all of what is currently available. That’s a great number for sellers, who will enjoy the reduced competition, but not for buyers, who lament the lack of options.
So in summary: Inventory is dropping, but that’s not unusual for this time of year. The average sale price might be slipping because it peaked earlier in the year. And even though the average original list price is down, it’s still a fantastic time to sell a house; you’ll make more money from your sale than you would have a year ago.
If you have any questions about what is going on in the market or how it affects your real estate prospects, don’t hesitate to reach out to us. We’d love to help break down the information for you.2021-11-09T11:00:00-07:002021-11-11T11:26:52-07:00Amy Kitetag:amykite.com,2012-09-20:3254Should You Sell Your Home During the Holidays?<br />It’s still a good idea to sell your home this holiday season.<br /><br /><br />
Every holiday season, clients ask us if it’s still a good time to sell their homes. Most people know the market tends to slow down this time of year, so what should you do?
The truth is, it depends. There are a few key factors to keep in mind. First, we need to look at your home, and then we need to look at how it compares to the rest of the market. There are plenty of buyers out there, so if you have a great home, it can still sell for top dollar.
If you decide to sell your home, keep holiday decorations in mind. Make sure your home is undecorated when photographs are taken, but after that, decorations could be a positive. Some people love the cozy vibe that decorations give a home, so good holiday cheer could give you a leg up in the market.
"Whether or not to sell your homes during the holidays depends on a few things"<br /><br />
An issue you might run into if you’re looking to sell during the holidays is that some agents take a lot of time off during this time of the year. We understand wanting to relax during the season, but we are always available to help no matter what. Just give us a call or shoot us an email; we look forward to talking with you.2021-11-08T12:00:00-07:002021-11-12T12:40:58-07:00Amy Kitetag:amykite.com,2012-09-20:3215The Challenges of Leaving Your Long-Time Home<br />When you’ve lived in your home a long time, moving can be hard.<br /><br />Want to buy a home? <a href="http://www.amykite.com/buyers/featured-listings/" title="Home Search" target="_blank">Search All Homes</a>Looking to sell your home? <a href="http://www.amykite.com/sellers/free-market-analysis/" title="Home Value" target="_blank">Receive a Home Value Report</a>
Selling a home that you’ve lived in for multiple decades can be very difficult. Sometimes, it’s the fear of not knowing where you’re going to move, not knowing what to do with all the possessions you’ve accumulated, or it could be the emotional fact that the house is tied to so many memories.
But sometimes people find that they need to move out of their long-term home. Here are a couple of the most common reasons why people come to this conclusion:
- They can no longer take care of the property. We’ve seen old properties with mold in them or holes in the roof. Severe issues like these are safety concerns.
- They need to downsize due to having too much stuff. This can often be challenging for people since their possessions are linked to memories. The reality is that some memories can be kept in our hearts and minds, as opposed to in material things, which can take up a lot of space. Having too much stuff in your home can also be dangerous.
If you’re thinking about moving but you’re concerned about not knowing how to go about it, know that certain companies will help you sort through what needs to be kept or donated. Don’t think moving means that you’ll have to throw all of your things away or that nobody cares—we do care, and we’re here to help you.
If you're concerned about where you can move that will accommodate your needs as you age, you have many options. There are life care facilities, as well as independent and assisted living centers. Heck, sometimes all you need is a condo with an elevator, where you’d be able to leave all the maintenance to someone else.
"Don’t think moving means that you’ll have to throw all of your things away or that nobody cares—we do care."
So if you’ve been in your home for many years and you want to make a move, please give us a call. We’d be happy to walk through this with you and guide you to people who can help you through the process.2021-10-28T10:04:00-07:002021-10-29T12:14:27-07:00Amy Kitetag:amykite.com,2012-09-20:3176What’s Happening in Our Real Estate Market?<br />These are the latest happenings in the Chicagoland real estate market.<br /><br />Want to buy a home? <a href="http://www.amykite.com/buyers/featured-listings/" title="Home Search" target="_blank">Search All Homes</a>Looking to sell your home? <a href="http://www.amykite.com/sellers/free-market-analysis/" title="Home Value" target="_blank">Receive a Home Value Report</a>
Today I want to give you an update on our market through the month of September.
Compared to March 2020, home sales in September were down 34%. This is a big reason for our crazy market. When there’s less inventory, more people fight over the few homes that are left. We only have a current supply of two months, which means it should take less than two months to sell your home. If it has been on the market for longer than that, it’s probably time to consider a change in price.
Meanwhile, the number of homes under contract is down 18% from our peak in May of 2021. But since that was the peak, don’t look back at it to figure out how to price your home. For example, people are on average receiving 98% of their list price. Back in June, people were receiving on average 100% of what they asked for.
"Take advantage of our great market while you still can."
<br />Here’s the big one: In the Chicagoland market, the current average sales price is $361,700. Back in June, it was $400,000. This means pricing has gone down 10% in the last few months.
What does this all mean for you? It’s still a good time to sell, so if you’re looking to take advantage of the market while you still can, give us a call or shoot us an email. We can tell you what your home is worth and help you with anything else you need. We look forward to hearing from you!2021-10-12T15:11:00-07:002021-10-15T13:46:29-07:00Amy Kitetag:amykite.com,2012-09-20:3138The Factors Causing People To Move<br />These are the four biggest market factors causing everyone to move.<br /><br />Want to buy a home? <a href="http://www.amykite.com/buyers/featured-listings/" title="Home Search" target="_blank">Search All Homes</a>Looking to sell your home? <a href="http://www.amykite.com/sellers/free-market-analysis/" title="Home Value" target="_blank">Receive a Home Value Report</a>
Have you noticed a ton of people moving recently? Why is that? Today I want to go over the factors in our market that cause people to move:
1. Low interest rates. Even with rising prices, low interest rates make buying a home more affordable. Right now, interest rates are down from where they were in May of this year. They were already low in May, so buyers can afford to move into nicer homes.
2. People are leaving the state. Since the pandemic, more people have had the opportunity to work from home. This means people don’t need to stay in Illinois for their job, so they have the opportunity to move closer to family, head south for nicer weather, or leave because of high state taxes.
"Low interest rates make buying a home more affordable."
3. People are using this moment to downsize. Whether older people are moving into a smaller home or transitioning into an assisted living facility, a large chunk of the older population is using this opportunity to change their lifestyles.
4. High rents are creating more buyers. As home prices rise, so too does rent. With our low interest rates, a lot of renters are taking advantage of the chance to lock in a great mortgage rate and finally buy a home.
If any of these reasons are motivating you to move, please reach out to me via phone or email. I am always happy to help!2021-09-30T09:44:00-07:002021-10-01T14:51:40-07:00Amy Kitetag:amykite.com,2012-09-20:3075Should You Do a Pre-Listing Inspection?<br />I’ve found that pre-listing inspections are not worth it. Here’s why.<br /><br />Want to buy a home? <a href="http://www.amykite.com/buyers/featured-listings/" title="Home Search" target="_blank">Search All Homes</a>Looking to sell your home? <a href="http://www.amykite.com/sellers/free-market-analysis/" title="Home Value" target="_blank">Receive a Home Value Report</a>
“Should I do a pre-listing inspection?” That’s a question I often get asked. My advice is not to do it. I could put 10 inspectors in a house and get 10 different lists of things to repair.
"You don't want to waste time, energy, and money doing a pre-inspection."
The reality is that most buyers will do their own inspection. The pre-inspection is going to give you one list of around 10 items, and when the buyer comes in, they're going to pay to have another inspector who’ll give you a different list. If you had a pre-inspection list, you might be frustrated because now you’d have another list of items to repair.
I've had situations where inspectors have said that X needs to be fixed, then other inspectors come in and say that it doesn't. You need to be careful because you don't want to waste time, energy, and money doing a pre-listing inspection when the only inspection that matters is the one that the buyer is going to do. That's the one you need to deal with. However, if you have a major issue, chances are that you're going to have to fix it no matter what.
If you have any questions, don’t hesitate to reach out to me by phone or email. I’d love to hear from you.2021-09-13T14:41:00-07:002021-09-14T14:18:13-07:00Amy Kitetag:amykite.com,2012-09-20:3055Are You Prepared to Buy a Home?<br />Follow these suggestions to start off on the right foot on your home purchase.<br /><br />Want to buy a home? <a href="http://www.amykite.com/buyers/featured-listings/" title="Home Search" target="_blank">Search All Homes</a>Looking to sell your home? <a href="http://www.amykite.com/sellers/free-market-analysis/" title="Home Value" target="_blank">Receive a Home Value Report</a>
If you’re considering buying a home within the next three to 12 months, have you thought about what needs to be done first? Here are my recommendations for what to do when preparing to purchase a property:
1. Talk to a lender. The reason you want to speak to them this early is that you need to confirm the status of your credit, what you can qualify for, and if debts need to be paid off before moving forward. The better your credit score and the less debt you have, the lower your interest rate will be. Your lender will tell you if there’s anything you need to do. For example, they may say that instead of putting so much money down on a house, it would be better if you paid off your car loan.
"Start doing your due diligence early—it can be fun!"
2. Drive around and look at different areas. Find out which areas you’re interested in purchasing in because you don’t want to begin your property search in seven different areas. You want to narrow down your search to two or three. Also, when you go to open houses, consider what you like about the structure of the home and the floor plan. Start getting to know what you like and what you don’t so that when the time comes, you can rule out houses that you know aren’t right for you.
Start doing the prep work now because it’ll make the process so much easier when the time comes. Hopefully, these tips will also get rid of a couple of unknowns when you’re ready to purchase. Start doing your due diligence early—it can be fun!
If there’s anything we can do to help you, we’re always here. Call or email us if you have questions or real estate needs.2021-09-02T12:48:00-07:002021-09-03T14:22:40-07:00Amy Kitetag:amykite.com,2012-09-20:2972How to Avoid Issues with FHA Financing<br />This is why FHA financing might turn sellers off from your offer.<br /><br />Want to buy a home? <a href="http://www.amykite.com/buyers/featured-listings/" title="Home Search" target="_blank">Search All Homes</a>Looking to sell your home? <a href="http://www.amykite.com/sellers/free-market-analysis/" title="Home Value" target="_blank">Receive a Home Value Report</a>
FHA financing can be a great way to make an offer on your dream home, but some sellers avoid offers that use it. To understand the issue, it’s helpful to think about it from the seller’s perspective. An FHA-backed offer comes with hurdles they can avoid by accepting a cash or conventional offer. Let’s go over the main problems.
With an FHA loan, an appraiser is required to inspect the property. If they find any issues, the seller is required to fix them before the mortgage lender can approve the loan. In contrast, cash or conventional buyers can accept the home without the fixes. They can even waive the appraisal upfront.
"Perception alone could stop sellers from choosing an FHA offer."
Another issue is the perception that FHA buyers don’t have extra funds in case the home doesn’t appraise at list price. This may not be the case, but the assumption alone could stop sellers from choosing an FHA offer. If you make an FHA offer and you do have extra funds, notify your agent so they can alleviate the seller’s fears.
But some homeowners don’t need to worry about FHA loans. If their house is in a condition where an appraisal isn’t an issue, their listing agent might tell them not to worry about FHA offers. However, if a house has chipped paint or other appraisal issues, they may skip on your FHA loan.
If you have any questions about today’s topic or anything else related to real estate, do not hesitate to reach out to me. I am always willing to help.2021-08-10T13:49:00-07:002021-09-02T12:58:44-07:00Amy Kitetag:amykite.com,2012-09-20:2947As-Is Listing Info for Buyers and Sellers<br />What you need to know about buying or selling an as-is home.<br /><br />Want to buy a home? <a href="http://www.amykite.com/buyers/featured-listings/" title="Home Search" target="_blank">Search All Homes</a>Looking to sell your home? <a href="http://www.amykite.com/sellers/free-market-analysis/" title="Home Value" target="_blank">Receive a Home Value Report</a>
The term “as-is condition” has different connotations for different people. So when a seller calls and says they want to sell their home as is, I ask what that means to them.
Often, they want to list as is because they don’t want to update their property. That’s fine because we’ll consider that when deciding on a price. However, for some sellers, it means something like the furnace is out and they don’t want to repair it, but that’s something we’ll have to disclose. Some people think they can list their home as is and no one will ask for inspection repairs, but the issue is that as-is listings sometimes have negative connotations for buyers.
That means we need to be extremely careful when listing a house as is. The only time I advise it is when there are issues that won’t be handled. If it’s a cosmetic problem, the buyer understands that they’re buying it as they see it, like if you didn’t remove wallpaper or replace the carpet. However, if something major needs to be fixed, such as the roof, we need to disclose it. Sellers need to be smart about using the term “as is” when selling because it could turn buyers away.
"As-is listings sometimes have negative connotations for buyers."
Buyers need to be aware that sellers of as-is properties may not provide you with a credit for repairs. When dealing with an as-is listing, ask your real estate agent for advice about how to present an offer and at what price. Your agent should also ask the listing agent what it means that they’re selling as is, as again, it means different things to different people. You don’t want to go under contract, pay for an inspection, then lose money because you didn’t understand. Buyers need to know that while the problems may be simple to fix, it could also mean something major is wrong with the property and the seller won’t correct it.
If you have any questions about as-is listings or real estate in general, I’m always here to help. Simply call or email me.2021-07-29T12:35:00-07:002021-07-29T12:40:57-07:00Amy Kitetag:amykite.com,2012-09-20:2889Why Your Home May Not Be Selling<br />Our market is changing, so your home may not be getting as much activity.<br /><br />Want to buy a home? <a href="http://www.amykite.com/buyers/featured-listings/" title="Home Search" target="_blank">Search All Homes</a>Looking to sell your home? <a href="http://www.amykite.com/sellers/free-market-analysis/" title="Home Value" target="_blank">Receive a Home Value Report</a>
Lately, we’ve had some sellers ask why they aren’t seeing multiple offers or getting as many showings as anticipated. Every property is unique, and some receive more activity than others. The more unique your property is, the less activity you may get. The real estate market has shifted over the past few months, so people aren’t getting as many offers as they were.
Staging or decluttering might help, and if your price isn’t appropriate, you won’t get multiple offers either. When you price correctly, you receive multiple offers that drive the price up, but if you price too high, you won’t get multiple offers—you may get one, then sell for less. Buyers are smart and will see that your home is overpriced and make an offer on another house; if you price too high, you’re helping someone else sell. We’re starting to see more inventory, so if your real estate agent is talking about reducing your property’s price, you want to listen to them and seriously consider it.
The market has slowed down in Illinois, and we’ll likely see a point here in July where it slows even more. Though we’re technically still in a seller’s market (we have less than six months’ worth of inventory), there are fewer buyers in the market than a couple of months ago. When fewer buyers are taking inventory off the market, inventory increases, and eventually we’ll see a stable market, which is about six months of inventory. More than six months of inventory will give us a buyer’s market.
"Every property is unique, and some receive more activity than others."
Not all homes will sell quickly, but those in the lower price ranges still will because those looking to both invest and live in those houses want to buy them. Listen to your agent if your home is already listed because they’re probably giving you good advice about how to handle this changing market.
If you need someone to come out to your property and give you an idea of where it falls in the market, I’d be glad to help. If you have questions or there’s anything else I can do to help, I’m here for you. Simply call or email me.2021-07-15T10:04:00-07:002021-07-22T12:40:29-07:00Amy Kitetag:amykite.com,2012-09-20:2862The Current State of Our Market<br />Our market is finally slowing down a bit, and here’s what that means.<br /><br />Want to Buy a Home? <a href="http://www.amykite.com/buyers/featured-listings/" title="Home Search" target="_blank">Search All Homes</a>Want to Sell a Home? <a href="http://www.amykite.com/sellers/free-market-analysis/" title="Home Value" target="_blank">Get a Home Value Report</a>
We’ve been hearing for so long now that it’s a hot seller’s market, but if you’re in the industry, you likely felt the change around mid-May or at least the end of the month. I spoke with an appraiser the other day, and they felt the change too. If your home wasn’t on the market by May, you may have missed the peak, but that doesn’t mean it’s all over; it just means the intensity is slowing down some. Buyers are getting a bit more time to think, they aren’t having to make split-second decisions, and they aren’t competing with as many other buyers as they were.
Nationally, our median price is currently $350,000, but in the Chicagoland area and a little south of that, it’s $262,500. A lot is going on in our market; it’s still a wonderful time to jump into it. We likely have another month before the market changes again because we’re moving toward having the more typical market that we saw before the pandemic.
If you have questions about our market or would like to know the median price in your area or town, I’d be glad to help you. Give me a call or send an email. I’d love to be your real estate resource.2021-07-02T12:30:00-07:002021-07-07T13:20:24-07:00Amy Kitetag:amykite.com,2012-09-20:2811Solving Common Issues After an Offer Is Accepted<br />Here are some common issues that can occur after an offer is accepted.<br /><br />Want to Buy a Home? <a href="http://www.amykite.com/buyers/featured-listings/" title="Home Search" target="_blank">Search All Homes</a>Want to Sell a Home? <a href="http://www.amykite.com/sellers/free-market-analysis/" title="Home Value" target="_blank">Get a Home Value Report</a>
In this competitive home-buying market, we’re seeing certain issues come up after an offer is accepted. One of the main issues is low appraisals. When an appraised value is lower than the agreed-upon price, a decision needs to be made by both parties.
Buyers are crafting their offers to suit sellers who are nervous about the competition for their homes. We’re also seeing buyers forgo inspections and purchasing homes as is. They’re offering post-closing possession to sellers who are anxious about being able to find a new home quickly. This allows them to stay in their current home for a little longer while searching for their new home.
"Buying a property with structural issues will haunt you."
The one big concern I have with offers like this is if you choose to buy a property without an inspection. Even if you don’t plan on asking for repairs, it’s still important to have someone look at the house before you buy it. If you’re buying a property with structural issues, it's going to haunt you for years to come. There were situations back in 2007 and 2008 where this happened, and I don't want history to repeat itself.
If you have any questions about buying, selling, or real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.2021-06-17T14:26:00-07:002021-06-17T14:35:04-07:00Amy Kitetag:amykite.com,2012-09-20:2792What’s Driving This Low-Inventory Market?<br />Here are my thoughts on where our real estate market might be headed.<br /><br />Want to Buy a Home? <a href="http://www.amykite.com/buyers/featured-listings/" title="Home Search" target="_blank">Search All Homes</a>Want to Sell a Home? <a href="http://www.amykite.com/sellers/free-market-analysis/" title="Home Value" target="_blank">Get a Home Value Report</a>
Back in April 2019, there were over 47,000 properties for sale on our MLS. In April 2020, we still had over 40,000 properties for sale. At the end of April 2021, however, there were under 20,000 properties for sale on the MLS. Inventory is down over 50% in just one year.
This market is being driven by this lack of inventory. Prices continue to rise as demand for homes remains high. When is this going to change?
"Take advantage of this extreme demand by selling now."
If I had a crystal ball, I’d tell you. However, we’re keeping a very close eye on things as we head toward the end of the foreclosure and eviction moratorium. I predict that we’ll see some more inventory hit the market at this point and things will get a little better for buyers. As inventory expands, the market will change.
If you’re a seller, this means that now is probably the best time for you to sell. Don't expect this market to last forever because it won’t. Take advantage of the extreme demand for homes by selling now.
If you have any questions for me about buying a home, selling a home, or the real estate market in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon. 2021-06-03T07:55:00-07:002021-06-04T12:40:42-07:00Amy Kitetag:amykite.com,2012-09-20:2749The Importance of Real Estate Attorneys<br />Here’s a quick explanation of the crucial role real estate attorneys play.<br /><br />Want to Buy a Home? <a href="http://www.amykite.com/buyers/featured-listings/" title="Home Search" target="_blank">Search All Homes</a>Want to Sell a Home? <a href="http://www.amykite.com/sellers/free-market-analysis/" title="Home Value" target="_blank">Get a Home Value Report</a>
A real estate attorney completes necessary tasks in every real estate transaction. They are going to order title, plan a survey, schedule well and septic inspections, and more. They charge a flat fee, usually around $500.
Sometimes there will be a postcard in the mail when you’re selling that advertises a real estate attorney for $199. You need to be careful about who you’re hiring. You want a real estate attorney, not somebody who is going to end up in court. The people who send these types of mailings usually aren’t true real estate attorneys, and they tend to cut corners.
"Your real estate attorney is there to protect you."
A true real estate attorney will maximize the money in your pocket. They can provide you with opportunities to save money on title, help the inspections to come out in a better place, and their knowledge of city/village requirements is paramount.
The most important thing is that your real estate attorney is there to protect you. Take this situation we had last week: Someone hired an attorney who spends time in court. The property did not close on time and is not closing, and the blame for that has fallen on the real estate attorney. There are already talks of lawsuits being filed in this case.
Please hire a real estate attorney that has been recommended to you by a real estate professional like myself. If you need recommendations or have any real estate-related questions, don't hesitate to reach out via phone or email. I look forward to hearing from you soon.2021-05-19T07:42:00-07:002021-06-03T08:06:32-07:00Amy Kitetag:amykite.com,2012-09-20:27264 Market Misconceptions That People Often Believe<br />I’m revealing the truth behind these widely-held misconceptions about our market.<br /><br />Want to Buy a Home? <a href="http://www.amykite.com/buyers/featured-listings/" title="Home Search" target="_blank">Search All Homes</a>Want to Sell a Home? <a href="http://www.amykite.com/sellers/free-market-analysis/" title="Home Value" target="_blank">Get a Home Value Report</a>
We have a hot seller’s market, but there are four common misconceptions about it that I want to clear up:
1. You need to know where you’re going before you can sell. The problem with that is that home sellers are not accepting contingencies in today’s market. They’d rather sell to a buyer without any contingencies, of which there are many. To get around this, you want to negotiate favorable terms when selling your current home. You may be able to negotiate a leaseback agreement or an extended closing to give you time to find and close on your new home.
2. Your home’s condition doesn’t matter. You may be able to get away with a little more today, but you will get more money for a home in better condition. Go through your home with a trusted professional and see where it makes sense to spend a few bucks to get a few bucks more back.
3. You can price above the market. Appraisal issues are going to get in the way. Pricing above the market may result in buyers staying away. If you do price above the market, your home’s just going to sit there.
"You will get more money for a home in better condition."
4. Hiring a Realtor isn’t necessary. It’s tempting to try and save money, but are you ready to handle 50 offers in one weekend? How are you going to know which one is best based on all the complex legal language? How will you solve the issues that come up? It's wise to use a real estate professional for both convenience and to protect yourself.
If you have any questions about what our market really is like or anything else related to real estate, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.2021-05-05T09:16:00-07:002021-05-10T14:08:24-07:00Amy Kitetag:amykite.com,2012-09-20:2700Should You Sell Now or Keep Renting?<br />Here’s my advice to home sellers who are worried about becoming buyers.
Want to buy a home? <a href="http://www.amykite.com/buyers/personalized-home-search" target="_blank">Search All Homes</a><br />Looking to sell your home? <a href="http://www.amykite.com/sellers/free-market-analysis" target="_blank">Receive a Home Value Report</a>
In a hot market like this where home values keep rising and rising, a lot of homeowners are asking if they should still sell today even if they won’t be able to find a new home right away because of how low the inventory is.
In my opinion, right now is a great time to sell even if it means you have to rent for a while before you’re able to find your new home. I recommend having an agent come out to your home, assess its value in today’s market, and give you an insight into what might happen if you wait versus if you were to sell now.
If you want to sell at the height of the market, the time might be right now. If you have any questions about your specific situation or real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.2021-04-21T12:18:00-07:002021-04-21T12:28:21-07:00Amy Kitetag:amykite.com,2012-09-20:2665How Rising Rates Affect Homebuyers and Sellers<br />Higher interest rates can (and already have) affected homebuyers.
Want to buy a home? <a href="http://www.amykite.com/buyers/personalized-home-search" target="_blank">Search All Homes</a><br />Looking to sell your home? <a href="http://www.amykite.com/sellers/free-market-analysis" target="_blank">Receive a Home Value Report</a>
If you’ve been keeping an eye on the real estate market, you’re probably aware that interest rates have gone up by 1% since last month. What does that mean for you? To keep it simple, if you were pre-approved to buy a house a month ago at $300,000, today you would only be approved for $270,000.
The general rule of thumb is that a 1% increase in the interest rate decreases your buying power by about 10%. This affects home sellers, too. Their pool of buyers shrinks as rates go up, and housing values will go down as well.
We could absolutely see a change in this market due to an increase in rates, so we’ll make sure to keep an eye on it for you moving forward.
If you have any questions for us about interest rates or real estate in general, don’t hesitate to reach out via phone or email today. I look forward to hearing from you soon.2021-04-01T09:42:00-07:002021-04-21T12:25:08-07:00Amy Kitetag:amykite.com,2012-09-20:1691What If You Need to Buy & Sell at the Same Time?<br />If you need to buy and sell a home, there’s a way to do it<br />that prevents you from needing to move twice.<br /><br />Want to Buy a Home? <a href="http://www.amykite.com/buyers/featured-listings/" title="Home Search" target="_blank">Search All Homes</a>Want to Sell a Home? <a href="http://www.amykite.com/sellers/free-market-analysis/" title="Home Value" target="_blank">Get a Home Value Report</a>
How do you buy a new house if you have to sell your current one and you don’t have anywhere to go in the interim?
I was recently asked this question by a home seller, but they didn’t realize that in this situation we usually close both transactions on the same day. We close on the house the client is selling in the morning, and close on the new home a couple of hours later. This way, no one ends up homeless.
“
<br />You can sell and buy on the very same day<br />so you don’t have to move twice.
<br /> ”
Granted, there’s probably a lot of stuff in the moving truck from the night before, but the point is, you can sell and buy on the very same day so you don’t have to move twice. You may need to make an offer that’s contingent on the sale of your current home. In fact, it’s best to make the offer contingent on the close of your current home, which means you already have an offer on it.
In any case, we’re here to guide you through this scenario as seamlessly as possible, so if you have any questions about this topic, feel free to call or email us.2020-03-09T13:48:00-07:002020-03-12T08:16:01-07:00Amy Kitetag:amykite.com,2012-09-20:1676What Should You Do With Your Home?<br />If it’s time for a move but you’re unsure what to do with your home, today’s message is for you.<br /><br />Want to Buy a Home? <a href="http://www.amykite.com/buyers/featured-listings/" title="Home Search" target="_blank">Search All Homes</a>Want to Sell a Home? <a href="http://www.amykite.com/sellers/free-market-analysis/" title="Home Value" target="_blank">Get a Home Value Report</a>
Sometimes I’m in appointments with people who are struggling to figure out what to do with their home. They’re unsure whether they should sell, rent, or stay in their house. I like going over each option with them. What does it mean if you rent it, what are you going to get in rent, does that cover the mortgage, is there any extra money there? What does it mean if you’re going to sell it, how much money are you getting out of it, where are you going to move?
Occasionally people are in a position where they owe more than they can sell it for and they have to consider a short sale. We do many short sales, and I love helping people who are in a difficult situation and don’t know what they want to do. We lay out all your options and hopefully help you gauge what’s best. You don’t have to figure out your next step alone.
If you or anyone you know needs some guidance about your options, we’d be glad to assist you. Please give us a call or send us an email. Also, contact us if you have any questions about real estate. We’re happy to help.2020-02-13T14:29:00-07:002020-02-14T13:49:43-07:00Amy Kitetag:amykite.com,2012-09-20:1611What You Should Know About Extra Fees From Agents<br />When you’re looking to hire a Realtor to help you sell your home,<br />it’s important to know the total cost beforehand. Here’s what I mean.<br /><br />Want to Buy a Home? <a href="http://www.amykite.com/buyers/featured-listings/" title="Home Search" target="_blank">Search All Homes</a>Want to Sell a Home? <a href="http://www.amykite.com/sellers/free-market-analysis/" title="Home Value" target="_blank">Get a Home Value Report</a>
Some agents charge fees on top of their commission. I’ve heard of agents charging transaction fees, cancellation fees, and even fees for photos. Before you decide who the best agent is, you need to know what you’re going to be charged.
Like our team, some agents simply charge you a commission with no additional fees. Because we aren’t charging you these fees, we don’t get paid until you sell your property.
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<br />I don’t agree with charging extra fees.
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I don’t agree with charging extra fees because my philosophy is that if I work my hardest and I have skin in the game, you have a much better chance of selling with me than you do with an agent who is going to automatically charge you extra fees.
If you have any questions for me, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.2019-11-18T14:49:00-07:002019-11-19T09:57:12-07:00Amy Kite