Realty Executives Midwest
Wondering what’s in store for the housing market this year? And more specifically, what it all means for you if you plan to buy or sell a home? The best way to get that information is to lean on the pros.
Experts are constantly updating and revising their forecasts, so here’s the latest on two of the biggest factors expected to shape the year ahead: mortgage rates and home prices.
Everyone’s keeping an eye on mortgage rates and waiting for them to come down. So, the question is really: how far and how fast? The good news is they’re projected to ease a bit in 2025. But that doesn’t mean you should expect to see a return of 3-4% mortgage rates. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:
“Are we going to go back to 4%? Per my forecast, unfortunately, we will not. It’s more likely that we’ll go back to 6%.”
And the other experts agree. They’re forecasting rates could settle in the mid-to-low 6% range by the end of the year (see chart below):
But you should remember, this will continue to change as new information becomes available. Expert forecasts are based on what they know right now. And since everything from inflation to economic drivers have an impact on where rates go from here, some ups and downs are still very likely. So, don’t get caught up in the exact numbers here and try to time the market. Instead, focus on the overall trend and on what you can actually control.
A trusted lender and an agent partner will make sure you’ve always got the latest data and the context on what it really means for you and your bottom line. With their help, you’ll see even a small decline can help bring down your future mortgage payment.
The short answer? Not likely. While mortgage rates are expected to ease, home prices are projected to keep climbing in most areas – just at a slower, more normal pace. If you average the expert forecasts together, you’ll see prices are expected to go up roughly 3% next year, with most of them hitting somewhere in the 3 to 4% range. And that’s a much more typical and sustainable rise in prices (see graph below):
So don’t expect a sudden drop that’ll score you a big deal if you’re thinking of buying this year. While that may sound disappointing if you’re hoping prices will come down, refocus on this. It means you won’t have to deal with the steep increases we saw in recent years, and you’ll also likely see any home you do buy go up in value after you get the keys in hand. And that’s actually a good thing.
And if you’re wondering how it’s even possible prices are still rising, here’s your answer. It all comes down to supply and demand. Even though there are more homes for sale now than there were a year ago, it’s still not enough to keep up with all the buyers out there. As Redfin explains:
“Prices will rise at a pace similar to that of the second half of 2024 because we don’t expect there to be enough new inventory to meet demand.”
Keep in mind, though, the housing market is hyper-local. So, this will vary by area. Some markets will see even higher prices. And some may see prices level off or even dip a little if inventory is up in that area. In most places though, prices will continue to rise (as they usually do).
If you want to find out what’s happening where you live, you need to lean on an agent who can explain the latest trends and what they mean for your plans.
The housing market is always shifting, and 2025 will be no different. With rates likely to ease a bit and prices rising at a more normal and sustainable pace, it’s all about staying informed and making a plan that works for you.
Reach out to a local real estate pro to get the scoop on what’s happening in your area and advice on how to make your next move a smart one.
Source: Keeping Current Matters
Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com
Source: Keeping Current Matters
Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com
There’s no doubt that owning a home comes with significant financial benefits. And this time of year is a great time to reflect on the other reasons why owning a home is so meaningful.
A house is more than four walls and a roof – it’s a place where memories are made, connections are built, and life happens.
From the sense of accomplishment that comes with owning your own home to the joy of creating a space that’s uniquely yours, the emotional connections we have to our homes can be just as important as the financial ones.
Here are some of the things that turn a house into a happy home.
Buying a home is a significant milestone, whether it’s your first or your fifth. You’ve worked hard to make it happen and achieving this goal is a reason to celebrate. There’s nothing quite like stepping through the door of a home that’s yours and knowing you’ve accomplished something truly special.
Compared to renting, owning a home can give you a much greater sense of security and privacy. It’s your own place – not your landlord’s – and that just feels different. No one else has the keys but you and that gives you your own personal safe place to retreat to at the end of a long day.
Owning a home means you have the freedom to personalize it however you like. While there can be HOA guidelines you may have to follow depending on where you buy, you can still make it a reflection of your style and create a space that feels just right for you. As Freddie Mac explains:
“As the homeowner, you have the freedom to adopt a pet, paint the walls any color you choose, renovate your kitchen, and more. You can customize your own space without approval from landlords.”
Homeownership often means putting down roots in a neighborhood and becoming a part of the local community. According to groups like Habitat for Humanity, owning a home increases your interest in getting involved with your neighbors and local organizations. Whether it’s through joining a neighborhood group, volunteering, or simply getting to know the people next door, a home is a great foundation for building meaningful connections.
Owning a home is about so much more than financial benefits – it’s about the pride, well-being, and sense of belonging it can bring. When you’re ready to take the next step toward buying a home, connect with a local real estate agent.
Source: Keeping Current Matters
Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com
A nice and tidy home is an instant mood booster. It becomes a space you enjoy living in, spending time with your loved ones, and creating memories.
Organizing and decluttering a home and all its contents is not an easy task. Most only get around to it before selling a home, but with a little bit of innovation and DIY effort, your home organization can look like something out of a magazine shoot.
If you are planning to sell your home, it would be ideal to stage it. This creates the perception that the home is lived in without being too personal. This allows home buyers to gain insight into how to use the space provided.
The idea of home staging can be a base for you to start organizing around your home, freeing up space, and getting rid of unwanted goods you held on to for a little too long.
This will be a big project, so start with one room at a time, and make your way around the house, inside and out.
Step one is cleaning and decluttering. You will need a few essentials. Cardboard boxes, waste bags, labels, markers, and form sheets or bubble wrap.
Now you can tackle each storage space in the room. Separate everything into three piles: keep, rehome, and toss.
Place the things you want to give away or sell in the rehome box, and everything you want to throw away can be tossed into the waste bags. Clearly mark each bag so that everything is easily identifiable.
After organizing the contents of the home, you can take steps to improve the home itself. If you are planning to sell your home, this can improve the market value of your home, if not, it will make your home a more enjoyable space to be in.
Some of the ways that you can improve the different rooms in your home consist of small tasks that require some effort.
For each individual room, you want to clean up the walls and lighting fixtures. You can consider giving each room a new coat of paint or wallpaper to refresh the aesthetic and feeling of the room. You can also fix up or upgrade any cabinets, faucets, and lighting fixtures that are problematic or outdated.
The furniture you no longer need can be moved into a spare room for the interim, or you can repurpose these pieces by painting them, reupholstering, or retrimming them for a more updated look. DIY upcycling projects can be a fun way to find new uses for old furniture. Pinterest and blogs have many ideas that you can experiment with and try out for yourself.
When you start working on the exterior of your home, you will have to tackle the aesthetics, the storage units, and the garage.
Some focal points of your efforts should be to repaint the outside of your home. This includes the walls, all the external facing doors, and the fences. You can also fix up any holes in your fencing, clear out downspouts and gutters, clean the chimney, and fix up the roof.
Also give some attention to the outside lighting fixtures. Make sure that they are all in working order and clearly illuminate the spaces they occupy at night.
If you want to give a little more love to your yard, you can create a few projects and tackle them one at a time. A DIY garden is an excellent project that can turn into a frequent hobby, and you will be able to grow produce and flowers to use in your home.
If you are someone who loves entertaining, you can consider installing a fire pit or a gazebo in the middle of your garden. A poolside bar and grill area could be a perfect entertainment spot for family and friends to mingle and have fun together.
This is a phrase that is often used when selling a home. It is when you beautify the outside of your home so that it looks appealing to people coming in to view the house. It gives a great first impression of the property. Curb appeal efforts can also be used to make minor changes to the look of your home.
Some efforts include trimming the grass regularly, pruning trees and shrubs, getting rid of weeds and dead plants, and cleaning up any debris and stains on your driveway or pathway.
Now that the home has been organized and is aesthetically pleasing, what are you going to do with the boxes that you filled up with items you no longer want anymore? There are two main options: donating them or selling them.
If you have pieces of designer clothing, jewellery, or electronics that are no longer used by your family, you can sell them. There are many online platforms that help you list these items according to their top categories, and you can make a sufficient amount of money from them. There are also options like a social media marketplace, or you can host a garage sale in your front yard. Online sales, however, give you more control of how you sell your items.
If you have a nearby charity, you can donate items like basic clothing, books, and trinkets that they can sell in their thrift stores to generate funds for the charity. This is a fulfilling option, as these items will find homes with new people.
Organizing your home and rehoming unwanted items can feel cathartic. Taking on DIY projects to upgrade your home can feel fulfilling, and it will make the spaces you create more enjoyable for you and your loved ones. This process will take work and time, but with determination, you can give your home a new lease on life.
Source: Realty Executives
Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com
A recent study from the National Association of Realtors (NAR) shows most sellers (61%) completed at least minor repairs when selling their house. But sometimes life gets in the way and that’s just not possible. Maybe that’s why, 39% of sellers chose to sell as-is instead (see chart below):
If you’re feeling stressed because you don’t have the time, budget, or resources to tackle any repairs or updates, you may be tempted to sell your house as-is, too. But before you decide to go this route, here’s what you need to know.
Selling as-is means you won’t make any repairs before the sale, and you won’t negotiate fixes after a buyer’s inspection. And this sends a signal to potential buyers that what they see is what they get.
If you’re eager to sell but money or time is tight, this can be a relief because it’s that much less you’ll have to worry about. But there are a few trade-offs you’ll have to be willing to make. This visual breaks down some of the pros and cons:
Typically, a home that’s updated sells for more because buyers are often willing to pay a premium for something that’s move-in ready. That’s why you may find not as many buyers will look at your house if you sell it in its current condition. And less interest from buyers could mean fewer offers, taking longer to sell, and ultimately, a lower price. Basically, while it’s easier for you, the final sale price might be less than you’d get if you invested in repairs and upgrades.
That doesn’t mean your house won’t sell – it just means it may not sell for as much as it would in top condition.
Here’s the good news though. In today’s market, as many as 56% of buyers surveyed would be willing to buy a home that needs some work. That’s because affordability is still a challenge, and while there are more homes for sale right now, inventory is lower than the norm. So, you might find there are a few more buyers who may be willing to take on the work themselves.
So, how do you make sure you’re making the right decision for your move? The key is working with a pro.
A good agent will help you weigh your options by showing you what comparable homes in your area have sold for, what updates your neighbors are making, and guide you in setting a fair price no matter what you decide. That helps you anticipate what your house may sell for either way – and that can be a key factor in your final decision.
Once you’ve picked which route you’re going to go and the asking price is set, your agent will market your house to maximize its appeal. And if you decide to sell as-is, they’ll call attention to the best features, like the location, size, and more, so it’s easy for buyers to see the potential, not just projects.
Selling a home without making any repairs is possible in today’s market, but it does have some trade-offs. To make sure you’re considering all your options and making the best choice possible, have a conversation with a local agent.
Source: Keeping Current Matters
Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com
Realty Executives agents are real estate experts. They have the education and expertise you need to navigate through the process of buying or selling a home. From listing at the right price to making the best offer, our Executives have witnessed the best - and most regrettable - decisions homeowners and homebuyers can make. Every day, they are immersed in every aspect of real estate that includes comparable home price analysis, property surveys, credit reports, open houses, HOA agreements, lenders, title companies, homeowners’ insurance, walk-throughs, terms of sale or purchase, repairs, concessions and closing documents. Let our accomplished Executives help navigate you through the process of buying or selling a home.
