Realty Executives Midwest
One of the biggest challenges in the housing market right now is how few homes there are for sale compared to the number of people who want to buy them. To help emphasize just how limited housing inventory still is, let’s take a look at the latest information on active listings, or homes for sale in a given month, as it compares to more normal levels.
According to a recent report from Realtor.com:
“On average, active inventory in June was 50.6% below pre-pandemic 2017–2019 levels.”
The graph below helps illustrate this point. It uses historical data to provide a more concrete look at how much the numbers are still lagging behind the level of inventory typical of a more normal market (see graph below):
It’s worth noting that 2020-2022 are not included in this graph. That’s because they were truly abnormal years for the housing market. To make the comparison fair, those have been omitted so they don’t distort the data.
When you compare the orange bars for 2023 with the last normal years for the housing market (2017-2019), you can see the count of active listings is still far below the norm.
If you’re thinking about selling your house, that low inventory is why this is a great time to do so. Buyers have fewer choices now than they did in more normal years, and that’s continuing to impact some key statistics in the housing market. For example, sellers will be happy to see the following data from the latest Confidence Index from the National Association of Realtors (NAR):
When supply is so low, your house is going to be in the spotlight. That’s why sellers are seeing their homes sell a little faster and get more offers right now. If you’ve thought about selling, now’s the time to make a move. Connect with a trusted real estate professional to get the process started.
Source: Keeping Current Matters
Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com
If you’re thinking about buying a home, you should know your credit score’s a critical piece of the puzzle when it comes to qualifying for a home loan. Lenders review your credit to assess your ability to make payments on time, to pay back debts, and more. It’s also a factor that helps determine your mortgage rate. An article from Bankrate explains:
“Your credit score is one of the most important factors lenders consider when you apply for a mortgage. Not just to qualify for the loan itself, but for the conditions: Typically, the higher your score, the lower the interest rates and better terms you’ll qualify for.”
This means your credit score may feel even more important to your homebuying plans right now since mortgage rates are a key factor in affordability, especially today. According to the Federal Reserve Bank of New York, the median credit score in the U.S. for those taking out a mortgage is 765. But, that doesn’t mean your credit score has to be perfect. An article from Business Insider explains generally how your FICO score range can make an impact:
“. . . you don’t need a perfect credit score to buy a house. . . . Aiming to get your credit score in the ‘Good’ range (670 to 739) would be a great start towards qualifying for a mortgage. But if you’re wanting to qualify for the lowest rates, try to get your score within the ‘Very Good’ range (740 to 799).”
Working with a trusted lender’s the best way to get more information on how your credit score could factor into your home loan and the mortgage rate you’re able to get. As FICO says:
“While many lenders use credit scores like FICO Scores to help them make lending decisions, each lender has its own strategy, including the level of risk it finds acceptable. There is no single “cutoff score” used by all lenders and there are many additional factors that lenders may use to determine your actual interest rates.”
If you’re looking for ways to improve your score, Experian highlights some things you may want to focus on:
When you’re ready to start the homebuying process, a lender will be able to assess which range your score falls in and tell you more about the specifics for each loan type.
With affordability challenges today, prioritizing ways you can have a positive impact on your credit score could help you get a better mortgage rate. If you want to learn more, connect with a trusted lender.
Source: Keeping Current Matters
Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com
Nothing is quite as enjoyable as meeting with friends and family on a sunny day, the sizzle of a hot grill, and the mouthwatering aroma of a well-cooked meal. It is the season to host an amazing backyard BBQ that will be the talk of the neighborhood!
We have put together a list of helpful tips to help you organize a BBQ feast that creates a lasting impression, whether you are an experienced grill master or a novice enthusiast. Get ready to learn the secrets of throwing the best BBQ, from perfecting grilling techniques to selecting a variety of food and establishing a welcoming atmosphere!
Grilling is a skill that demands patience, practice, and a little finesse. Start by choosing the best cuts of meat and season or marinate them overnight to enhance their flavor. Consider chopping and marinating some vegetables for the vegetarians in the group or for a tasty, healthy side dish.
Ensure your grill is preheated to the proper temperature to achieve consistent cooking. For accuracy, we recommend investing in a meat thermometer for perfectly cooked steaks, burgers, and chicken. The thermometer comes in handy when checking to see if meats have reached the minimum internal temperature suggested for food safety. For example, you may need to leave your chicken on the BBQ a bit longer since it requires a higher internal temperature than beef.
To add diversity to your menu, experiment with several grilling techniques, such as direct and indirect heat. Mastering the heat exposure will allow you to cook a larger variety of foods without overcooking or charring. You can also work on flipping and basting to bring sauces into the mix. With enough practice, you will surprise your visitors with succulent treats that are expertly cooked and will have them asking for seconds.
While traditional burgers and hotdogs are popular favorites, elevate the BBQ by providing a varied and interesting menu. Include original dishes like skewered seafood, grilled veggies, or homemade pizzas. Explore local marinades, rubs, and seasonings to surprise guests with unusual flavor combinations. Remember to offer vegetarian and vegan options to accommodate various food preferences.
Use side dishes to complement your BBQ foods with creative salads, delicious dips, and tempting grilled corn on the cob. Give guests a choice of toppings, sauces, and condiments so they may customize their meals. Of course, BBQ is only complete with an array of delicious desserts to quench your appetite. You can guarantee every guest will find something to tickle their taste buds by creating a varied and delectable menu.
Make your backyard the ultimate BBQ refuge by establishing a warm atmosphere that will delight guests. Provide a lot of seating, including pleasant lounge spaces, tables, and comfortable chairs. Utilize outdoor tents, canopies, or umbrellas to provide shade. Bright accents like bunting, lanterns, and fresh flowers will liven up the space.
Set up your grilling station where you can demonstrate your abilities and invite guests to chat with you as you work your magic. Although the grill needs to have ample space from the house and seating area, you do not want to stand alone at the grill for hours!
A properly chosen playlist of lively songs that reflect the spirit of your event can help you create the right atmosphere. Double check the volume level so it does not impede conversation. To keep guests occupied, consider including some lawn activities like cornhole, horseshoes, or a casual game of badminton.
Last, it is important to keep your guests hydrated on warm summer days. Create an area for a well-stocked drink station with cool drinks like specialty cocktails, mocktails, iced tea, and soda. Make your water pitchers stand out by adding sliced citrus, cucumber, or berries.
Plan activities to keep guests interested and entertained before and after the meal. Invite guests to participate in a friendly BBQ cook-off or a condiment-tasting competition to show off their creative skills and culinary prowess. You can also create interactive food stations where guests can personalize their cuisines, such as a DIY s’mores bar or a build-your-own burger station.
To keep young children occupied, set up a special kids’ area with games, face painting, or a treasure hunt. If your backyard already includes a play set, sandbox, or other kid-friendly areas, it is an easy win!
Remember to arrange pleasant seating places that encourage interaction and relaxation to foster relationships with guests. Play some energetic karaoke or play some lawn games to promote friendly competition. By organizing entertaining activities, you can ensure that your BBQ is about more than simply the food. It is a delicious opportunity to create a sense of community and long-lasting memories.
You are prepared to organize an amazing BBQ that will make your guests excitedly anticipate your next culinary endeavor if you keep these helpful suggestions in mind. Develop your grilling skills, choose a diverse cuisine, create a welcoming atmosphere, and think of fun activities. Gather your loved ones, embrace the summertime, and get ready to throw an amazing BBQ that will be remembered for years!
Source: Realty Executives
Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com
With all the headlines circulating about home prices and rising mortgage rates, you may wonder if it still makes sense to invest in homeownership right now. A recent poll from Gallup shows the answer is yes. In fact, real estate was voted the best long-term investment for the 11th consecutive year, consistently beating other investment types like gold, stocks, and bonds (see graph below):
If you’re thinking about purchasing a home, let this poll reassure you. Even with everything happening today, Americans recognize owning a home is a powerful financial decision.
Purchasing real estate has typically been a solid long-term strategy for building wealth in America. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), notes:
“. . . homeownership is a catalyst for building wealth for people from all walks of life. A monthly mortgage payment is often considered a forced savings account that helps homeowners build a net worth about 40 times higher than that of a renter.”
That’s because owning a home grows your net worth over time as your home appreciates in value and as you pay down your mortgage. And, since building that wealth takes time, it may make sense to start as soon as you can. If you wait to buy and keep renting, you’ll miss out on those monthly housing payments going toward your home equity.
Buying a home is a powerful decision. So, it’s no wonder so many people view real estate as the best long-term investment. If you’re ready to start on your own journey toward homeownership, connect with a local real estate advisor today.
Source: Keeping Current Matters
Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com
If you’re considering selling your house or a rental property, you may be asking what you can do to increase its value before it goes on the market. Even if selling is not in the cards right now but you are thinking about making home improvements, it is always a good idea to ensure you are getting the most bang for your money.
With that in mind, let us look at five ways to add significant value to your property. Then you can decide which upgrades will be most beneficial for you and your family while also boosting your home value significantly.
When it comes to drawing buyer interest, curb appeal is crucial, but it doesn’t have to stop at a lovely lawn and garden. Replacing or simply repainting your front door can increase the value of your home.
According to Remodeling’s Cost vs. Value Report, a new steel door can return 65% of its cost, while a fiberglass door can reclaim 60.9%. Even a fresh coat of paint on an old door may make a difference. According to a Zillow poll, painting your front door black can improve the value of your home by 2.9%.
Homeowners frequently get shivers up their spines, whether from drafty windows or the prospect of changing them. While replacing all the windows will surely increase the worth of your home, it does result in a significant expense, which may be less than ideal if you are selling the home soon.
However, you can replace specific windows, such as those on the lowest floor or the front-facing windows. Buyers prefer to know that new items are not just installed but can also save them money, and new energy-efficient windows can reduce heating and cooling bills.
Your kitchen and bathrooms may need to be updated if you live in an older home. While this can be costly, you will see a return on your investment when you sell your property. If remodeling the entire kitchen and bathrooms proves too costly, consider some little changes.
You can, for example, replace all the kitchen and bathroom hardware. It will not only quickly brighten up your home, but it is also quite inexpensive. You may also replace your flooring and add decorative components to bring in pops of color. As a result, even simple improvements to your home will help raise its market worth.
As a homeowner, making your home more energy efficient and eco-friendly can help you save money while increasing its value. In addition, these improvements, like many others, can be done without breaking the bank.
For example, switching to LEDs, compact fluorescent lightbulbs, or upgrading to energy-efficient appliances is one of the many ways to make your home energy-efficient and increase its value. You can also put household solar panels on your roof, smart thermostats, or low-flow showerheads in your bathroom. To select the most efficient appliances for your home, look for those with the Energy Star label.
The square footage of a home has a significant impact on its value. It can also significantly improve your personal home experience. If you already live in a smaller home, you can increase the value of your property and create additional space by adding on to the existing structure.
Larger properties frequently sell for a higher price. Consider adding a deck to the rear of your house, extra rooms above the garage, or a tiny guest house or office in your backyard to increase the value of your property.
Aside from extensions, increasing the usable space within your home’s current structure can significantly increase its value. For example, you can enhance the amount of usable square footage in your home by finishing your basement or tearing down non-load-bearing walls to create a more open-concept living space.
Before beginning any home renovation improvements, ensure your home is in the best shape. Cleaning your living area will significantly improve its appearance and storage capacity and resolve minor issues that may have been detracting from the value of your property, such as foul odors or mold growth.
It is important to declutter to boost the home’s appeal to potential buyers. If you want to sell quickly, get rid of all the clutter, box it up, and store it properly. If you intend to stay in your current house, you may want to consider installing a cabinet or closet to increase storage.
There is no doubt that the tips above will assist you in improving the market value of your home. Remember that you do not have to spend much money to improve and update your living spaces. However, every investment is equivalent to putting money in the bank. Your home is your savings account, and it is time to start planning for its future.
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.
