StartingPoint Realty Blog
Chicago Home Prices Bolstered by Lack of Listings
The dynamics of supply and demand continue to pressure Chicago home buyers. The latest data from Illinois REALTORS© shows statewide home inventory down by 28.5% during September, when compared to September 2022. The short supply of homes for sale has fueled higher...
Chicago Home Affordability Falls as Prices and Rates Rise
There's an old saying in real estate: "The best time to buy a home was five years ago." Or even one year ago! But right now, Chicago's home affordability is at its worst level since 2008, with median home prices rising 9.6% from a year ago. Chicago home buyers are...
Chicago Home Buyers Shrug Off Higher Interest Rates
Mortgage interest rates have hovered above 7 percent for the last few weeks. Despite interest rates being at the highest levels in 20 years, Chicago home buyers are snapping up properties at a brisk pace. Between July 2023 and August 2023, Chicago homes averaged just...
How to Make a Compelling Offer on a Chicago Home
Home buyers in Chicago continue to deal with competition in the market. Here are quick tips to make your purchase offer stand above the rest! 1. Get a mortgage pre-approval from a local, reliable mortgage company with a good reputation for closing on time. 2....
Chicago Home Inventory Dives, Prices Rise
If you’re a Chicago home buyer, this market is déjà vu all over again. There are relatively few homes for sale and home prices are rising. Chicago’s June home inventory was 24.8% lower than June 2022, with new listings down about one-third from a year ago. As of...
Fraud Prevention Tips for Chicago Home Buyers and Homeowners
Real estate fraud affects home buyers and homeowners in Chicago and around the country. These scams happen year-around, but they increase during the summer when real estate activity is high. Here are two examples you'll want to know about! Down payment...
Buydowns Offer Rate Relief for Chicago Home Buyers
If you've never heard of a mortgage buydown, it's worth learning about! A mortgage buydown reduces your financing costs by temporarily lowering the interest rate. This perk may be offered by Chicago area home builders, or other sellers, as a purchase incentive....
Home Prices Keep Pressure on Chicago Area Buyers
Bidding wars are back in popular neighborhoods as Chicago area home buyers compete for limited inventory. Available housing inventory in February 2023 totaled 17,684 homes for sale, representing a drop of 11.4% from February 2022. As of March 2023, home inventory...
Avoid Price Regrets when Selling Your Chicago Home
We often talk about avoiding buyer's remorse, but home sellers can feel regrets, too! In both cases, feeling post-transaction remorse can involve a lack of information, or a rushed decision. However, there are certain regrets that surround the home sales price itself....
Chicago Area Home Buyers Remain Active in Market
Statistically, Chicago area home sales activity has declined, but home buyers are very active in the market. Here's a look at the sales trends, along with our advice for Chicagoland buyers and sellers! According to the Mainstreet Organization of REALTORS®, 35,741...
Buying a Chicago Area Home in 2023? Read This First!
If you plan to buy a Chicago area home in 2023, the first rule is to be prepared. Here’s how to get ready for home buying, and keep your purchase power at its best! 1. Attend a free home buying seminar with StartingPoint Realty. We share the how-to’s of home buying,...
Plan Ahead to Sell Your Chicago Home
If you are thinking of selling your Chicago area home during 2023, get ready to put your plan together! Preparing your home for the market, and packing for your move, will be easier when you have plenty of time. Here's where to start! 1. Choose your Chicago area real...
Welcome the Holidays with these Chicago Area Events!
The holiday season is here! Whether you’re looking for big city lights or hometown traditions, these holiday events in Chicagoland will cheer the whole family! Please be sure to check the event websites to confirm dates and times before heading out. Hours of operation...
Chicago Home Sales Start to Cool
Chicago home buyers have more options to choose from as the market cools off. There were signs of a slowdown in August, with homes spending more time on the market, and price reductions happening in areas that rarely see them. We shared examples from our own...