Category: Millenial

The housing market recovery coming into the new year has been nothing short of remarkable. Many experts agree the turnaround from the nation’s economic pause is playing out extremely well for real estate, and the current market conditions are truly making this winter an ideal time to make a move. Here’s a dive into some of the biggest wins for homebuyers this season.

1. Mortgage Rates Are Historically Low
In 2020, mortgage rates hit all-time lows 16 times. Continued low rates have set buyers up for significant long-term gains. In fact, realtor.com notes:

“Given this means homes could cost potentially tens of thousands less over the lifetime of the loan.”

Essentially, it’s less expensive to borrow money for a home loan today than it has been in years past. Although mortgage rates are expected to remain relatively low in 2021, even the slightest increase can make a big difference in your payments over the lifetime of a home loan. So, this is a huge opportunity to capitalize on right now before mortgage rates start to rise.

2. Equity Is Growing
According to John Burns Consulting, 58.7% of homes in the U.S. have at least 60% equity, and 42.1% of all homes in this country are mortgage-free, meaning they’re owned free and clear.

In addition, CoreLogic notes the average equity homeowners gained since last year is $17,000. That’s a tremendous amount of forced savings for homeowners, and an opportunity to use this increasing equity to make a move into a home that fits your changing needs this season.

3. Home Prices Are Appreciating
According to leading experts, home prices are forecasted to continue appreciating. Today, many experts are projecting more moderate home price growth than last year, but still moving in an upward direction through 2021.

Knowing home values are increasing while mortgage rates are so low should help you feel confident that buying a home before prices rise even higher is a strong long-term investment.

4. There Are Not Enough Homes for Sale
With today’s low inventory of homes on the market, which is contributing to this home price appreciation, sellers are in the driver’s seat. The competition is high among buyers, so homes are selling quickly.

Making a move while so many buyers are looking for homes to purchase may mean your house rises to the top of the buyer pool. Selling your house before more listings come to the market in the traditionally busy spring market might be your best chance to shine.

Bottom Line
If you’re considering making a move, this may be your moment, especially with today’s low mortgage rates and limited inventory. Reach out to us today to get set up for homebuying success in the new year.

Planning a major move that involves relocating to a new city? Being new in town can feel a little nerve-wracking at first, but there are actually some pretty simple ways to get settled fast. You can connect with new friends, make your home more comfortable, and maybe even find your new dream job just by paying attention to a few do’s and don’ts for your move, to help you make the most of this major life change.

 

Don’t Be in a Rush to Unpack Your Home

 

It may sound like the opposite of what you should do to feel at home, but when you move to a new town, you really should make getting out and exploring a priority over unpacking. Morning or evening strolls in different parts of the city can give you a great idea of what’s nearby. And you can stop by a local coffee shop for some caffeine and conversation with locals. While there, look for local newspapers or publications to get the scoop on your new town. So that unpacking doesn’t overwhelm you while you get to know your new home, use these packing tips before you move to make the task more manageable. This way you don’t feel trapped in your home for days and can spend more time getting to know your new city. (Read more about things to do in Naperville here.)

 

Do Update Your Auto Insurance Policy

 

The last thing you want when you move to a new state is to have a ticket spoil the experience. You can avoid the added cost and frustration by getting familiar with your new state’s insurance and registration laws. Certain policy minimums may apply and the rules around proof of coverage can be very different as well. So make sure your current policy matches state law so you don’t have to worry about a fine as you explore the local community.

(Read more about Illinois Auto Insurance Laws here.)

 

Don’t Forget to Help Your Dog Get Settled

 

Moving can be rough for dogs, which can lead to anxious behavior, like excessive barking. All that barking and nervousness can make a bad first impression on your new neighbors, so take some time to help your dog feel comfortable with your move. Take some time off work so you can spend the first few days helping your dog adjust and curb any unwanted behavior. When you both feel up to it, take your pup out on the town to help you meet new people.

(Read more about how to find local pet sitters here.)

 

Do Invite Neighbors Over for a Welcome Party

 

Making new friends with people in your new town is a great way to get settled, but you should also try to make connections with your neighbors too. You may luck out and get neighbors who introduce themselves to you, but often you will need to make the effort in order to get to know the people who live around you. A welcome party is a fun way to meet several neighbors at once, so consider hosting guests once you’re unpacked. If you have a party of the open house variety, this allows people to come and go at their leisure. Just keep the timeframe short and be sure to put out a variety of snacks and beverages.

(Find out more about Naperville grocery options here.)

 

Don’t Ignore Social Offers From Family and Friends

 

If you tell friends and loved ones you are moving to a new city, chances are they will have some connections there. So, if someone you know offers to connect you with a mutual friend or even a distant family member, take them up on it! This is an easy way to settle into a city without feeling alone and can help you make new friends faster. If you are still looking for a new job, you can also use your network to bolster your chances of snagging an interview and landing a job that you love. (Find out more about jobs in Naperville here.)

 

Moving to a new city can be an eye-opening experience, especially when you don’t know anyone there. You can use the tips above to make the most of your big move and quickly meet new people in the community. Before you know it, you will feel right at home!

 

Here are a few extra Naperville resources you may find helpful:

 

Naperville Area Schools

 

Family Doctors in Naperville

 

Naperville Dentists

 

 

Photo Credit: Pexels

 

 

 

 

 

 

Saving for a down payment is often the biggest hurdle for a first-time homebuyer. Depending on where you live, median income, median rents, and home prices all vary. So, we set out to find out how long it would take to save for a down payment in each state.

Using data from HUD, Census and Apartment List, we determined how long it would take, nationwide, for a first-time buyer to save enough money for a down payment on their dream home. There is a long-standing ‘rule’ that a household should not pay more than 28% of their income on their monthly housing expense.

By determining the percentage of income spent renting in each state, and the amount needed for a 10% down payment, we were able to establish how long (in years) it would take for an average resident to save enough money to buy a home of their own.

According to the data, residents in Kansas can save for a down payment the quickest, doing so in just over 1 year (1.12). Below is a map that was created using the data for each state:

How Quickly Can You Save Your Down Payment? | Keeping Current Matters

What if you only needed to save 3%?

What if you were able to take advantage of one of Freddie Mac’s or Fannie Mae’s 3%-down programs? Suddenly, saving for a down payment no longer takes 2 to 5 years, but becomes possible in less than a year in most states, as shown on the map below.

How Quickly Can You Save Your Down Payment? | Keeping Current Matters

Bottom Line

Whether you have just begun to save for a down payment or have been saving for years, you may be closer to your dream home than you think! Meet with a local real estate professional who can help you evaluate your ability to buy today. Call us!

Springtime repairs around the house can be pretty big chores, eating up your spare time and cutting into your household budget, but they are an important part of keeping your home in great shape. Taking care of little maintenance issues now can help prevent big problems down the road, which can save you quite a bit of money and a lot of stress. However, the key with DIY projects is to ensure that you are prepared to call a professional if you need help with a big job so that it will be done safely and correctly.

 

It’s also crucial to have the right tools and a plan for the task at hand. Taking care of repairs around the home can include anything from plugging up holes in the drywall to replacing shingles or tiles on the roof, and these jobs vary greatly in cost and the amount of time it will take to complete them. Having a good idea of how you’ll get started will allow you to get the job done right the first time without any issues.

 

Here are a few things to consider when it’s time to do some maintenance around the house.

 

Start with the Right Tools

 

As with any task, it’s imperative to start with the right tools. After all, you wouldn’t start drawing a picture without a sharpened pencil and a good eraser, so it just makes sense that you would have specific tools at the ready when you’re tackling a home repair job. In general, most homeowners will want a hammer, wrenches, screwdrivers, a drill, and a sharp utility knife to handle common repair jobs around the house. If you don’t have these, look online for tool buying guides, and read the reviews before making purchases.

 

Find the Right Help

 

No matter what tasks you need to complete, it’s important to make sure they can be done as a DIY job before you get started. Many big projects — such as roofing, plumbing, and electrical work — will require a professional’s touch, if for no other reason than the potential safety issues. Look online for contractors near you to get an idea of your choices and to compare prices, and make sure you read the reviews before making a final decision.

 

Think of the Cost of Winter

 

The thing about spring repairs is that they need to be focused on the things that took the most hit during a hard winter. Cold weather, excess water, and high winds can all do quite a bit of damage to various parts of the home, from the gutters to the pipes, so make a checklist of all the things you want to take a look at. Getting organized will help greatly when it comes to starting any repair project, and it will also help you stay motivated if you have a physical list in front of you.

 

Prioritize

 

If you have a tight budget and there aren’t any repairs that require your immediate attention, you can start with the smaller things first, such as cleaning out the gutters or investing in an insulation cover for the hot water heater. These little tasks won’t cost much, but they will allow you to take care of the small things first and get them out of the way. Just make sure there are no pressing jobs, such as leaky pipes or broken roof shingles.

 

Springtime repairs around the house don’t have to break your budget or your patience. With a little planning and some research online, you can figure out the best ways to tackle projects around the house when the weather warms up a bit and save money throughout the year.

There are always people with too much stuff looking to make some extra money by getting rid of it, and there are always people looking to save a little money by avoiding buying new products. This is the general principle that keeps the second-hand economy booming. If you’re looking to sell, here are some essential tips for turning your unwanted household items into cash (and doing a little healthy decluttering in the process).

 

Get the Things You Can’t Sell Out of the Way

 

This step will save you some time and some sanity — get rid of the stuff that you simply can’t sell. Whether it’s something that is broken, ugly, or in noticeably poor condition, you’ll do yourself a great service to just throw away the items on which you have no chance of turning a profit (or that even a donation center wouldn’t want).

 

Clearing this “junk” out of your house will make it easier for you to sell what you can. It may be smart to use a dumpster rental service or all-in-one junk removal service. Both are helpful, but dumpster rental allows you to fill up a dumpster over time (better for longer, larger removal projects), whereas a junk removal service will do everything for you.

 

Don’t Just Put It All on eBay or Craigslist

 

Yes, eBay and Craigslist are the two easiest online options for selling you stuff. That’s because they both have millions of users and you can sell basically anything on there. However, sometimes you need to value specificity of the second-hand marketplace, as well as understand which items are the most desired by shoppers. There are dozens upon dozens of other marketplaces that may allow you to fetch better prices for certain items. These include, but are not limited to, Swappa for cellphones and tablets, Poshmark for clothing, and Glyde for video games. The massive, well-known online marketplaces are awesome, of course, but don’t be afraid to experiment with where you list your items.

 

Don’t Assume That Online Is Always Better

 

No, you will not always get more for your stuff online. This is a common myth (especially among the younger crowd). It’s worth your time to try to sell your stuff in actual, physical, brick-and-mortar stores as well. Just make sure you know the right stores to hit for specific items. Second-hand electronics and clothing stores are always good bets for good cash.

 

Be Wary of Pawn Shops

 

The good thing about pawn shops is that they take a wide range of items and you get the money then and there — it’s instant gratification. The pros pretty much end there, however. You can almost always get more money on an online marketplace or a specialty second-hand store than you can at a pawn shop, and many pawn shops are skilled at paying low-dollar for top-dollar items. If you do plan to go this route, make sure to have a plan in place.

 

Embrace the Grind

 

While it’s nice to sell a big-ticket item for a few hundred dollars, the real key to successfully selling your old items and making a nice profit is to prepare for and then embrace the grind — selling many smaller items over time for less money a pop. You may not get excited about that $10 sale here and that $15 sale there, but soon enough you’ll have amassed hundreds.

 

The second-hand economy presents an amazing opportunity to people of all backgrounds with all different sorts of things to sell. Not only will you make good money if you follow these tips, but you’ll also get rid of clutter and make your living space more, well, livable. The former benefit is great, but the latter is priceless.

 

Photo via Unsplash

Young people looking to purchase their first home are often put off by the cost involved, including the downpayment and the mortgage process. Fixer-uppers can be a perfectly viable option as long as you’re up to handling the extensive renovations that go along with buying a house in a state of disrepair. Bear in mind that buying a fixer-upper can end up being more of a financial burden than you’d anticipated. Some turn out to be the dreaded “money pit,” the house that always seems to have another problem. There are several things to consider carefully before choosing to take on a fixer upper project.

Location

You’ve probably heard that location is the most important factor when it comes to real estate. The same holds true for fixer uppers. Consider location first, since you’ll be fixing up the house. Once you’ve identified the area in which you want to live, begin searching for fixer uppers. There are real estate agents who specialize in these kinds of properties. Once you’ve talked to lenders and been pre-qualified for a home loan, spend some time on the internet looking for agents who specialize in fixer uppers. Homes for sale in Naperville, Illinois, have an average list price of $450,000.

Assess your handyman skills

Think carefully about what you’re proposing, and assess your skills honestly and objectively. Fixer uppers are almost always a challenge, and you could be facing a job that requires tools and experience that you may not possess. You’re going to need power drills, sanders, jigsaws and a host of other robust power tools. Crowbars, a mallet, joists and a full set of reliable hand tools are also essential. Then there’s the time commitment. Remember, this is more than two or three weekends of work. You could be renovating and fine tuning for years to come until you get it just right. There are many examples of eager, over-optimistic buyers who found out too late they’d bitten off more than they could chew. Don’t pursue such an opportunity until you’ve had a home inspection done and have a good idea of what fixes are necessary and whether they’re within your capabilities.

A big investment

Buying the house is only the first step. There’s a considerable ongoing investment involved in a fixer upper, which means you’ll need to have a considerable nest egg socked away for the work that’s yet to come. The home inspection should help you determine whether your finances are up to the challenge or not. Make a careful list of everything that needs to be repaired, get estimates for each, and then decide whether it’s within your reach.

What are your long-term plans?

People who purchase a fixer upper are usually committed to it for a period of years. If your job may require you to move at any given time, you’ll probably want to pass on a home that’ll need a lot of money and time to fix up. If for some reason you’re called on to relocate while you’re renovating, you could lose a lot of money if you find yourself having to sell.

Priorities

The first projects to tackle will depend largely on what the inspector has to say. Often, windows, flooring, electricity and roofing are priorities when moving into a project home. If there are serious structural, foundation or plumbing problems, you’re probably better off continuing your search. Once you’ve completed renovations, check out home values and prices in your area. You might consider selling if it’s a seller’s market and you can be pretty sure of getting maximum value for your investment and the sweat equity that went into it.

Purchasing a new home is always a big investment. Between the cost and the improvements you make, a fixer upper can be a tremendous investment if the market’s in your favor. Think of yours as a big investment in your financial future.

 

Courtesy of Pixabay.com.

 

CoreLogic broke down appreciation even further into four price ranges, giving us a more detailed view than if we had simply looked at the year-over-year increases in national median home price.

The chart below shows the four price ranges from the report, as well as each one’s year-over-year growth from February 2017 to February 2018 (the latest data available).

How Much Has Your Home Increased in Value Over the Last Year? | Keeping Current Matters

It is important to pay attention to how prices are changing in your local market. The location of your home is not the only factor that determines how much your home has appreciated over the course of the last year.

Lower-priced homes have appreciated at greater rates than homes at the upper ends of the spectrum due to demand from first-time home buyers and baby boomers looking to downsize.

Bottom Line

If you are planning to list your home for sale in today’s market, find a local agent who can explain exactly what’s going on in your area and your price range. Like us!

So, you’ve decided to sell your house in Naperville. You’ve hired Bill White Homes to help you with the entire process, and Bill White has asked you what level of access you want to provide to potential buyers.

There are four elements to a quality listing. At the top of the list is Access, followed by Condition, Financing, and Price. There are many levels of access that you can provide to Bill White Homes so that they can show your home.

Here are five levels of access that you can give to buyers, along with a brief description:

  1. Lockbox on the Door – this allows buyers the ability to see the home as soon as they are aware of the listing, or at their convenience.
  2. Providing a Key to the Home – although the buyer’s agent may need to stop by an office to pick up the key, there is little delay in being able to show the home.
  3. Open Access with a Phone Call – the seller allows showings with just a phone call’s notice.
  4. By Appointment Only (example: 48-Hour Notice) – Many buyers who are relocating for a new career or promotion start working in that area prior to purchasing their home. They often like to take advantage of free time during business hours (such as their lunch break) to view potential homes. Because of this, they may not be able to plan their availability far in advance or may be unable to wait 48 hours to see the house.
  5. Limited Access (example: the home is only available on Mondays or Tuesdays at 2pm or for only a couple of hours a day) – This is the most difficult way to be able to show your house to potential buyers.

In a competitive marketplace, especially in Naperville, access can make or break your ability to get the price you are looking for, or even sell your house at all.

In today’s highly competitive seller’s market where there are more buyers than there are homes for them to buy, some sellers may feel like the ball is in their court.

And they would be right when it comes to choosing which offer to accept, the closing date, or even which improvements they are willing to make to their house prior to selling.

One thing to remember though, is that there is always a line that shouldn’t be crossed.

Interest rates can change, financing might not go through, the appraisal might not come back at the price that you have agreed to. These are all opportunities to work with your buyer to make sure that the sale still happens.

You may think that, because buyer demand is so high right now, you can choose to make your buyer jump through hoops. But what happens if they reach their limit and need to walk away? You’re starting over… weeks, maybe months later… and other buyers may wonder what’s wrong with the house since the last deal fell through.

The Golden Rule

We were all taught from a young age to “treat others as you would like to be treated.” This shouldn’t change once you have a buyer who seems as though they would do anything to buy your home.

If you’re in the market for real estate in Naperville, IL, turn to Bill White Homes as your expert team of realtors. Contact us today and see how we can help you find the home you’ve always wanted.

Keeping Current Matters

Whether you’re a first time buyer or are looking for a summer home, deciding on what things absolutely real estate in Naperville, ILare necessary in a place can be difficult for anyone. Some buyers may have a checklist that’s four pages long, while others only have a few things they’d like to see in their future home. Regardless, it’s important to learn how to decide on what things are deal-breakers and how others can be added, modified, or taken out later. Here are few tips on how to come up with your list.

It’s necessary to living – While this may seem like common sense to some, the home buying process can cloud judgement regardless of the person’s situation. Deciding on if something is absolutely crucial to living, like a functioning shower or a well-maintained roof, is something that you need to consider when coming up with your checklist.

It’s falling within your budget – When you’re coming up with things you’d like in a home, another tip is determining whether something fits within your entire budget or not. This includes considering any added utilities you might not have thought about from the feature or regular maintenance fees that your checklist point needs to function.

Realistic wants vs. needs – Many times, people forget to take the emotion out of the buying process. While it is something that you need to approach realistically, it can be easy to rationalize certain “wants” as “needs” on your checklist. Sitting down and actually thinking about certain things as a definite “want” or “need” is essential.

If you’re in the market for real estate in Naperville, IL, turn to Bill White Homes as your expert team of realtors. Contact us today and see how we can help you find the home you’ve always wanted.