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Welcome to our blog page, where you can stay up-to-date on the latest happenings in real estate. We are dedicated to providing valuable insights and information on the local market here in Naperville, IL and tips and strategies for buying and selling property throughout the Chicagoland area. Whether you are a first-time homebuyer or a seasoned investor, you’ll find valuable content on our blog.
Welcome to our blog page, where you can stay up-to-date on the latest happenings in real estate. We are dedicated to providing valuable insights and information on the local market here in Naperville, IL and tips and strategies for buying and selling property throughout the Chicagoland area. Whether you are a first-time homebuyer or a seasoned investor, you’ll find valuable content on our blog.
National Real Estate Market Update | October 2024
As we enter the fourth quarter of 2024, let's review the year-to-date data for the housing market and look at what 2025 may bring.
Hi, I'm Kurt Clements with eXp Realty in the far west suburbs of Chicago.
Increasing Inventory
According to the National Association of Realtors, we have seen an uptick in inventory. Inventory started increasing this summer and has continued as we move into fall. This uptick has caused the market to make a slight shift towards a more balanced market.
Increasing Prices
Nationally, the median sales price is $439,455, up 4% from last year. Listings are up 3%, and inventory supply sits at 3.6 months. The average days on market for a typical listing is 35 days. The increase in listings has increased supply, which has increased the average days on market. As we stated earlier, the market is shifting towards a more balanced market.
Pending Sales Down
Despite this market shift, pending sales are down 5% from last year – the most significant decline since November last year. This decline is probably due to buyers waiting until the end of the year to see if rates will come down even further.
Falling Mortgage Rates
What's the latest forecast for 2025?
Experts predict mortgage rates will continue to decline due to inflation easing and signs of a slowing economy. We should see an increase in supply and demand, with total home sales climbing slightly to 5.4 million, up from the 4.5 million expected sales in 2024. More buyers will continue to create pricing pressure, with experts predicting home prices to rise by 2.6%.
Your Next Move
So, if you're curious about your next move, reach out! We'll lay out all your options so you can make a confident decision that's best for you and your family.
Thanks again for watching, and as always, we're here to help, and we'll talk with you soon.
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Our Core Values
At our organization, we prioritize living and working by five key values. These values are integrity, leadership, innovation, accountability, and valuing people. Integrity is at the core of our values, and we always prioritize honesty and fairness. We believe in doing what's right and putting people first. Leadership is another important value we uphold. We strive to be positive examples and guide others with love, direction, and accountability. Innovation is a value that drives us to constantly improve and aim for excellence. We celebrate success, but we never stop learning and educating ourselves and others. Accountability is a crucial value that we hold ourselves and others to. We believe in being responsible to our families, company, and community. Finally, we value people just like family. We treat everyone with utmost courtesy, dignity, and respect.
What people are saying
"This is the second time I’ve used Kurt to buy a home. This time we were selling and buying. The process was stressful at times, but Kurt did a great job communicating and helping me through the process. He responded quickly whenever I had questions or concerns and was very reliable. I will recommend Kurt to others!"
- Nicole Bozek
"Kurt understands the market…"
“I can’t recommend Kurt enough. I worked with Kurt to sell my parent’s home in Aurora. He was invaluable to the entire experience. He not only helped us price the property but also
assisted us in marketing it well
and answered our questions through closing. It’s also worth mentioning that all of this occurred right as COVID was shutting things down. Kurt understands the market, so we knew how to position our home even in a particularly tough time. He gave us great advice and helped us with all of the little details that came up along the way – the things we don’t typically see and know how they’re handled, Kurt was well versed in and able to provide easy guidance. Bottom line: we recommend him wholeheartedly and would use him again.”
- Kelly Sherwood
"We sold, purchased, and closed within six weeks...smooth sailing from start to close."
“Kurt is top-notch, knowledgeable, personable, and a pleasure to work with during the often stressful time of selling and purchasing a home. Kurt handled the sale of our home and purchase of a wonderful townhouse as we downsized. He was highly responsive to our needs, questions, and anxieties, easing the process, which was complicated by the pandemic and quarantine. We sold, purchased, and closed within six weeks even as the economy was shutting down through his careful and caring work with us–and through the professionalism of everyone with whom he set us up–lawyers, mortgage lenders, photographers, client care staff, etc.
Kurt’s integrity, knowledge, and skill draw people of similar care and integrity around him, making the process of selling and purchasing smooth sailing from start to close. He and his colleagues are wonderful,
providing the best experience we have had selling and buying
in numerous moves.”
- Dixie Miller
"Selling our home was such a smooth process, and might I add FAST!!!"
“It was such a pleasure working with Kurt and his team on selling our home!! They understood the assignment! Selling our home was such a smooth process, and might I add FAST!!! We went into this having high expectations of how this entire process would turn out, and let me say we came out with all of our expectations met at 100%. Thank you so much, Kurt, for everything!!! Looking forward to working with you and the team again someday soon.”
- Gaja Faniel
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