Author: Judi Muniz

With mortgage rates holding steady above 7% and market watchers anticipating additional moves from the Fed, affordability remains front and center for many buyers. In these conditions, strategic planning is more important than ever. Recent studies suggest it's wise to build in a rate cushion: anticipate up to a half-point increase within three months, three-quarters within six, and as much as a full point within the year. Interestingly, those who purchase later in the year often find increased leverage—typical homes run about 5% less in early Q4 compared to late Q2, with fewer competing buyers and greater flexibility at the negotiating table. Last month’s nearly 5-month supply meant buyers could negotiate not just on price, but also on closing costs, discount points, or even temporary rate buydowns. While the market is still adjusting to possible further Fed tightening, the longer-term objective remains: cooler inflation that can ultimately lead to more favorable mortgage rates. My commitment to expert market knowledge and high-level service means guiding clients through these nuanced opportunities, ensuring you have the insight and support you deserve, wherever your real estate goals may lead.

Chicago’s real estate market continues to demonstrate remarkable resilience this year. The median list price in the city reached $395K in mid-Q3, and with active listings at 15,100, we’re still operating in a landscape shaped by tight inventory—down about 6% from last year. Homes are moving quickly too, with a median of just 36 days on market. Across Illinois, supply remains the central story: we haven’t seen inventory rebound to pre-pandemic levels, placing us among the slower recoveries nationwide. New housing construction per capita in Illinois also trails much of the country, a reality investors and those relocating need to factor into their decisions. Even as mortgage rates hover near 7% and affordability remains a concern, limited options are fueling competition for quality properties and shaping the decisions of buyers, sellers, and investors well into 2026. Navigating these complexities takes deep market expertise and a commitment to delivering the highest level of service—something I’m proud to provide, no matter where your real estate goals lead.

In the current landscape, we’re seeing a notable shift: 20.4% of active listings experienced price reductions recently. Homes under contract nationally dipped by less than 1% in Mid-Q3, marking the first slip after eight months of gains—an outcome shaped by persistently higher borrowing costs. The average 30-year fixed mortgage rate peaked near 6.7% early in the quarter, remained elevated, and closed out Mid-Q3 more than 20 basis points above where it started. Even with demand softening, the market stayed dynamic: the national median list price eased to $424,500; active listings grew by about 4%, while new listings edged down a bit. Interestingly, fewer sellers left the market, with delistings down roughly 13%. This slower pace has provided buyers with greater leverage and time, yet thoughtful pricing strategies have continued to help sellers succeed. As we look ahead, it’s clear that stability in mortgage rates could prove just as influential as rate reductions. If rates hover around 6.7%, we may see more price adjustments or even some sellers withdrawing their listings. Navigating these shifts with expertise and market insight ensures that every client’s goals remain within reach—no matter where the market heads next.

Timing can make all the difference in real estate, and national data for 2026 highlights a strategic window for homebuyers: September 27 to October 3. During this week, inventory is expected to be at its best—up 31.9% from the year's start and 13.3% above the average week—offering buyers expanded choices across the country. Listing prices are projected to be 3.5% below their seasonal peak, which could mean around $14,000 in potential savings on a median-priced home of $416,000. With competition anticipated to be 30.1% lower than the annual high and homes expected to spend about 64 days on the market, buyers gain the luxury of time rarely seen in a fast-paced market. The early fall period is set to provide a unique balance: more selection, softer prices, and less urgency. As always, my approach is rooted in expert market knowledge and an unwavering commitment to client results—helping you navigate these opportunities with confidence, no matter where your real estate goals take you.

When you step into homeownership, the journey doesn’t end at the closing table. Many buyers—especially those new to the process—are surprised by the first-year expenses that go beyond the down payment, closing costs, and moving fees. It’s important to factor in the costs for furnishings, repairs, and appliances early in your budgeting. On average, buyers of newly built homes spend $26.9K in their first year, compared to $18.7K for existing homes. Appliances and household equipment are a consistent need, with $4.3K spent on average for new builds and $3.7K for existing properties. Furnishings can quickly add up as well—$8.3K for new construction and $3.9K for existing homes, especially if you’re filling out larger spaces. Alterations and repairs are typically the biggest first-year expense: $14.3K for new homes and $11.1K for existing. As someone who values comprehensive service and expert market guidance, I always advise clients to plan for these costs from the outset—so your first year in your new home feels as rewarding as it should.