When 40,000 Listings Disappear Overnight — Including Right Here in BloNo

I woke up this morning to news that most local agents are still trying to wrap their heads around. Over 40,000 listings across Illinois vanished from Zillow yesterday after Midwest Real Estate Data (MRED) pulled the plug on their data feed. Just like that — gone.

Here's what most of the early reporting missed, and what every seller in Bloomington-Normal needs to understand: this wasn't just a Chicago problem. MRED's coverage area extends across nearly half of Illinois — Chicago and the collar counties, yes, but also Bloomington-Normal, Champaign-Urbana, Peoria, Decatur, Springfield, Rockford, and Livingston County. When MRED's feed went dark Wednesday morning, BloNo listings went dark right along with the Chicago ones.

According to HousingWire's reporting, this isn't a technical glitch. It's a full-blown war between MRED and Zillow that left thousands of agents across Illinois scrambling to explain to their clients why their listing just disappeared from the most-visited real estate website in America.

This Hit Our Market Yesterday

If you're a homeowner in Bloomington, Normal, Hudson, Towanda, Downs, or anywhere else in McLean County with an active MLS listing, your home's Zillow presence depended on whether your brokerage had a direct feed in place. If they didn't, your listing was invisible to Zillow's audience yesterday — and that audience is, as Nick Aufenkamp of DIY Homebuyer Academy put it:

"If I'm selling my home, I want it to be as visible and accessible to as many potential buyers as possible. I do not care what my agent or their brokerage feels about Zillow and how they monetize leads. I just know that more potential homebuyers search on Zillow than anywhere else."

The numbers tell the story. As of yesterday morning, Zillow was showing roughly 1,900 homes for sale in Chicago. Realtor.com had over 8,600. Redfin showed more than 5,000. The same kind of gap opened up across central Illinois too — including right here in BloNo, just on a smaller scale that didn't make the national headlines.

"Real estate is already a complicated process, and when listing visibility or data sharing changes between platforms, it can create confusion around what's actually available, where homes are being marketed and how that affects exposure and value."

— Carrie McCormick, Chicago luxury agent

eXp Realty Saw This Coming

Here's where the brokerage you list with stops being a detail and starts being the whole game. When the MRED feed went dark, most listings vanished. But not eXp's.

eXp Realty had already built a direct listing feed to Zillow that bypasses the MLS entirely. While 40,000 listings across Illinois went dark, eXp sellers — in Chicago, in Champaign, in Peoria, and right here in Bloomington-Normal — woke up Wednesday morning with their homes still front-and-center on the largest real estate search platform in America. Berkshire Hathaway HomeServices had a similar setup. Keith Brand, a Berkshire agent in Chicago, told HousingWire:

"It doesn't really change anything for us — if anything it is a net positive for our sellers because it means more eyeballs on their listings."

That's the eXp story too. While agents at Coldwell Banker, RE/MAX, Keller Williams, Century 21, and the local independents were on the phone yesterday explaining to BloNo sellers why their listing disappeared from Zillow, eXp agents in our market were doing business as usual.

And then there's Compass. Their CEO Robert Reffkin went on LinkedIn and said direct submissions to Zillow create "legal and regulatory risk for both the brokerage and agents," so they chose not to build a direct feed. That's a corporate decision their sellers are now paying for. Their listings went dark with everyone else's.

This is the difference between a brokerage that invests in technology infrastructure for its agents and one that doesn't. I spent years at Keller Williams and then RE/MAX Rising before I moved to eXp in 2021. I made that move specifically because eXp was building something the legacy franchise model wasn't — cloud-based, tech-forward, and structurally built to protect agents and clients from exactly the kind of disruption that just hit our market. Yesterday validated that decision in real time.

What This Means for Bloomington-Normal Going Forward

Living and working in BloNo, I've seen how quickly things can change. State Farm announces a major expansion, Rivian adjusts their workforce, and suddenly our housing market dynamics shift. But yesterday was different. Yesterday wasn't a local economic shift — it was a national platform fight that dragged our market into it because of how MRED's footprint is structured.

And it's not over. MRED and Zillow will eventually work something out — these corporate disputes always do. But the next one is already on the way. With every market consolidation, every antitrust filing, every new platform fight, the sellers whose brokerages didn't prepare are the ones who lose exposure while the lawyers sort it out.

Most sellers in our market are choosing between a handful of brokerages — the franchise shops, the regional independents, and eXp. They look the same on the sign in the yard. They are not the same underneath. When the platforms blow up, the question isn't whether your agent is good. The question is whether your brokerage spent the last five years building direct feeds, redundant syndication paths, and a technology stack that survives this kind of industry fight. eXp did. Most haven't.

The Marketing Stack Behind a BN Homes Group Listing

What I love about serving the Bloomington-Normal market with BN Homes Group at eXp Realty is that we get the best of both worlds. eXp's national infrastructure — direct Zillow feed, cloud-based tools, an 89,000-agent referral network — combined with the kind of hyperlocal knowledge you only get from someone born and raised in this market.

When I list a home, whether it's in Normal's historic district, a new build in Towanda, or a luxury property, I'm running it through eXp's syndication network, the direct Zillow feed, Realtor.com, MLS distribution, social channels, and my professional network. That's how you insulate sellers from disruption — not by hoping the platforms behave, but by working with a brokerage that already assumed they wouldn't.

The agents who got blindsided yesterday? Many of them are at brokerages that never built the redundancy. As one Chicago agent noted in the HousingWire piece, "if you are a team, whose entire business model is catered toward lead generation through Zillow, this flips that model on its head."

At eXp, the model doesn't flip. That's the point.

The MRED-Zillow fight will get resolved eventually. But the sellers across Illinois — including in BloNo — who lost a day, a week, or longer of exposure on the biggest real estate platform in the country? That time isn't coming back. And the agents whose brokerages weren't prepared? Their clients are going to remember.

If you're thinking about selling in Bloomington-Normal, ask your agent a simple question: does your brokerage have a direct listing feed to Zillow? If the answer is no — or if the answer is a confused look — that should tell you everything. At BN Homes Group at eXp Realty, the answer is yes, and it has been for a while.

Source: HousingWire

Look, I've been selling homes in Bloomington-Normal for over 14 years, and the question I get asked most often after "What's my home worth?" is "What will my property taxes be?" Well, thanks to some recent digging by The Pantagraph's Bill Flick, we now know exactly which homes in our area are paying the absolute highest property tax bills — and the numbers might surprise you.

According to data from Zillow.com that Flick reported on May 7th, a home on Worthington Court in the Hawthorne II subdivision on Bloomington's east side topped the charts with a staggering $67,840 property tax bill for tax year 2023. Let me put that in perspective: that's more than many families in BloNo make in an entire year, and it's just for property taxes. It's also roughly 16 times what a typical Bloomington homeowner pays.

The Top Property Tax Bills in Bloomington-Normal

The numbers tell a fascinating story about where the most expensive properties in our Twin Cities are located. After that record-breaking Worthington Court home, the second-highest bill belonged to a property on Country Club Place in Bloomington, which paid $48,214 in 2023. Rounding out the top tier were two other homes on Worthington Court, with bills of $41,676 and $41,062 respectively.

What strikes me about this data is how concentrated these high-tax properties are. Three of the top four bills sit on a single street. Worthington Court clearly has some of the most valuable real estate in all of McLean County, and when you drive through that area, it's easy to see why. These are substantial homes in a well-established neighborhood that's become synonymous with luxury living in Bloomington.

The Hawthorne II subdivision has long been one of our area's premier addresses, and these tax bills reflect that status. When you're looking at homes in this price range, you're typically dealing with properties that offer everything from custom architecture to premium lot sizes, often backing up to green space or featuring other desirable amenities.

Putting the Numbers in Real BloNo Context

Here's where I think it's important to add some honest local perspective, because headlines like "$67,840 tax bill" can make people think that's what they're walking into when they shop for a nice home in Bloomington-Normal. It absolutely is not.

In reality, a typical Bloomington homeowner pays about $4,300 a year in property tax — roughly $360 a month. That's the bill on the kind of three-bedroom, two-bath family home that makes up the bulk of our local market. Step up into a higher-end home in one of our nicer neighborhoods, and you're typically looking at $12,000 to $15,000 a year, or about $1,000 to $1,250 a month. That's the range most of my buyers shopping in the $400K to $600K bracket will actually see on their tax bill.

The $40,000-plus tax bills you read about in The Pantagraph? Those are reserved for the very top sliver of the market — the biggest, nicest houses in town, the kind of trophy properties that change hands once a decade. Most buyers will never walk through one, let alone own one. So while it's fun to gawk at those numbers, they're not the benchmark you should be using to plan your own move.

What These Numbers Mean for Homebuyers

Here's what I tell my clients when we're looking at homes in any neighborhood: property taxes aren't just a number on a bill — they're a reflection of your home's value and the services your community provides. The bills you see in Hawthorne II, on Country Club Place, and across our higher-end neighborhoods are supporting excellent schools, well-maintained infrastructure, and the kind of municipal services that help maintain property values over time.

But let's be practical about it. Property taxes can vary dramatically from one neighborhood to the next, and sometimes even from one street to the next inside the same subdivision. I've seen homes a few blocks apart with bills that differ by thousands of dollars a year — same school district, same general feel, very different tax pictures. That's where having someone who actually knows the local market makes a real difference.

The reality is that Bloomington-Normal offers incredible diversity in housing options and tax burdens. Whether your comfort zone is the $360-a-month typical bill, the $1,000-a-month higher-end range, or something in between, there's a neighborhood here that fits. It all comes down to matching the right area to your budget and lifestyle — and going in with eyes open about the full cost of ownership.

The Bigger Picture for BloNo Real Estate

These high-end property tax bills actually tell us something positive about our local real estate market. They indicate that we have properties valuable enough to generate these assessments, which speaks to the desirability of certain Bloomington-Normal neighborhoods. Areas like the east side of Bloomington, parts of Normal near ISU, and established subdivisions throughout McLean County continue to attract buyers who are willing to pay premium prices for premium locations.

From my perspective, having sold homes throughout BloNo for years, I see these numbers as a reminder of why it's so important to work with someone who understands the local market inside and out. I can tell you which streets typically land at $4,000 versus which land at $14,000, often within the same subdivision. Knowing those details before you write an offer can save buyers from sticker shock down the road or help sellers price their homes appropriately.

Whether you're looking at a starter home near ISU, a family-friendly place in one of Normal's growing subdivisions, or a luxury property in an established neighborhood like Hawthorne II, understanding the full cost of ownership — including property taxes — is crucial to making the right decision.

If you're thinking about buying or selling in Bloomington-Normal, let's talk about what these property tax realities mean for your specific situation. Every neighborhood has its own character and cost structure, and I can help you navigate both to find the perfect fit for your budget and lifestyle.

Source: Bill Flick at https://pantagraph.com

Best Pumpkin Patches and Apple Orchards in Central Illinois

As the crisp autumn air settles in, there’s a certain excitement that fills the air. The vibrant colors of fall, the scent of cinnamon, and of course, pumpkins! The BN Homes Group at eXp Realty absolutely loves how Central Illinois comes alive during this season with endless opportunities to soak in the beauty of fall and create family memories. From charming pumpkin patches to bustling apple orchards, Central Illinois offers the perfect escape from the everyday. Whether you're planning to pick the perfect pumpkin for carving, get lost in a corn maze, or indulge in some homemade cider, the local farms around here provide fun for all ages. If you're looking for a memorable family outing or just want to savor the magic of autumn, check out these amazing pumpkin patches and apple orchards in Central Illinois. Let’s dive into our favorite spots to make your fall adventure unforgettable!

1. Rader Family Farms – Normal, IL

Location: 1312 Ropp Rd, Normal, IL

Rader Family Farms is a local favorite, offering a wide range of activities for families. Not only can you pick your own pumpkins, but you can also get lost in the corn maze, try your hand at the Barnyard Ball Throw, and slide down the Cattle Shoot. There's even a gigantic pillow for jumping, a petting zoo, and a chance to practice roping a steer.

Visit Rader Family Farms Website

Highlights:

• Corn Maze
• Petting Zoo
• Gigantic Jumping Pillow
• Pumpkin Picking

2. Ackerman Family Farm – Morton, IL

Location: 27158 US Hwy 150, Morton, IL

If variety is what you're after, Ackerman Family Farm offers over 160 types of pumpkins and squash, as well as beautiful mums and corn stalks. Don’t miss the gift shop, which sells specialty popcorn, jams, and salsa. Plus, the petting zoo and corn maze are a must-see!

Visit Ackerman Family Farm Website

Highlights:

• 160+ Pumpkin Varieties
• Gift Shop with Specialty Popcorn & Jams
• Corn Maze & Petting Zoo

3. Curtis Orchard & Pumpkin Patch – Champaign, IL

Location: 3902 S Duncan Rd, Champaign, IL

Curtis Orchard is best known for its U-Pick Apples, featuring varieties like Empire, Golden Delicious, and Ozark Gold. Of course, you can also pick your own pumpkins! Admission is free, and there are plenty of activities for kids, including a playground and petting zoo. You can also purchase tickets for more fun, such as the obstacle course, rope maze, and pony rides.

Visit Curtis Orchard Website

Highlights:

• U-Pick Apples (Empire, Golden Delicious, Ozark Gold)
• Free Admission
• Obstacle Course, Rope Maze, Putt-Putt Golf

4. Gail’s Pumpkin Patch – Beason, IL

Location: 1709 2000th Avenue, Beason, IL

As a 4th-generation pumpkin patch, Gail's offers a truly authentic fall experience. Aside from pumpkin and gourd picking, you can visit the popcorn wagon, pet farm animals, navigate the tunnel maze, and enjoy the Barrel Train ride. There are also fun games like gourd bowling and potato sack jumping.

Visit Gail's Pumpkin Patch Website

Highlights:

• Barrel Train Ride
• Gourd Bowling & Potato Sack Jumping
• Tunnel Maze & Farm Animals

5. Wagon Wheel Pumpkin Farm – Clinton, IL

Location: 16578 Airport Road, Clinton, IL

Wagon Wheel Pumpkin Farm is a great destination for families, featuring a corn maze, Hay Mountain, and a petting zoo. Take a relaxing hayride or try your hand at Pumpkin Tic-Tac-Toe. It's a wonderful place for kids to enjoy the magic of fall.

Visit Wagon Wheel Pumpkin Farm Website

Highlights:

• Corn Maze & Hayrides
• Petting Zoo
• Pumpkin Tic-Tac-Toe

Plan Your Perfect Fall Adventure

No matter which patch you visit, Central Illinois offers a bounty of fall fun. Whether you're grabbing pumpkins at Rader Family Farms or making a day trip to Ackerman Family Farm in Morton, you're bound to create unforgettable memories. Don’t forget to bring your camera and capture the magic of the season!

Conclusion

Autumn is more than just a season—it’s a time for creating cherished memories with family and friends. Whether you’re searching for the perfect pumpkin or just looking to take a break from the hustle and bustle of daily life, Central Illinois’ pumpkin patches and apple orchards offer a fun-filled escape. The fall season might be fleeting, but the memories you make at these local farms will last a lifetime. From corn mazes to petting zoos and pumpkin picking to hayrides, there’s something for everyone in your family to enjoy.

We hope this guide has inspired you to explore the best of what our area has to offer this fall. Be sure to visit our blog regularly for more local insights, and don’t forget to subscribe to stay in the loop on all the fun happenings in Central Illinois. Have a wonderful fall season, and we look forward to sharing more adventures with you soon!

Stay Connected with Us

We hope you’ve found some inspiration for your next fall adventure! Be sure to explore more local tips and guides on our website. Subscribe to our newsletter or bookmark our blog to stay updated on the latest happenings in Central Illinois. We’re here to help you make the most of living in Central Illinois!

Bloom Bawarchi V2.0: Our Favorite Dining Experience Beyond Just Food

Discover the Unique Dining Experience at Bloom Bawarchi V2.0

Bloom Bawarchi is a unique restaurant that offers an experience beyond just food. From the club-like atmosphere to the impressive cocktail menu, there are plenty of reasons why Bloom Bawarchi has become a favorite among locals and visitors alike. In this beginner's guide, we'll explore the different aspects that make Bloom Bawarchi a must-visit destination in Bloomington, IL. Plus, it just happens to be one of our team leader Bryan Dillow's favorite restaurants in Bloomington/Normal, IL. When asked about Bloom, Bryan said, "The food, service and atmosphere are excellent! Not only is it my favorite Indian food in Bloomington/Normal, it is also one of my top 3 restaurants!!"

The Atmosphere - A Lively and Fun Environment

Bloom Bawarchi is not your typical Indian restaurant. From the moment you step inside, you'll be transported to a lively and fun environment. The club-like atmosphere is enhanced by the numerous TVs throughout the space that play Bollywood music videos. It's an experience that adds to the overall dining experience, making it a fun and lively destination for a night out.

The Menu - A Wide Range of Traditional Indian Dishes

One of the standout features of Bloom Bawarchi is their extensive menu that offers a wide range of traditional Indian dishes. From classic favorites like Butter Chicken to lesser-known dishes like Desi Spicy Lamb Chops and Boneless Afghani Chicken Kabobs, there's something for everyone. They also offer a range of vegetarian options that are just as delicious as their meat dishes.

Customizable Spiciness Levels - A Personalized Dining Experience

At Bloom Bawarchi, you can customize your meal to your desired level of heat and flavor. They offer eight different spiciness levels, ranging from American Mild to Desi Extra Spicy. This personalization allows guests to tailor their meal to their preferences, ensuring a memorable dining experience.

The Cocktail Menu - An Impressive Selection of Drinks

The cocktail menu at Bloom Bawarchi is just as impressive as their food menu. From smoke-infused bourbon drinks to refreshing and fruity favorites, there's something for every taste. Whether you're in the mood for a classic cocktail or something more unique, their menu has plenty of options to choose from.

The Service - A Dedication to Excellent Hospitality

What sets Bloom Bawarchi apart is their dedication to excellent service. The staff is friendly, knowledgeable, and attentive, making sure that each guest feels welcome and comfortable during their visit. They are also accommodating to any dietary restrictions or allergies you may have, ensuring that every guest can find something they can enjoy. The attention to detail in their service is impressive, creating a warm and inviting family-friendly atmosphere that keeps guests coming back.

Family-Friendly Environment - Perfect for a Night Out with the Whole Family

Bloom Bawarchi is a family-friendly restaurant, offering a children's menu with plenty of options for even the pickiest eaters. The warm and inviting atmosphere is a comfortable space for families to enjoy a meal together. It's a perfect destination for a night out with the whole family.

Conclusion

Overall, Bloom Bawarchi V2.0 is a unique dining destination that offers an experience beyond just food. From the lively atmosphere to the extensive menu and impressive cocktail selection, there's something for everyone at Bloom Bawarchi. Whether you're in the mood for a fun night out with friends or a family dinner, Bloom Bawarchi has it all.

Top 5 Restaurants in Bloomington, IL - Ancho & Agave, Lucca Grill, Biaggi's Ristorante Italiano, Reality Bites, Anju Above

Bloomington, IL is known for its rich history, beautiful parks, and thriving food scene. If you're looking for the best places to eat in Bloomington, IL, look no further than these top 5 restaurants. Remember, these are just some of our favorite restaurants in Bloomington! We will continue to post articles like this in the future. Let us know if you agree or if you have other places to add to the list!

Lucca Grill

Lucca Grill is a classic Italian-American restaurant located at 116 E. Market St. in Bloomington, IL. Established in 1936, this restaurant has been a staple of the Bloomington community for generations. Lucca Grill's menu features a variety of dishes, including perhaps the best pizza in Bloomington/Normal (try the A La Baldini), pasta, and sandwiches. Some of the standout dishes at Lucca Grill include the Pizza with a cracker thin crispy crust you can’t go wrong, the Chicken Parmesan, and the Meatball Sandwich. With its warm and inviting atmosphere, Lucca Grill is the perfect spot for a family dinner or a night out with friends. https://luccagrill.com/

Ancho & Agave

Ancho & Agave is a Mexican restaurant located at 207 S. Prospect Road in Bloomington, IL. This restaurant is known for its flavorful and authentic Mexican cuisine, as well as its extensive selection of tequila and mezcal. Some of the standout dishes at Ancho & Agave include the Tacos (order the taco board and see what happens), the Dos Chiladas Enchiladas, and the Chicken Asada Burrito. Don’t forget to try one of their signature margaritas…The Mandarin is my personal favorite. With its cozy and inviting atmosphere, Ancho & Agave is the perfect spot for a casual night out or a festive celebration. https://www.anchoandagave.com

Biaggi's Ristorante Italiano

Biaggi's Ristorante Italiano is located at 1501 N. Veterans Pkwy in Bloomington, IL. This restaurant is known for its delicious Italian cuisine and elegant atmosphere, making it the perfect spot for a romantic dinner or special occasion. Biaggi's menu features a wide range of dishes, including pasta, seafood, pizza, and salads. Some of the standout dishes at Biaggi's include the Shrimp and Lobster Ravioli, Bruschetta, and Rigatoni Bolognese. http://www.biaggis.com

Reality Bites

Reality Bites is a restaurant located at 414 N. Main St. in Bloomington, IL that serves up delicious American cuisine with a twist. The menu features a variety of dishes, including sandwiches, salads, and entrees. Some of the standout dishes at Reality Bites include Kale Crunch Salad, Stuffed Mushrooms Topped with Bacon, Half Roasted Duck, and The Funks Grove Burger. With its craft cocktails and extensive wine list, Reality Bites is the perfect spot for a night out. https://realitybitesblm.com/

Anju Above

Anju Above is a Korean-American fusion restaurant located at 220 E. Front St. in Bloomington, IL. This restaurant has a chic and modern atmosphere that's perfect for a date night. The menu at Anju Above features a variety of dishes, including Homemade Steam Buns (Vegetarian or Pork), Pork Belly Ramen, Sushi, and the Salmon Nigiri. Don't forget to try their signature cocktails, which are as unique and flavorful as the food. You can also order off the Epiphany Farms menu as well. We will have another article about them in the future! http://epiphanyfarms.com/anjuabove

In conclusion, Bloomington, IL has a diverse and vibrant food scene, with something to satisfy every palate. Whether you're in the mood for Mexican, Italian-American, classic American, Korean-American fusion, or Mediterranean cuisine, these five restaurants are a must-visit. Be sure to add them to your foodie bucket list and enjoy a culinary journey in Bloomington, IL.

#BloomingtonIL #BloomingtonFoodie #TopRestaurants #AnchoAndAgave #LuccaGrill #Biaggis #RealityBites #AnjuAbove #FoodieBucketList #CulinaryJourney #BloNo #BNHomes #BloomingtonNormal #Yum #BNRealty #YourLocalRealtor #BloNoFood

Have you ever watched a home improvement TV show where someone renovates their house to sell it for more? Don't fall into the trap of thinking that an extensive remodel is the way to go when you decide to list your home for sale. Let The BN Homes Group at eXp Realty share our experiences with home renovations prior to listing homes for sale.

Small Renovations That Pay Off

Replacing carpet, repainting the walls and trim, and fixing anything that is apparently broken upon a showing are essential to receive a competitive offer from a buyer. Other examples of small renovations that pay off include replacing outdated hardware on cabinets, cleaning up the landscaping at the front of the house, replacing older light fixtures or faucets, fixing loose shingles on your roof, fixing any leaking pipes or faucets, etc.

Bigger Renovations That Depend on Your Market

Take a look at your homes' competition. If your home is the only one without certain features, you may find that you will get a good return on your investment by doing a little remodeling. However, if all the homes in your area have those features, you probably don't need to splurge on doing these huge projects.

Consult with The BN Homes Group at eXp Realty

Working with one of our agents is a great starting point in deciding what needs to be done to your home before listing it for sale. We will take the time to answer any and all questions that you may have on how to sell your home for the most possible money. We will also help you find comparable homes to yours and show you what they may be offering or lacking when looking at your home side by side. Contact us today if you have any questions about selling your home!

It’s the age old question every potential homeowner wrestles with: should I rent or should I buy? Both renting and owning have their advantages and their drawbacks. While there’s not a one-size-fits-all answer, there are some key factors that anyone asking this question should consider.

How long are you likely to stay in your new home?

The financial advantages to buying a home get better the longer you stay in the home. This is how home equity works … When you first buy your home, the mortgage lender likely “owns” more of it than you do (due to the amount of borrowed money versus money you put down). Over time, your mortgage payment reduces the mortgage lender’s interest (or equity stake in the home) and conversely raises your equity.

Therefore, when you go to sell the home more of the money goes to your pocket and less goes toward any remaining mortgage. This gives you more purchase power for your next home. Heck, who doesn’t want to get a nice check when they sell their home?

In considering how long you will stay, be sure to consider the following factors: your current employment, career path, local economy, and your personal situation (married or unmarried). It’s important to be realistic with yourself if any of these are likely to change in the next couple of years.

Would you be content if you needed to stay longer?

Most first time homebuyers purchase what is commonly thought of as a “starter home.” This might be a smaller house (1 or 2 bedrooms), a condominium or a duplex.  Any of these options can make a great first home. Many people live happily in their first home for years.

BUT will YOU be like most people? If you’re looking at your potential first home and saying to yourself, “it’ll be OK for a few years,” you may want to pause. Such a sentiment could be a red flag that if circumstances changed and you needed to stay in your first home longer, you might be very disappointed. Maybe that first home isn’t really the one you want. Maybe you need to keep shopping. Maybe you need to continue to rent and wait until you can afford the one you’d be really be happy in.

Do you have savings for a down payment?

The old adage here is still good math — coming with a down payment at least equivalent to 20% of the purchase price puts the buyer in the best situation. It is possible to purchase and put down a smaller down payment. There are programs out there for first time homeowners, military veterans, and others that can help you still buy with a smaller down payment.

But be cautious. There were two fatal mistakes that too many homeowners made prior to the 2008 housing crisis: overextending themselves into monthly payments they could not afford and not bringing enough (or any) down payment to the purchase. It’s always a good idea to speak with a qualified lender prior to doing any serious home shopping.

Do you have money put aside for routine home repairs?

If you’ve been a tenant for some time, you may have gotten comfortable with someone else flipping the bill for minor and major home repairs. Water heater goes out? Not your problem. Pipes freeze and burst? You make the call and the landlord pays the bill. The list goes on.

Well once you become a homeowner, the landlord (and his wallet) goes away. Now when those repairs are needed, and they will be needed, all that cost falls on you. And don’t for a minute think home insurance is the answer. Your homeowners insurance is for catastrophic losses not caused by “wear and tear.” And all policies come with a deductible which means you’ll be paying the first few dollars anyway.

How do the monthly costs compare?

It’s a common knowledge that the vast majority of people do NOT like to create or live by a budget. Even if you’re like the majority of people, doing the budget exercise is critical before you purchase a new home. There are plenty of budget worksheets available for free on the Internet. It’s worth your time and effort to itemize all your current monthly expenses. Then compare those expenses with the proposed/potential expenses of owning a home.

Buying a home doesn’t necessarily need to be the less expensive option. In fact, in many cases it will not. But you should be aware of the cost difference and be able to manage your new budget. Nothing dampens the excitement of a new home like the fear that you won’t be able to afford it.

Conclusion

The dream of owning that home is so much sweeter when you act with the confidence of knowing it’s the right decision for you. Taking some time to consider these key questions, as well as weighing the pros and cons, will go a long way in making your buying experience a positive one. When you are ready to start the process of buying a home, I want to be the trusted advisor you can count on.

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Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

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You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.

We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.