Rife Realty

10/30/2026

How can property taxes affect selling a home?

When we talk about a buyer's budget, it's always what the purchase price will be. The truth is, when a lender pre-approves a buyer, they approve them on the payment, not just the purchase price. That payment includes the purchase price, property taxes, homeowners insurance, mortgage insurance (if applicable), and HOA/condo dues (if applicable).

So what happens if there is a home has a reasonable purchase price, but the property taxes are high? I will preface this by saying, this is more common with lower priced homes. When I look at a listing, I think how big is my pool of buyers? Based on several factors such as the property itself, ranch vs two story, small yard or large acreage, location, etc... and the finances. I want my pool of buyers to be as large as possible to create more competition within the listing. If I have a $250,000 home with $10k in property taxes, vs a $250,000 home with $5k in property taxes, my pool of buyers on the home with $10k in taxes will be smaller than the home with lower taxes.

If I am a buyer, I am first considering the property taxes and how it affects my budget. If the payment is within my budget and I am willing to pay higher property taxes, then I am considering how will the property taxes affect my eventual resale?

As a seller, if I feel I am being unfairly taxed, then I would appeal the property tax bill with the county by providing comparable homes in my neighborhood that have lower property taxes. Not only would this save me money yearly, but potentially open the door for more buyers when it comes time to sell.

This should go without saying, but I will mention it anyways. Just because you are own a home with high property taxes does not mean its all doom and gloom. There are several other factors that need to be considered. Some communities simply have higher property taxes and buyers come in expecting that. This more specifically referencing homes with high property taxes that are not justifiable.

The window to appeal property taxes this year as closed for most counties. For next year, this is something I would consider if I am a homeowner and believe my property taxes are higher than what they should be. For help planning, contact Nick below:

📱 815-258-1471
💻 [email protected]

Rife Realty

10/28/2026

Will mortgage rates fall before year-end? The latest forecast suggests they may stay near current levels.

Mortgage rates have had slight fluctuations over the past month. See the full breakdown below. We are now at an average of 7.32%. This is on par with where the latest Mortgage Bankers Association forecast puts the average 30-year fixed rate (around 7.3% for the final quarter of 2026).

September 24: 7.03%
October 1: 7.28%
October 15: 7.40%
October 22: — latest weekly report 7.32%

If you are a buyer in today's market, do not plan for rate drop in the near future. Make sure you are comfortable with the payment at today's rate. For all of my buyer's, before we submit an offer, we fully review the finances with the lender. Ensuring proper planning by knowing the estimated closing cost and payment before committing to a purchase.

For more information, contact Nick below:
📱 815-258-1471
💻 [email protected]

Rife Realty

10/27/2026

*Not a Rife Realty Listing. Listing Credit: Bonnie Willis at Coldwell Banker Real Estate Group*

This is not a Rife Realty listing however I had to share it. This is one of the most unique homes I've seen on the market recently. Probably because I am a sucker for secluded homes like this one! 3.5 acres of wooded land, heated outbuilding, and a thoughtful rehabbed interior. This is not a home you see everyday.

https://www.riferealty.com/homes/MRD12793218

If you or someone you know is searching for a private setting in Lincoln Way school district, contact Nick below to schedule a showing.

📱 815-258-1471
💻 [email protected]

Rife Realty

3 beds · 2 baths · 2,400 sq ft · Listed by Coldwell Banker Real Estate Group

10/21/2026

You would think after the Fed announced their rate hike and mortgage rates have risen, we would see a dip in our market. Interestingly enough, it's been the opposite.

Click on the link below to view the most recent data from MRED.
Over the last 5 weeks, we have see a year over year increase in new listings. The past 3 weeks listings under contract are above last years numbers. At the same time, home prices remain above last year's average (the least surprising figure).

The fall market is hot right now. As a buyer, you must act quickly. For sellers, pricing a home correctly with proper exposure has a high likelihood of being under contract fast. Several of my most recent buyers have found themselves in multiple offer situations.

https://infogram.com/snapshotresidential-1hzj4odkm3wd6pw

For a personalized plan for your home buying and selling needs, contact Nick below:
📱 815-258-1471
💻 [email protected]

Rife Realty

10/19/2026

Under Contract in Steger!

Congrats to my buyer on their accepted offer in Steger. This is another scenario we had to beat multiple offers. Although we were competing with other offers, we were still able to strongly position the buyer's contract where they are set up for success when they receive the keys!

If you are looking to purchase a new home, start the conversation early and contact Nick below:
📱 815-258-1471
💻 [email protected]

Rife Realty

10/16/2026

If you are looking to buy or sell a condo in 2027, major changes being implemented that you need to understand.

Starting January 4, 2027, Fannie Mae and Freddie Mac are increasing the standard annual condo reserve allocation from 10% to 15% of the association’s annual budgeted assessment income.

Why is this so important? If a condo association does not have the proper reserves, in all likelihood, the lender will not be able to fund the transaction and it will cancelled.
I cannot find a reliable survey/study on the current number of association that do not meet the current requirement of 10%, however it's a large number. From my research, it's anywhere from 12% to 39% of associations do not have the proper reserves. Even if it's the lower number, that's still 1/10 condo associations and that will grow in 2027.
There are alternative forms of financing that could move the transaction forward, however they are either going to be at a much higher cost or it will need to be a cash transaction.

For sellers who own a condo and the association does not have proper reserves, this means your pool of buyer has shrunk. In turn, this would create downward pressure on the price.

Proper due diligence by both the listing agent and buyer's agent can prevent issues during a transaction. Listing agents NEED to obtain a condo association's financials before they list. This is something they should already be doing, however it's now even more critical. If that information is not readily available, then a buyer's agent needs to request this information, ideally even before a showing takes place. Do not get caught in a transaction that cannot be completed if it was avoidable from the beginning.

Thank you to James Miaczynski and the team at Cross Country Mortgage in Mokena for the information and keeping our clients informed.

If you are looking to buy or sell a condo, it's much better to start the conversation now than to wait until it's time to list or buy.
Contact Nick below for a free consultation.
📱 815-258-1471
💻 [email protected]

Rife Realty

10/15/2026

Comparing foreclosures in Illinois 2019 vs. 2026.

When people speak about the economy, especially the housing market, they often say "before covid". It's an easy benchmark in time to compare to considering so much has changed in our economy since then. When we talk about foreclosures in Illinois. The numbers might surprise you, but there's a reason for it.

During the first half of 2019, 0.38% of Illinois housing units received a foreclosure filing. In the first half of 2026, that figure was 0.23%—about 39% lower, according to ATTOM.

Why are Illinois foreclosures lower than in 2019—even when money feels tighter?

Two big reasons help explain it:

Many homeowners locked in low mortgage rates, keeping their payments more manageable. If you follow Rife Realty's monthly market updates, then you'd know roughly 49% of active mortgages in Illinois are under 4%.

The big reason is my opinion is many homeowners have equity—their home is worth more than they owe. Home values in Illinois has appreciated substantially over the past 7 years. If payments become unaffordable, they may be able to sell and pay off the mortgage before foreclosure.

For more market news, contact Nick below:
📱 815-258-1471
💻 [email protected]

Rife Realty

10/13/2026

Under Contract in Mokena!

Congrats to my buyer on beating multiple offers to secure this gorgeous home! They wanted to be close to family with a move in ready home, and we hit the jackpot with this one.

One of the best parts of the job is giving someone the good news their offer was accepted. The reaction this buyer had has to be the best reaction I have ever received. It made my week.

If you're looking to buy or sell, start the conversation and contact Nick below:

📱 815-258-1471
💻 [email protected]

Rife Realty

10/08/2026

When I listen to podcasts or watch the news, I hear a lot about declining home values. For some states and specific areas within states, that is entirely true. When I provide market updates, I like to keep them local to keep my clients properly informed. However, it's helpful to look at data in other markets are compare them to our market in order to establish a rationale on why home values are where they are. Truth is, it's just fun for me to look at data. This is a dry read for most people, but for others... Enjoy!

I have friends/clients in Florida, Colorado, and Arizona who are struggling to sell their homes or selling for a price below expectations, which partially inspired this post. But in Illinois, our home values have continued to rise. How is that possible?

Without going down too big of a rabbit hole, the best explanation points to demand vs. inventory. For an example, according to the Census Bureau, Florida’s net domestic migration fell from roughly 311,000 in 2022 to 23,000 in 2025. I did not forget a zero, those are the real numbers. At the same time, Flordia residence were faced with increased insurance costs due to hurricanes, coupled with increasing interest rates. In a nut shell, ownership costs increased, while demand decreased due to the increase in ownership costs. For markets like Cape Coral, Flordia, the decrease in willing and able buyers results in downward pressure on home values. This is a very simplified explanation and I can dig deeper if you want to discuss it more individually. Or else this already long post will be a novel.

If you're still following me, then let's look at the current monthly supply data and number of homes for sale. (Months of supply estimates how long available inventory would take to sell at the prevailing sales pace, assuming no additional listings.)
Flordia month supply = 6 months.
Illinois month supply = 3 months (actually 1.9 in our market according MRED).
Homes for sale in Flordia: 206,508
Homes for sale in Illinois: 45,772
Homes sold above asking price Flordia : 10.9%
Homes sold above asking price Illinois: 35.8%

So what's the point? The point is I have been hearing for many years now that our housing market is going to tank. This post is not to make any sort of prediction and what's going to happen next. It's simply my explanation on why I believe we have not seen home values decline in Illinois up to this point. We have experienced the exact opposite. In summary, Illinois housing inventory is extremely low, however people still need/want to buy homes so demand remains high (at least higher than the supply). And what's the first rule of economics? Scarcity. When demand is high and supply is low, prices rise.

That's enough fun for this post. I post monthly market updates on our website if you'd like to keep up with local real estate news. If you'd like early access and have updates sent directly to you, sign up through the link below:
https://www.riferealty.com/blog/market-update-october-2026

📱 815-258-1471
💻 [email protected]

Rife Realty

Median sale price $348,000 in September, homes for sale down to 17,907, the 30-year rate at 7.28%, and why low inventory keeps prices rising.

10/07/2026

New Conventional Loan Appraisal Changes

Starting November 2, 2026, Fannie Mae and Freddie Mac are introducing a new appraisal reporting format for conventional mortgages they back.

What does that mean in everyday terms?

• Appraisers will provide more detailed information about a home’s condition, updates, and features.
• Appraisals could take longer during the transition.
• Fees could increase in some cases, so ask your lender about costs and timing.

This does NOT automatically mean your home will appraise for less or that you’ll have to remodel to sell.

When I read about this update, the way I interrupt it is the following. Appraisers will be more strict and detailed on their reports. For homes will quality details that were previously generalized, this could be a positive change. Appraisals are supposed to be an objective process and often times it does not seem that way. More detailed reporting in theory should make the process more objective and leave out ambiguity.
I am meeting with an appraiser later this month before the new changes go into effect. If you'd like more details on this may effect your home buying/selling experience, feel free to reach out.

Also note, there's a transition period: lenders with an approved exception can keep using the old format through May 19, 2027. Your experience will depend on your lender.

If you’re buying or selling in Illinois this fall, leave some breathing room in your closing schedule. Sellers: have a list of improvements and renovation dates ready.
Buyers: ask your lender what to expect before setting deadlines.

A little preparation can help keep your move on track! 🔑

📱 815-258-1471
💻 [email protected]

Rife Realty