Homebuyer FAQs

What You Need to Know


Whether you are a first-time homebuyer or have plenty of experience to draw on, it’s likely you have some questions about the process. We want you to be excited about your move. That’s why we put together a few frequently asked questions that will help you along your journey.

Why should I work with a Mainstreet REALTOR®?



A Mainstreet REALTOR® is a licensed real estate professional belonging to the National Association of REALTORS® (NAR). NAR is a real estate trade association that requires all of its members to follow a 17-article Code of Ethics. This means that your REALTOR® is required to have your best interests in mind.


Through NAR, state associations and regional associations like Mainstreet Organization of REALTORS®, REALTORS® have access to continuing education opportunities and the Multiple Listing Service (MLS). Using the MLS, your REALTOR® can provide the most accurate and up-to-date housing data available during your house hunt.

Hugging couple looking at new home

What are some of the benefits of homeownership?


Homeownership helps you build equity, allows you to qualify for mortgage interest deductions and can reduce your taxable income, among other benefits. Long-term, owning a home can also be significantly cheaper than renting.


What should I expect when making an offer?


Every home closing is different. In general, you'll work closely with your REALTOR® to put an offer on the table that has a chance of getting accepted. If the market is competitive, you may need to be prepared to make an offer the day you tour the home. It is also possible that you will need to make a few counter offers or negotiate with the seller before closing on a home.


Once your offer is accepted, you will need to get the home appraised and go through a home inspection. The appraisal will tell you the value of your new home and you may enter another round of negotiation if you initially agreed to more than the appraised price. Similarly, if your inspection shows any issues with your home, you may be able to negotiate so that the original owners pay for some of the repairs. After your offer is accepted and you finish settling your terms with the seller, your REALTOR® will make the closing process as simple as possible.


What should I know about credit and down payment assistance?


Your credit score will inform what loans you can qualify for, and this may impact your chances of closing on a house. Credit scores range from 300 to 850. Typically, taking out a loan for a mortgage will require a score above 500. However, it is possible to take steps to improve your credit score, as well as to qualify for loans with a lower credit score.


There are many different avenues to get down payment assistance and qualify for a loan. Options include loans through the Federal Housing Administration (FHA), the U.S. Department of Agriculture (USDA), and the U.S. Department of Veterans Affairs (VA).


What are my loan options as a veteran or an active member of the military?


A VA loan is provided to veterans, active members of the military and their families by the U.S. Department of Veterans Affairs. VA loans are typically associated with a lower interest rate and do not require a minimum credit score. The VA can also help veterans negotiate and provide assistance if you default on a loan. Learn more about the resources available to service members and veterans.


What is homeowners insurance?


Investing in homeowners insurance is key to protecting your home against the unexpected. While it is not required that you purchase insurance on your home, it is possible that your loan will be contingent on purchasing insurance. There are many different companies that offer homeowners insurance, and you should ask your REALTOR® about your options.


When is the best time of year to buy?


This varies depending on the housing market. Typically, buyers who are willing to search for a home in the colder months of the year will have less competition when purchasing a home.


Do you recommend any resources for ideas on home improvements?


Yes! HouseLogic is designed by REALTORS® and has great ideas for improving your home. If you already have a sense of the changes you want to make in your home, use Mainstreet REALTOR’s Affiliated Partner Search to find the people who can help you make them.


Should I use a buyer’s agreement?


If you are working with a REALTOR, yes you will need to sign a written agreement with your REALTOR before viewing residential property listed for sale. In January 2025, you will need to sign a written agreement with any Illinois real estate licensee for residential sales and leasing as well as commercial sales and leasing.  While seller's agreements have been commonplace for residential transactions, buyer's agreements are equally as important. Written representation agreements empower consumers with additional choice and transparency when buying and selling property. Typically, brokers are not paid until a home is sold.


What do I need to know about changes to home buying as a result of the recent NAR settlement?


There is a great deal of misinformation about the NAR settlement and its impact on local real estate consumers, so please proceed with caution when turning to the media or real estate influencers for updates. Instead, we recommend visiting this FAQ page for more information.

By Amy Robey November 18, 2025
Chicagoland home sales remained relatively steady in October 2025, even as consumers across the country experienced increased economic uncertainty. Detached home sales increased 0.4% in October 2025 as compared to the same month last year. At the same time, detached homes under contract increased 3%, indicating a possible lift in sales activity in the months ahead. This stability in the housing market may come as a surprise given 2025’s economic volatility, and supporting data from Pew Research Center showing 3 in 10 U.S. adults say they expect the financial situation for themselves and their families to be worse a year from now. The local housing market’s stability indicates, however, that many Chicagoland consumers see homeownership as a smart financial decision regardless of the state of the economy. “The economy will always have ups and downs but savvy Chicagoland consumers realize that owning a home and building equity is always a smart financial decision, regardless of the economic climate,” said Kinga Korpacz, president of Mainstreet REALTORS®. “The sooner you can get started the better, and that means not waiting for more economic stability to buy.” The 3% increase in homes under contract in Chicagoland in October is another indicator of continued confidence among Chicagoland homebuyers but it remains to be seen whether that increase will translate to a lift in closed sales. “Certainly, anecdotally, we’re hearing about buyers who are making offers and getting cold feet given the state of the economy,” said John Gormley, CEO of Mainstreet REALTORS®. “But when people have life or family situations that mean they need to move, it outweighs the uncertainty in the economy and many buyers are able to look past it and remember that a home is always a smart investment. In Chicagoland, buyers are becoming a bit immune to the news cycle and looking inward to make the right financial decisions for themselves and their families.” While detached home sales and homes under contract increased in October 2025, average time on the market increased 10.5% as compared to October 2024. “Slower market times indicate buyers are taking their time and making more deliberate decisions versus rushing to buy,” said Korpacz. “This is not necessarily a bad thing, especially in a market with as much hyperlocal variability as Chicagoland. It means buyers can take their time to ask for expert advice from a Mainstreet REALTOR® about what is going on in the specific community where they want to buy and make a smart long-term decision.” Buyers had more flexibility to move at their own pace in October 2025 than earlier this year as the average months’ supply for homes in the Chicagoland primary metro statistical area (PMSA) increased to 2.1 months, up from 1.7 months in January 2025. “In a market like this one, it’s critical to take the time to do your due diligence with a Mainstreet REALTOR®, who can help you with everything from understanding hyperlocal market data to finding programs that provide downpayment assistance and improve housing affordability,” said Korpacz. “A home is one of the best investments you can make in any economy, as long as you are guided by expert advice and data to make a decision that is right for you and your family.” Several suburban communities saw especially significant increases in homes under contract in October 2025, making them areas to watch as we see whether that trend impacts closed sales in the months to come. Notable increases included: Berkeley: under contract homes up 166.7% in October 2025 vs. October 2024 Broadview: 133.3% Calumet Park: 150% Inverness: 150% Itasca: 225% LaGrange Highlands: 300% Lynwood: 133.3% Monee: 250% Mundelein: 105.9% North Aurora: 230% Palos Hills: 120% Get in touch with a Mainstreet REALTOR® for hyperlocal data and insights into programs that can help you get into a home affordably, even in today’s uncertain economy.
By Wesley Rusick November 12, 2025
Mainstreet HQ, Downers Grove – Winter has a reputation as being too cold, not enough sunlight and a barren activities calendar. What if we told you that none of those are true and furthermore, Chicagoland has truly magical opportunities for wintery good times? After-all, November and December embrace the holiday season, where joy and new memories are just a car, train or Uber ride away. Welcome to your guide for five of the most popular and accessible winter fascinations right in our jurisdiction. We want you to see these seasonal merriments and their neighborhoods because your dream home might be nearby. The catalogue of celebrations below is aimed at attracting homebuyers to their respective areas. Homes are more than just structures; they are nestled in neighborhoods you fall in love with and build a life around. Look through what we found for you and plan an outing with friends or family or both! Schaumburg – Santa’s Flight to Schaumburg Description – Want to wait for jolly Saint Nick in style? Head on over to Pilot Pete’s in Schaumberg on December 7 from 9 a.m. to 11 a.m. or 1 p.m. to 3 p.m. and wait in the heated hangar for his helicopter to arrive. Yes, that reads accurately. Enjoy some breakfast buffet or lunch buffet (depending on time) until you hear the whirly bird sounds of holiday cheer descending upon the tarmac. Music, food, crafts and a truly unique way to welcome Mr. Claus for the holiday season. Visit Meet Chicago Northwest for more details and bookings! Aurora - Christkindl Market Description – From November 21 to December 4 the Aurora Christkindl Market is open for business. The traditional European celebration pairs winter themes with high quality food and gift vendors, providing a classic backdrop for family pictures and cherished moments frozen in time. Build a snow globe, make an ornament or go on a holiday themed scavenger hunt! The Aurora Christkindl Market hosts live music, tasty holiday treats and is open from morning to night, Thursday to Sunday! Click here to view parking availabilities and the countdown clock! Hinsdale - Hinsdale’s Winter Wonderland Description – Sunday, December 3 from 9 a.m. to 1 p.m. pop on over to beautiful Hinsdale and head to Katherine Legge Memorial Park. You will see some familiar faces there with Mr. and Mrs. Claus available for a photo op. But you may be surprised to find out Elsa, Anna, Olaf and Kristoff from Frozen are there as well! Enjoy hot chocolate, tasty winter treats, a Toys for Tots toy drive and LIVE reindeer! Click here to register with the Village of Hinsdale! West Chicago - West Chicago Frosty Fest Description – Come ready for 150 minutes of holiday cheer for people of all ages! On Saturday December 6, West Chicago will be hosting its annual downtown winter wonderland, Frosty Fest. There you will find everything from horse-drawn trolley rides to ice sculptures, a curling rink, live alpacas and reindeer, food trucks, craft shops, face painters and of course Santa and his elves! Frosty Fest starts right at 4:30 p.m. and ends at 7 p.m. so be sure to get there right at the start to enjoy a little bit of everything! Click here to view details! Tinley Park – Holiday Happenings Description – On Saturday, December 6 and Sunday, December 7 Tinley Park will be hosting its annual Holiday Market, which features large, heated tents filled with vendors from all over Chicagoland showcasing their unique designs and creations. Let’s not forget the festive food and beverage waiting for you and the ice rink open from November 21 to February 15. For more information and further details visit the Village of Tinley Park today! Tips for Making the Most of Chicagoland Events this Fall and Winter Contrary to popular stereotypes about Chicagoland, you don’t have to stay stuck inside as soon as the weather begins to turn colder! Instead, take this advice to make sure you’re out and about enjoying everything our region has to offer this fall and winter: · Stay Connected: Sign up for local newsletters and follow community social media pages to stay informed about upcoming events and activities. Many communities have local groups or forums where events are posted regularly. · Volunteer: Volunteering at local events is a great way to meet new people and get involved in your community. It’s also a rewarding way to give back and make a positive impact. · Explore Local Attractions: In addition to seasonal events, take the time to explore local attractions such as parks, museums and historic sites, both in the suburbs and in the world-class city that can be easily accessed from whichever town you call home. · Network with Neighbors : Don’t hesitate to introduce yourself to your neighbors and ask about local events and traditions. They can be a valuable resource for discovering hidden gems and getting acclimated to your new community. · Plan Ahead: Many events, especially popular ones, require advance registration or tickets. Make sure to plan to secure your spot and avoid missing out on any exciting opportunities. As a homeowner in Illinois, embracing the winter season offers a fantastic chance to immerse yourself in the local culture and connect with your new community. From cozy winter markets to vibrant holiday displays and outdoor activities, Northern Illinois has something for everyone. By participating in these great Chicagoland events, you’ll not only enjoy the seasons but also create lasting memories and build meaningful connections near home. So, grab your calendar, mark these dates, and get ready to explore all the wonderful experiences and events Chicagoland has to offer this winter.
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