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 September 24, 2025
If you're shopping for a home in the Chicago suburbs, you've probably considered well-known communities like Naperville, Oak Park or Hinsdale. But while these suburbs offer plenty to love, they also come with premium price tags and highly competitive markets. For buyers who want to find value and long-term investment potential without sacrificing access, schools or quality of life, there are lesser-known gems waiting to be discovered. Across suburban Chicagoland, there are a number of underrated towns that are seeing significant appreciation in home values. These up and coming Chicago suburbs represent strong opportunities for both first-time homebuyers and investors looking for the best value suburbs Chicago has to offer. Thanks to revitalized downtowns, improved transit, a wave of new buyers and increased remote work flexibility, these communities are quietly transforming into Chicagoland property investment hot spots. Here’s a data-driven look at some of the hidden gems where property values are on the rise—and where the window of opportunity may be closing fast. 1. Addison: Growth, Location, and Livability Addison, located in DuPage County, is quietly seeing a surge in buyer interest. With its proximity to major expressways, low commercial vacancy rates and community investment in public amenities, Addison offers great accessibility and livability. According to Mainstreet REALTORS® data, detached home sales in Addison rose more than 19% year-over-year in August 2025 alone. Median home prices are rising steadily yet Addison still remains more affordable than many surrounding towns. Addison is also home to an active park district, a recently renovated library and excellent access to employment centers in Oak Brook and Elk Grove Village. For families and professionals seeking a blend of affordability and convenience, Addison is a standout. 2. 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Its location near I-90 and proximity to employment hubs in Schaumburg and Hoffman Estates make it a favorite for commuters and remote workers alike. Home sales in Streamwood increased more than 14% year-over-year this summer, according to Mainstreet REALTORS® data. As prices in neighboring suburbs climb higher, Streamwood is increasingly attractive to buyers seeking space, schools and affordability. 4. Woodridge: Steady Growth and a Strategic Location Just south of Downers Grove, Woodridge is a suburb with a lot going for it: proximity to I-355 and I-55, excellent park systems and a strong sense of community. The village is investing in infrastructure and public amenities, including park and trail enhancements and downtown redevelopment. With home sales doubling between August 2024 and 2025, Woodridge is a rising star in the western suburbs. The area offers a mix of mid-century homes and new construction, giving buyers a range of options at price points that are still accessible compared to nearby hot spots. 5. Zion: Affordable Lakeside Potential Located in Lake County and close to the Wisconsin border, Zion offers a unique mix of affordability and access to Lake Michigan. While historically overlooked, Zion is seeing renewed interest from buyers attracted to its scenic surroundings, improving infrastructure and potential for appreciation. Mainstreet REALTORS® data shows a 9% increase in year-to-date detached home sales in Zion. Home values are steadily rising but the area remains one of the most affordable near-lake communities in the region. With lakefront parks, beaches and recreational trails nearby, Zion’s appeal is growing fast. 6. West Chicago: Industry Meets Livability Often overshadowed by its more well-known neighbors, West Chicago is building momentum as a hub for families and working professionals. The area features a strong industrial base, commuter rail access and continued reinvestment in schools and infrastructure. Mainstreet REALTORS® reported an 18% increase in home sales in West Chicago year-to-date in 2025, but momentum is expected to continue as more buyers seek value in DuPage County and investment continues in West Chicago. With a range of housing types and solid civic infrastructure, West Chicago is another hidden gem with strong long-term potential. 7. Round Lake: Community-Centered and Growing Fast In central Lake County, Round Lake has long been popular with first-time buyers—and now it's starting to get attention from investors and move-up buyers as well. The area boasts family-friendly amenities, highly rated schools in several subdivisions and a growing reputation as a great place to live and work. Sales activity rose nearly 27% year-over-year in August, according to Mainstreet REALTORS®. With multiple parks, community festivals and access to forest preserves and lakes, Round Lake delivers big on livability while still offering relatively low home prices. Why These Hidden Gems Matter As the housing market continues to evolve, more buyers are widening their searches and reassessing what a "great location" really means. Proximity to downtown Chicago remains important for some but for many others, remote work, budget considerations, and quality of life are top priorities. These up and coming Chicago suburbs offer the best of both worlds: affordability today and strong potential for appreciation tomorrow. Whether you're a first-time buyer looking for the best value suburbs Chicago has to offer or a savvy investor focused on Chicagoland property investment, these communities are worth serious consideration. These trends are playing out in real time. As inventory remains tight and interest in suburban living continues, the time to explore these emerging markets may be now. Find a REALTOR® on ChicagolandHomes.com to discuss investment opportunities in these up-and-coming areas.
By Amy Robey July 16, 2025
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