As of October 1, 2026, the average 30-year fixed mortgage rate is 7.28%, according to Freddie Mac. That is up from 6.71% in early September and 6.34% a year ago. Your own rate depends on your credit, down payment and loan type, and a local lender can quote it in a day.
Wait only if waiting fits your life, because nobody can time rates. A year ago, Fannie Mae forecast rates near 5.9% by the end of 2026, and they are above 7% instead. Pick a monthly payment you can live with today and treat a future refinance as a bonus. Fall and winter also bring fewer competing buyers on the North Side.
On a $600,000 home with 20% down, principal and interest on the $480,000 loan run about $3,284 a month at 7.28% and about $2,984 at 6.34%. That is roughly $300 a month for just under one point of rate. Property taxes, insurance and assessments are on top of that, and in Chicago they matter as much as the rate.
The credit often does more for you. With 20% down, a $10,000 price cut lowers the payment on that $600,000 home by about $55 a month. The same $10,000 as a seller credit toward your rate can lower it by roughly $120 to $160 a month, depending on the lender's pricing that day. A buydown only pays off if you keep the loan for several years, so ask your lender to price both.
You sometimes can, because FHA, VA and USDA loans are generally assumable with the lender's approval, while most conventional loans are not. You have to qualify, and you have to cover the gap between the price and the loan balance with cash or a second loan. It takes longer than a standard closing, but at today's rates it is worth asking about.
It can, because a low rate is only one line in the math. Compare the full monthly cost of staying, including the repairs you're putting off and the space you don't have, with the full cost of moving. If you have owned for a while, your equity may let you put more down on the next home and borrow less at the new rate. I run both scenarios before anyone lists.
You need less than most people think. Conventional loans start at 3% to 5% down and FHA loans at 3.5%. Putting 20% down avoids private mortgage insurance, but it is not required. Ask your lender about Illinois Housing Development Authority (IHDA) assistance, and budget separately for closing costs.
Beyond lender and title fees, Chicago buyers pay a city transfer tax of $3.75 per $500 of the price, or 0.75%. On a $600,000 home, that is $4,500. You will also pay your attorney, your inspector, and prepaid taxes & insurance. Your lender's Loan Estimate shows the full total.
Not so far, because there are still too few homes for sale. Chicago's median sale price was $425,000 in July 2026, up 13% from a year earlier. Rates only crossed 7% in late September, though, and sale prices lag by a month or two. I can send you price reductions and days on market for any North Side neighborhood.
Yes, since August 2024 REALTORS® must have a written buyer agreement in place before touring a home, and Illinois added its own requirement in 2025. The agreement spells out what your agent does and how they are paid. Its length and the compensation are both negotiable, so read it and ask questions.
It is negotiated in your buyer agreement, which sets your agent's fee. In many Chicago sales the seller still agrees to cover it as part of the offer, but it is no longer advertised on the MLS or guaranteed. I talk it through with you before we tour anything.
The association matters as much as the unit. Under Section 22.1 of the Illinois Condominium Property Act, a seller must give you the budget, reserve balance, insurance, and any planned special assessments or pending lawsuits when you ask. Small self-managed buildings, common on the North Side, often have thin reserves. Check the rental rules and whether the building qualifies for your loan, too.
In Illinois, each side usually hires a real estate attorney. Under the standard Chicago-area contract, attorney review and the inspection run together, typically for five business days after the offer is accepted. In that window the attorneys can propose changes and we negotiate repairs or credits, and a lot of money is won or lost there.
Cook County bills property taxes a year behind (arrears), so the seller gives you a credit at closing for taxes they owe but have not paid yet. The amount is negotiated, often a little above the last full bill. Chicago is reassessed every three years, and a recent sale price can raise the assessment. Apply for the homeowner exemption once you move in.
For most North Side sellers, it is a good time on price and a harder one on speed. Chicago's median sale price reached $425,000 in July 2026, up 13% in a year, and there are still too few homes for sale. Rates above 7% shrink the buyer pool, though, so homes that are priced right sell and homes that test the market sit.
Spring brings more buyers and more competing listings. Fall and winter bring fewer of both, and the buyers who are out tend to be serious. Waiting for spring is a bet on where rates and inventory will be, so I would rather decide based on your timeline and this month's comparable sales.
Price to the monthly payment buyers can afford today, not to last spring's sale down the street. Your first two weeks on the market bring the most attention, so an optimistic price wastes your best window. If buyers tour and nobody writes an offer, the price is usually the reason.
Plan for brokerage commission, which is negotiable, plus transfer taxes, title insurance, attorney fees and a property tax credit to the buyer. Sellers pay the Illinois transfer tax ($0.50 per $500), the Cook County tax ($0.25 per $500) and the CTA portion of the Chicago tax ($1.50 per $500), which total $2,700 on a $600,000 sale. I prepare a net sheet before you list, so you see your real number first.
No, it is not required. Buyers can ask for it in their offer, and many Chicago sellers still agree because it widens the pool of buyers who can afford to close. We decide your approach before listing and judge every offer by what you net.
It is often worth it, because a credit can lower a buyer's monthly payment more than the same amount off the price. That means it can cost you less to get the deal done. Lenders cap how much a seller can contribute, so the buyer's lender has to confirm the amount.
Fix what a buyer's inspector will find and what shows in photos, such as paint, lighting, flooring and anything leaking or broken. Skip the big remodels, which rarely return their cost. If cash is the obstacle, Compass Concierge can front the cost of approved prep work, with repayment at closing under the program's terms.
That depends on your finances and your tolerance for stress. Selling first gives you a firm budget and a stronger offer, but you may need a rent-back or a short-term rental. Buying first is easier to live through, but it usually means qualifying for both payments or using a bridge loan. Talk to a lender first, and then we choose the order.
You may not owe any. Under federal rules, if you owned and lived in the home for two of the last five years, you can generally exclude up to $250,000 of gain, or $500,000 if you are married filing jointly. Long-time North Side owners can exceed that, so pull your purchase price and improvement records early and check with your CPA.
Plan on about three months from listing to closing for a well-priced home. Chicago-area homes spent about 47 days on the market in July 2026, and closing usually takes another 30 to 45 days once you accept an offer. Prep adds a few weeks up front, and an overpriced home adds far more on the back end.