It’s been a long stretch of rising costs and tight markets, but we’re finally seeing some good news for homebuyers. Lower mortgage rates and higher tax deductions are making the path to homeownership a little easier.

Mortgage rates have continued to ease. As of mid-September, the average 30-year fixed rate hovered around 6.3%, the lowest we’ve seen since last fall. While no one can predict exactly what the Federal Reserve will do next, most experts agree that we’re in one of the most favorable rate environments of the year. For buyers who have been waiting on the sidelines, this is a moment worth watching.

There’s also a new tax benefit that could make a real difference. The federal cap on state and local tax (SALT) deductions, which covers property taxes, will rise to $40,000 for the 2025 tax year. Since 2017, that deduction has been limited to $10,000, so this increase is a major win for homeowners, especially across the North Shore and other higher-priced markets in Chicagoland. The cap will rise slightly each year through 2029 before returning to $10,000.

Between friendlier rates and larger tax deductions, it’s a great time to explore your next move. If you’d like to see how these changes could impact your plans, let’s connect.