Real Estate Outcomes November2012: Chicago’s North Shore

Property Sales

November 2012 Chicago North Shore-Glencoe property sales surged 50.0% based on volume figures from November 2011, and 33.3% higher than top sales last month. November 2012 sales were at their highest level compared to November of 2011 and 2010 data. November YTD sales ran 14.3% ahead of last year’s year-to-date sales reporting.

Prices

The Median North Suburban-Glencoe Sales Price in November was down -36.6% from sales data reported in November of 2011 and down -16.0% from last month. The Average Sales Price in November was down -37.6% compared to November of 2011 and down -31.6% from last month. November 2012 ASP (average sales price) was at the lowest level compared to November of 2011 and 2010 data.

Inventory & MSI

The Total Inventory of North Shore Properties available for sale as of November was down -5.2% from last month and down -27.7% from November of last year. November 2012 Chicago North Shore Glencoe Inventory was at the lowest level compared to November of 2011 and 2010. MSI is the number of months needed to sell all of the inventory at the monthly sales pace.

A comparatively lower MSI is more beneficial for North Shore sellers while a higher MSI is better for North Shore buyers. The November 2012 MSI of 6.1 months was at its lowest level compared with November of 2011 and 2010.

Market Time

The average North Shore Days On Market (DOM) shows how many days the average North Shore-Glencoe Property is on the Market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer’s market, a downward trend a move towards more of a Seller’s market. The DOM for November was down -28.1% from last month and down -71.3% from sales history data in November of last year. The November 2012 DOM was at its lowest level compared with November of 2011 and 2010 figures.

Inventory / New Listings / Sales

The view of the market above combines monthly inventory of Chicago North Shore Glencoe Properties for sale along with New North Shore Listings and Sales. The graph shows the basic annual seasonality of the market as well as the relationship between these items. The number of New North Shore Listings in November 2012 was down -14.3% from last month and up 100.0% from November of last year outcomes data.

Gloria Matlin, a North Shore Chicago Broker/Agent with a compelling 25+ year record of sustained real estate results; can be found in the Coldwell Banker Residential Real Estate office located in prestigious downtown Glencoe, Illinois-60022. Visits are encouraged to discuss market reports, sales, figures, ranking, predictions, conditions, insight, even holiday community events.

Halloween: Places to Go and Things to Do-North Shore Chicago

Here on Chicago’s North Shore, real estate reports, data, and analysis are just as important as All Hallow’s Eve, Hallow E’en, or the classic Halloween. Whatever name you may choose, this unique time has been considered for centuries as one of the most magical nights of the year.

Below is a list of the latest and greatest places to go and things to do on the North Suburban Shore of Chicago; this special week of fall festivals, events and Halloween outings:

Glencoe Halloween & fall functions

 

North Shore options all around

 

Chicago and surrounding area events

 

Even more North Shore-Chicago happenings

Our top ranking Glencoe Coldwell Banker Residential Real Estate office will be participating in the Halloween Celebration. We are located at 640 Vernon Ave-60022 in the downtown area. Have a happy and safe Halloween week!

What a great way to take in the beauty of autumn-Chicago’s North Shore-Glencoe

What a great way to take in the beauty of autumn on Chicago’s North Shore-Glencoe…. http://ht.ly/eeNKy

Top 3 Benefits of Home Buying in the Fall: North Shore Real Estate

On Chicago’s North Shore, next to spring, fall is often the busiest real estate time of the year. Although you can buy and sell houses at any time, the fall North Suburban real estate market offers abundant benefits to home buyers, including year-end tax breaks, pleasant weather conditions for moving, commonly a wider selection of houses, and the beautiful presence of mother-nature all around!

To further provide examples of the North Shore home buying advantages you can enjoy during the autumn months, below is a more detailed look into the benefits of looking for and purchasing a home in the fall.

 Mortgage loan year-end tax breaks

By September and October, people are already reviewing year-end tax breaks they may be eligible for. Fortunately for homebuyers, owning a home can yield immense dividends in tax returns. For example, both mortgage interest and property taxes are deductible from gross income. In addition, if you have prepaid ant interest before the due date of your first payment and you close your loan before the year’s end, that amount will also be deducted. Consult a tax professional for specific details and guidelines.

Often more home buying choices

Given that North Shore home buying and selling is at a peak during the fall season, the real estate market often becomes a highly competitive arena. While there may be additional pressure to buy due to the quicker turnaround of houses on the market, at the same time you also benefit from the wider selection of homes available during the fall season. In fact, between the months of September and December, you may be fortunate enough to visit several North Shore open houses in a single day. Therefore, to make sure you don’t miss out on finding your dream house, it’s a good idea to examine on-line ads often since the listings are updated frequently.

Getting ahead of mother mature

Buying a North Shore house in the winter may not be very appealing to most home buyers. Low temperatures and poor weather conditions can potentially make moving more difficult. But by moving in early autumn, you gain the added benefit of eluding the sweltering summer heat.

Autumn home buying TIP:  Taking into account that fall is the second busiest season of the year for buying and selling houses on the North Shore, you may be tempted to put a bid on a home for fear that another buyer will better your offer or snatch it up before you. Carefully assess your financial situation ahead of time and before your feet hit the pavement, know what your ceiling is and stick to it. More info HERE

Glencoe Garage Sale 2012-Visit our North Shore Real Estate Office for Details!

Glencoe, Ill will be the location for the annual Chicago North Shore garage sale, Sunday September 9th between 10-am to 4pm. Sign up by September 5th to reserve a garage sale kit!  Sign up will be done at 640 Vernon Ave- Coldwell Banker Residential Real Estate office. Call 847-835-0236 or 847-727-8700 for additional details!

Remember these top 5 garage sale tips:

 

Tip 1:

Garage sales can be a great way to get rid of clutter and earn a little extra — especially before buying or selling a home.

Tip 2:

Don’t wait until the final hour. Depending on how long you’ve lived in the home and how much stuff you have to sell, planning a garage sale can demand some prep and setup time.

Tip 3:

See if neighbors want to help or join in. You can turn your garage sale into a block-wide event and lure more shoppers if you team up or talk with your neighbors.

Tip 4:

Create an organized display. Lay out items by category, and display neatly so customers don’t have to struggle to find goods. They will appreciate the thoughtfulness and may return in kind with multiple items to purchase.

Tip 5:

Have  bags and newspapers handy. People who buy many small items will appreciate a bag to carry their goods. Newspapers are ideal for wrapping fragile items.

Has the Housing Market Turned a Corner?-Chicago’s North Shore Real Estate

Across the nation and here on Chicago’s North Suburban Shore the question is still swirling…has the real estate market really turned a corner?  4 primary factors indicate the answer is YES!

1. Foreclosures

The rate of homes foreclosed continues to decline in June with 5.8 out of every 10,000 homes in the country being liquidated. This is the lowest foreclosure pace we’ve seen since December 2007 when 5.5 out of every 10,000 homes were being liquidated. Nationally, foreclosure re-sales also continued to slow, making up 15.6% of all sales in June, down from 16.4% in May. This lower level of foreclosure re-sales is contributing to home value appreciation, as these are usually sold at a discount and influence surrounding non-distressed sales.

2. Rents

The June Zillow Rent Index (ZRI) is up 5.2% from year-ago levels, and 68% of the 293 metropolitan areas including North Suburban Chicago, experienced year-over-year gains. Markets that saw extremely strong year-over-year rent increases including Chicago (11%) are evidence that the prediction of continually rising rents will escalate consumer demand for home purchases, especially in this low mortgage rate environment.

3. Home Values

Nationally, according to various sources and forecasts home values reached their bottom in February of 2012 and have since appreciated at very robust monthly growth rates. The Zillow Real Estate Market Reports cover 167 metropolitan areas including the Chicago metros, which included the North Suburban communities- of which 98 showed quarterly home value appreciation. Overall, national home values are back to January 2004 levels, having fallen 22.9% since their peak in May of 2007.

4. Outlook

Nationally and locally, it is believed that housing has finally turned a corner, and the forecast calls for U.S. home values to increase by 1.1% over the next year! More info HERE

For an in-depth review of this or similar topic, feel free to stop by our Coldwell Banker Residential Real Estate brokerage office. Any of our high performing real estate professionals can guide you. We are located at 640 Vernon Ave, Glencoe, IL-60022.

New Listing – 1020 Bluff Rd., #Glencoe-North Shore Real Estate

New Listing – 1020 Bluff Rd., #Glencoe….3/4 acre, English Tudor exudes vintage charm.. See Tour! http://ow.ly/i/KzbM http://ht.ly/c3SlA

4th of July Events and Fireworks: North Shore Real Estate

Real estate is great and so is celebrating the 4^{th of} July on Chicago’s North Shore! This year’s July 4th holiday falls smack in the middle of the week, potentially causing getaways to get a little tricky, especially for those working a full-time job. Local North Shore sights, sounds and events may be the cure for a mid week holiday. Below are top rated ways to celebrate Independence Day, as well as a list of North Shore community happenings..Enjoy!

Find a Fireworks Show
Instead of driving neighbors and dogs crazy this year with at-home fireworks, attend a public display.

 July 4^th Events/Fireworks Shows for Glencoe, Winnetka, and Northfield:  

North Suburban and Chicago holiday events:

Shop ‘Til You Drop
There’s no better time to shop than on the 4th of July when North Shore retailers offer firework-worthy sales and other merchandise incentives; one of the best ways to avoid a battle with the crowd at the mall or outlet center:

Local shopping options

Plan a Cook-out or Picnic
Take your family or significant other on a picnic, by a lake or at the park near your home. Prepare your own finger foods and side dishes with traditional 4th of July grub. Download a few printable games to pump up the fun, which may include Independence Day trivia and a scavenger hunt for the kids.

Get Active
Organize a fun day of softball at a local field or park with family and friends. Assign blue and red (or white) teams and request that members wear the appropriate colors. Otherwise, pick up some cheap tees, pack a cooler with beverages, sandwiches and snacks, and let the games begin!

Parks and recreation options  

More info HERE

Top 12 Ways to Hold a Successful Garage Sale: North Shore Real Estate

From the point of view of  many as well as several North Shore realtors, garage sales can be a great way to get rid of clutter, organize your home — and earn a little extra cash all at the same time, before selling a home. Tis’ the season to sell during spring, but make sure the timing is right. Garage sales can become overwhelming and take on a life of their own. It might not be the best use of energy right before putting your home on the market. Follow the guide below to determine what is best:

1. See if neighbors want to participate. You can turn your garage sale into a block-wide occasion and attract more shoppers if you team up with neighbors. However, a permit may be necessary for each home owner, even if it’s a group event.
2. Plan the sale. Sales on Saturdays and Sundays will produce the most traffic, especially if the weather cooperates. Start the sale early, 8 a.m. or 9 a.m. is best, and be prepared for early birds.
3. Don’t Procrastinate. You don’t want to be scrambling to hold a garage sale the week before an open house. Depending on how long you’ve lived in the North Shore home and how much stuff you have to sell, planning a garage sale can demand a lot of time and energy.
4. Du Diligence-get a permit. Most municipalities will require you to obtain a special permit or license in order to hold a garage sale. The permits are often free or very inexpensive, but still require you to register with the city/village.
5. Market-Advertise. Place an ad in free classified papers and Web sites, and in your local North Shore newspapers. Include the dates, time, and address. Let the public know if certain types of items will be sold, such as baby clothes, furniture, or weightlifting equipment. On the day of the sale, balloons and signs with prominent arrows will help to grab the attention of passersby.
6. Label and price items well. Lay out everything that you plan to sell, and attach prices with removable stickers. Remember, garage sales are supposed to be bargains, so try to be objective as you set prices. Assign simple prices to your goods: 50 cents, 3 for $1, $5, $10, etc.
7. If it’s junk, don’t sell it. Decide what’s worth selling and what’s not. If it’s really garbage, then throw it out. Broken appliances, for example, should be tossed. (Know where a nearby electrical outlet is, in case a customer wants to make sure an item works.)
8. Check for errors.  Make sure that items you want to keep don’t accidentally end up in the garage sale pile.
9. Have bags and newspapers ready. People who buy items will appreciate a bag to carry their goods. Newspapers are handy for wrapping fragile items.
10. Have an organized display. Lay out your items by category, and display neatly so customers don’t have to dig through boxes.
11. Handle money matters. Make a trip to the bank to get ample change for your cashbox. Throughout the sale, keep a close eye on your cash; never leave the cashbox unattended. It’s smart to have one person who manages the money throughout the day, keeping a tally of what was purchased and for how much. Keep a calculator nearby.
12. Get ready to sell your home. Donate the remaining stuff or sell it to a resale shop. Now that all of your clutter is cleared out, it’s time to focus on preparing your house for a successful sale!

Top 6 Home Tax Deduction Mistakes: North Shore Real Estate

Here on Chicago’s North Shore that time is upon us….tax season!  For real estate homeowners, home sellers, or prospective first time North Shore home buyers, having a basic understanding of tax guidelines can potentially shield you from financial heartache and can help to ensure you’ll benefit from many of the exceptional tax benefits of property ownership. Below are the top 6 tax deduction misconceptions.

Note: Due to the various restrictions and conditions regarding real estate tax benefits, it is important to consult with one’s financial advisors or accountants to fully understand the benefits and opportunities of tax benefits to those who own North Shore real estate. The tips provided give general information about tax laws and consequences, but shouldn’t be relied upon as tax or legal advice applicable to particular transactions or circumstances. Consult a tax professional for such advice; tax laws may vary by jurisdiction or location.

See a list of available North Shore tax preparers and financial advisors HERE and HERE. Or, let us know who you recommend for tax preperation on Chicago’s North Shore!

Schedule A is the part of Form 1040 commonly used to list myriad deductions, and the more details, the more prone someone may be to misinterpretation with their taxes. To save time and money, four tax experts weigh in on the following 6 most common Schedule A concept mistakes homeowners may make.

Concept #1: Line 6 – real estate taxes

Your monthly mortgage payment often includes money for a tax escrow, from which the lender pays your local real estate taxes.
The money you send the bank may be more than what the bank pays for your taxes, says Julian Block, a tax attorney and author of Julian Block’s Home Seller’s Guide to Tax Savings. That will lead you to putting the wrong number on Schedule A.
Example:

• Your monthly payment to the lender: $2,000 for mortgage + $500 escrow for taxes
• Your annual property tax bill: $5,500

Now do the figures:

• Your bank received $6,000 for real estate taxes, but only paid $5,500. It may keep the extra $500 to apply to the next tax bill or refund it to you at some point, but meanwhile, you’re making a mistake if you enter $6,000 on Schedule A.
• Instead, take the number from Form 1098—which your bank sends you each year—that shows the actual taxes paid.

Concept #2: Line 6 – tax calculations for recent North Shore buyers and sellers

If you bought or sold a North Shore home in the middle of 2011, figuring out what to put on line 6 of your Schedule A Form is tricky.
Don’t simply enter the number from your property tax bill on line 6 as you would if you owned the house the whole year. If you bought or sold a house in midyear, you should instead use the property tax amount listed on your HUD-1 closing statement, says Phil Marti, a retired IRS official.
Here’s why: Generally, depending on the local tax cycle, either the seller gives the buyer money to pay the taxes when they come due or, if the seller has already paid taxes, the buyer reimburses the seller at closing. Those taxes are deductible that year, but won’t be reflected on your property tax bill.

Concept #3: Line 10 – properly deducting your points

You can deduct points paid on a refinance, but not all at once, says David Sands, a CPA with Buchbinder Tunick & Co LLP. Rather, you deduct them over the life of your loan. So if you paid $1,000 in points for a 10-year refinance, you’re entitled to deduct only $100 per year on your Schedule A Form.

Concept #4: Line 10 – HELOC limits breakdown

If you took out a home equity line of credit (HELOC), you can generally deduct the interest on it only up to $100,000 of debt each year, says Matthew Lender, a CPA with EisnerLubin LLP.
For example, if you have a HELOC for $200,000, the bank will send you Form 1098 for interest paid on $200,000. But you can deduct only the interest paid on $100,000. If you just pull the number off Form 1098, you’ll deduct more than you’re entitled to.

Concept #5: line 13 – Private mortgage insurance

You can deduct PMI on your Schedule A Form, as long as you started paying the insurance after Dec. 31, 2006. Unless Congress acts to extend the PMI deduction, however, 2011 is the last year for which you can take this deduction. (Also, this is also a good time to review your PMI: You might be able to cancel your PMI altogether because you’ve had a change in loan-to-value status.)

Concept #6: line 20 – casualty and theft losses

You can deduct part or all of losses caused by theft, vandalism, fire, or similar causes, as well as corrosive drywall, but the process isn’t always obvious or simple:

• Only deduct losses that are greater than 10% of your adjusted gross income (line 38 of Form 1040).

• Fill out Form 4684, which involves complex calculations for the cost basis and fair market value.  This form gives you the number you need for line 20.

Bottom line on line 20: If you’ve got extensive losses, it’s best to consult a tax pro. “I wouldn’t do it myself, and I’ve been dealing with taxes for 40 years,” says former IRS official Marti.

Get more Tax tips HERE