There is so much more to consider when buying a home besides finding a good lender and realtor. Have you prepared yourself for what exactly home ownership will cost you, outside of your monthly mortgage payment? For most first time homebuyers the thought of home ownership is so exciting and this energy and excitement can sometimes put a glaze over your eyes that prevents you from seeing the "big" picture of home ownership.
May 6, 2013
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April 23, 2013
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February 13, 2013
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Breathtaking property, architectural treasure on Chicago’s North Shore Glencoe! http://ht.ly/hHlsB
February 6, 2013
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Here on Chicago’s North Shore the real estate market is favorable for both buyer and seller alike. North shore agents are seeing busier open houses, quicker sales, even multiple offers.
But like houses, no two North shore sellers or buyers are exactly the same. Having a grasp of the mindset of both, can ease the North Shore real estate navigation process a bit. With the help of an experienced solidly performing North Shore Realtor, below are three scenarios sellers and buyers should be aware of in today’s market:
1. Buyers can be sellers and sellers become buyers
Often, sellers feel the same amount of stress or excitement that buyers feel because they’re somewhere in the buying process, too. Though some sellers may want to take additional time and become renters after their sale is complete, many will get back in the homeowner game soon after the sale goes through, sometimes immediately. Sellers, as would-be buyers, want to capitalize on low interest rates and home values. Getting the North Shore home sold quickly and at today’s value may be all a seller needs to make a purchase. Though it may be a “sellers’ market in some areas,” most sellers these days have a sense of empathy. They understand the buyer’s position and likely want to get out cleanly and quickly so that they, too, can buy.
2. Sellers are starting to feel relief but with caution
Even the sellers who have successfully sold are well aware of what happened in real estate markets over the past five years; news that the market is changing, and in their favor can be a welcoming incentive for all involved. They’re more hopeful than they were even six months ago. Generally speaking, however, most sellers are still feeling conservative and cautious. They’re more likely to take a bird in the hand than to risk losing a sale because of a knee jerk instant reaction.
3. Advice for both sides
Real estate is a game, in a sense, in which both sides hope to achieve their goals, which is why it always helps to understand your “opponent. Take a moment to size up who the buyer is, how they got there and why they want to buy. Don’t make assumptions. Take a step back. Put yourself in their shoes.
Sellers aren’t the same as they were around 2005, when many were driven by other goals as the market’s rise seemed endless. Don’t go into this market, which is very different from even six months ago, assuming the same rules apply. Consulting with your competent North Shore real estate professional, will put you in the right position for a successful and joyful transaction.
Gloria Matlin, a high ranking real estate performer, can be found at the North Suburban Glencoe Coldwell Banker office – 640 Vernon Ave., 60022. More information HERE
December 11, 2012
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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.
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.
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.
November 26, 2012
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Once again, Continued gains for Chicago-North Shore home sales volume, according to a recent report by the Illinois Association of REALTORS®. October sales soared 37.3% over previous-year real estate conditions, and statewide median prices increased 3.0%.
The October median price reflects a 12.9 percent gain from the year’s low. The median is a typical market price where half the homes sold for more and half sold for less. On the North Suburban Shore we are seeing strong sales and decreased market times as we enter the last quarter of this year. Listings Under Contract were up 52.7 percent to 643. Inventory levels shrank 34.6 percent to 3,315 units. Market Times were down 4.6 percent to 152 days. Absorption rates improved as the Month’s Supply of Inventory was down 49.7% to 5.8 months. In addition, the monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central region was 3.36 percent in October 2012, down from 3.49 percent during the previous month, according to the Federal Home Loan Mortgage Corp. Last October it averaged 4.07 percent. These figures are encouraging for buyers and sellers alike who appear to be more confident about the housing market. See supporting data from NORTH SHORE BARRINGTON ASSOCIATION OF REALTORS® and MIDWEST REAL ESTATE DATA LLC below (click to enlarge):
Statewide home sales (including single-family homes and condominiums) in October 2012 totaled 11,775 homes sold, up from 8,577 in October 2011. The last time this many houses sold in October in Illinois was in 2006 when 13,067 homes were sold.
Sixty-eight (68) of 101 Illinois counties including Chicago’s North Shore reporting showed year-over-year home sales volume increases in October 2012. More than half (53) counties showed year-over-year median price increases including Cook, up 3.4%. See supporting analysis below (Click to enlarge):
Sales and price information is generated by Multiple Listing Service closed sales reported by 31 participating Illinois REALTOR® local boards and associations including Midwest Real Estate Data LLC data as of Nov. 7, 2012 for the period Oct. 1 through Oct. 31, 2012 reflected into November 2012. The Chicago PMSA, as defined by the U.S. Census Bureau, includes the counties of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.
The Illinois Association of REALTORS® is a voluntary trade association whose 41,000 members are engaged in all facets of the real estate industry. Find Illinois housing stats, data and the University of Illinois REAL forecast at http://www.illinoisrealtor.org/marketstats.
Let our high performing, best ranking, optimal producing North Shore Realtors be a steady resource. Our Coldwell Banker Residential Real Estate office is located in the downtown district of Glencoe, Illinois-60022(640 Vernon Ave). Stop in and feel free to discuss this report and any other real estate topics that affect the North Shore area of Chicago.
October 21, 2012
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More 2012 Progress! Chicago-North Shore Real Estate home sales increased 15.9% over previous-year performance volume in September of this year, lengthening a top run of more than a year of sales surge, according to the recent Illinois Association of REALTORS® report. In addition the data revealed the North Suburban market, along with other areas of the state had a median home price increase of 2.2 percent!
Continued North Shore real estate market stabilization has held steady for the first nine months of 2012. Prices, interest rates, and consumer confidence are further intensifying the improvements seen in North Shore communities and around other areas within the state of Illinois.
Listings in the North Shore-Barrington region decreased 11.6 percent to 840. Listings Under Contract were up 49.7 percent to 569. Inventory levels shrank 31.9 percent to 3,617 units. The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Shore-North Central region was 3.49% percent in September 2012, down from 3.60 percent seen in August 2012, according to the Federal Home Loan Mortgage Corp. Last September in 2011 it averaged 4.09 percent. Supporting North Shore real estate data can be seen in the summary figures from the North Shore Barrington Association of Realtors and Midwest Real Estate Data LLC below (click to enlarge).
In the nine-county Chicago-North Suburban Primary Metropolitan Statistical Area (PMSA) including Cook and Lake, home sales (single family and condominiums) in September 2012 totaled 7,484 homes sold, up 24.0 percent from September 2011 sales of 6,035 homes. Forty-five (45) of 101 Illinois counties reporting showed year-over-year home sales increases in September 2012. See supporting real estate analysis in the figures provided below (click to enlarge).
Sales and price information is generated by Multiple Listing Service closed sales reported by 31 participating Illinois REALTOR® local boards and associations including Midwest Real Estate Data LLC data as of October 7, 2012 for the period September 1 through September 30, 2012 into November 2012. The Chicago PMSA, as defined by the U.S. Census Bureau, includes the counties of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.
Find Illinois housing stats, data and the University of Illinois REAL forecast atwww.illinoisrealtor.org/marketstats.
Gloria Matlin, a top ranked North Shore Chicago Realtor; is your source to review this and other market action reports/conditions. 640 Vernon Ave, Glencoe, Illinois-60022, in the heart of downtown.