Ready to Sell? Top 5 Spring Prep Tips Before Listing: North Shore Real Estate

Chicago North Shore real estate is well within the spring buying and selling season.  North Shore Realtors may often advise clients of five basic principles to get your home in top “list ready” condition. Buyers and sellers alike are out right now (on-line and in-person) perusing real estate options on places like Zillow and Trulia. Using these tips can promote a competitive standing in the market and make buyers appreciate the thoughtful preparation by doing the following:

1. Clean and Organize. Eliminate any clutter and pack up your least-used items, such as large pictures or photos, out-of-season clothes, non-used kitchen items, toys, and exercise equipment. Store items off-site or in boxes neatly arranged in the garage or even the basement. Clean the windows, carpets, walls, flooring, lighting fixtures, and baseboards to make the house sparkle. Having a garage sale may even be an option if time permits.

2. Go crazy on the curb appeal. Spring and summer mean getting out and enjoying the weather. It also means every detail of the outside of your home is far more noticeable.  Just put yourself in a potential buyers shoes and stand outside of your home. As you approach the front door, what is your impression of the property? Do the lawn and bushes look neatly displayed? Is the address clearly visible from where you are? Are pretty flowers or plants framing the entrances? Is the walkway free from debris and impediments?

3. Collect needed replacement estimates. Do you have big-ticket items that are worn out, out dated, or will need to be replaced soon, such your roof or carpeting? Get estimates on how much it would cost to replace those things, even if you don’t plan to do it yourself. The figures will help buyers determine if they can afford the home, and will be a helpful guide for both parties when negotiations begin.

4. Know where to find your warranties. Collect the warranties, guarantees, and user manuals for the furnace, washer and dryer, dishwasher, and any other appliances or equipment that will remain with the house after it’s sold.

 5. A pre-sale home inspection is Key. Be ahead of the game by arranging for a pre-sale home inspection. An inspector will be able to give you a good outline of the trouble areas that will stand out to potential buyers, and you’ll be able to make needed repairs before an open house begins. The inspection may also be an additional guide for contact negotiation.

The Coldwell Banker Residential Brokerage office located at 640 Vernon Ave in Glencoe, Illinois-60022; is home  to Gloria Matlin and other top performing North Suburban Realtors. The office has been a high performing real estate resource for the North Shore area for well over 40 years.  Stop in today to discover how they can assist with home buying, home selling, home rentals, market action reports, or just to get info on Chicago’s North Shore communities and things to do/places to go!

Real Estate Outcomes February2013: Chicago’s North Shore

Prices

The Median Chicago/North Shore-Glencoe Sales Price in February was up 144.8% compared to real estate data totals in February of 2012 and up 65.6% from figures reported last month. The Average Sales Price in February was $1,550,000, up 111.5% compared to February of 2012 and up 101.0% based on real estate totals last month. February 2013 North Suburban Glencoe ASP (average sales price) was at highest level compared to February of 2012 and 2011.

 

Property Sales

February Chicago North Shore-Glencoe Property sales were down -50.0% in February of 2012 and -50.0% lower than sales last month. February 2013 sales were at their lowest level compared to February of 2012 and 2011. February YTD sales are running -25.0% behind last year’s year-to-date sales reporting figures.

  

Inventory & MSI

The Total Inventory of Properties available for sale on the North Shore of Chicago-Glencoe as of February was up 11.3% from last month’s market action report totals and down -33.0% compared to February of last year. February 2013 North Shore Inventory was at the lowest level compared to February of 2012 and 2011.A comparatively lower MSI is more beneficial for North Suburban sellers while a higher MSI is better for North Suburban buyers. The February 2013 MSI of 17.3 months was at a mid-range compared with February of 2012 and 2011.

 

Market Time

The average 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 February was up 97.4% compared to last month and down -10.2% from calculated days in February of last year. The February 2013 DOM was at a mid-range compared with February of 2012 and 2011.

 

Inventory / New Listings / Sales

The summary image above of the Chicago North Shore view of the market combines monthly inventory of 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 Glencoe Listings in February 2013 was up 20.0% from last month and up 25.0% from February of last year.

Gloria Matlin, recognized nationally as a top 1% performer, and a trusted Chicago North Suburban Realtor/Broker offering over 25 years of professional expertise.  Her office, located in the heart of downtown Glencoe-640 Vernon Ave-60022.; is a top ranking resource with over 45 years of reliable service, reporting, analysis, forecasts and community resources.  Stop in today to discuss this market action data, or similar North Shore real estate market condition outcomes.

 

Home Buyers and Sellers in Today’s North Shore Real Estate Market- 3 Things to Know

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

Glencoe-North Shore Market Trends: Update January-February2013

Outstanding North Shore real estate conditions for a new year. According to recent reports by the Illinois Association of REALTORS®, home sales surged 15.2% in December compared to previous-year levels and median prices topped off at 5.6% on average, across the state. See the supporting image below provided by Midwest Real Estate Data LLC and North Shore-Barrington Association of Realtors (click to enlarge):

In addition, the monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central region was 3.32% in December 2012. Last December it averaged 3.94%, according to the Federal Home Loan Mortgage Corp.

2012 showed stable signs of North Shore real estate recovery. As a result, an uptick in Chicago North Shore housing market figures was sustained across the board. Specifically ownership versus rental generation supported an increase in North Suburban housing sales that have spilled into 2013; with a decrease in market days before a North Shore property is sold. Confidence was seen in December of 2012, normally a slower period surrounding holiday sales performance. New Listings in the North Shore-Barrington region increased 1.0 percent to 407. Listings under Contract were up 56.1 percent to 451. Inventory levels shrank 39.6%. Low mortgage rates provided ongoing incentives to purchase, refinance and sell. All signs of inventory clearing and projected to produce positive figures well into 2013. Image below provided by Midwest Real Estate Data LLC and North Shore-Barrington Association of Realtors (click to enlarge):

 

In the nine-county Chicago-North Shore Primary Metropolitan Statistical Area (PMSA), home sales (single family and condominiums) in December 2012 totaled 7,372 homes sold, up 19.2 percent from December 2011 sales. Fifty (50) of 102 Illinois counties reporting to IAR showed year-over-year home sales increases in December 2012. Thirty-nine (39) counties showed year-over-year median price increases including Chicago North Suburban Cook, up 7.7%.

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 Jan. 7, 2013 for the period Dec. 1 through Dec. 31, 2012, reporting in January 2013. 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. 

North Shore Real Estate Trends for 2013-Glencoe Realtor’s Perspective

Now in 2013, optimism and confidence in Chicago’s North Suburban real estate market is increasing. Growth has been seen throughout 2012 and housing recovery is no longer a hush term. 2013 is forecasted to be one of the most productive and best performing real estate years on record. Below are 4 reasons to rejoice and scream out “Happy New Year”:

1. Increase in first-time North Shore home buyers-Recent trends and surveys suggest that growth in demand for North Shore-Chicago homes will likely be driven by first time home buyers. The National Association of Realtor’s released a survey in November of 2012 that showed 39% of borrowers were first-time property purchasers, up 37% from 2011 figures. See Survey HERE.

2. North Shore Home prices are on the rise-Confidence in the North Shore market has fueled demand in homes. The inventory available often gets snapped up quickly. In addition, new home construction may need to increase to keep up with population growth. A recent report by the National Association of Realtors (NAR) in October of 2012, showed a slight decrease of 22% in the pace of inventory against population growth and overall inventory availability. This equals higher demand, which results in higher prices.

3. Mortgage rates will rise-Although at a historic low for most of 2012, predictions are betting on the only direction the rates can go…UP! Rates are slated to rise 4% in 2013 according to The NAR. Experts agree that there’s no way the low-interest-rate trend will last forever. Getting into the marketNOW will have the best benefit and create a North Shore real estate asset as interest rates begin to surge again.

4. Rents will rise with young people entering the North Shore market-Many in their twenties and thirties have been waiting, riding out the economy. As the economy picks up, these same groups will look for apartments and rental property, thereby creating greater demand for the rental market. This means a new motivation for North Shore home seekers that may have been on the fence. In recent years rents have been rising nationally at a pace of about 4% based on a Zillow analysis and confirmation that buying beats renting in most metros including North Shore-Chicago. It’s predicted this trend will continue well into 2013. See report HERE.

Glencoe-North Shore Market Trends: Update December-January2013

Ideal real estate news for the 2013 New Year…North Shore-Chicago Illinois home sales volume jumped 30.6% compared to previous-year levels in November!  Median prices also increased 7.7% statewide according to the Illinois Association of REALTORS® recent reporting.

The Chicago North Suburban housing market is gaining additional strength with Listings Under Contract up 73.3%, Inventory levels shrinking 36.9%, prices moving higher as the Median Sales Price increased 12.2%, and Market Times down 12.1%. Momentum has been maintained even in historically slow holiday timeframes this year. The trends point to upward figures being seen well into 2013. Although real estate analysts are keeping an eye on listing duration, and fixed rate averages. Confidence continues to soar among local and relocation buyers with the November 2012 mortgage rates at 3.33% for the North Central region. Last November it averaged 4.0%. See image below from Midwest Real Estate Data LLC and The North Shore Barrington Association of Realtors (click to enlarge):

Fifty-five (55) of 102 Illinois counties including the North Shore showed year-over-year home sales increases in November 2012. More than half (54) counties showed year-over-year median price increases including Cook, up 7.9%. See supporting real estate data in the image below. (Provided by MRED and NSBAR) 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 Dec. 7, 2012 for the period Nov. 1 through Nov. 30, 2012 reflected in December 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. In addition to serving the professional needs of its members, the Illinois Association of REALTORS® works to protect the rights of private property owners in the state by recommending and promoting legislation to safeguard and advance the interest of real property ownership.

Find Illinois housing stats, data and the University of Illinois REAL forecast atwww.illinoisrealtor.org/marketstats.

Holiday-New Years Events-Last Minute Gift Ideas: Chicago’s North Shore

Your one stop guide of things to do, see and experience on the North Shore this holiday season.  Need last-minute gift ideas? We’ve got you covered.  Need things do or see with the kids/guests while on holiday vacation or through the weekend(s)?  Check out the top list below. How about a list of North Shore or Chicago New Year’s Eve celebrations….sure thing, that’s listed here too!

LAST MINUTE HOLIDAY GIFT IDEAS:

-Gifts for adults

-Gifts for kids or families

-Gifts for ticket events

-Down to the last second gifts

THINGS TO DO OVER THE HOLIDAYS:

-Theater

-General Area Family Fun

-Santa-Winter Activites

-Adult Activities

NEW YEAR’S CELEBRATIONS:

-Family Friendly New Year’s

-Comedy

-New Year’s Dinner Spots

-Night Out Packages

-New Year’s Ticket Events

HAPPY HOLIDAYS AND WISHING YOU THE VERY BEST NORTH SHORE REAL ESTATE DREAMS IN 2013!!

Glencoe-North Shore Market Trends: Update November-December2012

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.

Holiday Buying and Selling Benefits: North Shore Real Estate

As with the rest of the nation, the holidays are upon us on Chicago’s North Shore. Places like Bannockburn, Deerfield, Fort Sheridan, Glencoe, Glenview, Highland Park, Kenilworth, Lincolnshire, Northbrook, Northfield, Riverwoods, Wilmette, Winnetka, as well as Lake Forest; will be buzzing with good cheer, places to go, things to do, holiday events and festivals all around. But, real estate still has its place in the hustle and bustle of the season. Now may be one of the best times to buy or sell a North Shore home. The benefits, hows and whys are outlined below:

Tis’ the season for BUYERS during the holidays

Commonly there’s a wider selection of homes to choose from. A peak season for the real estate market, buyers will find there are many more beautiful homes to choose from during the fall and holiday season. There’s no better time to find your dream home! Utilize vacation time to act on your desire to research online or even visit Chicago North Suburban open houses.

Don’t forget year-end tax breaks. Buying property before years’ end yields some great benefits; including property taxes and mortgage interest, both deductible from gross income.

 For SELLERS, the season brings good things

Beautifully decorated homes are certainly more appealing to potential buyers. What is more beautiful and inviting than a North Shore home that’s elegantly decorated for the holidays? The warmth and spirit of the season makes many homes seem even more stunning during this special time of year. With that comes more exposure for your home. Many people enjoy hosting holiday parties for friends, family and co-workers. When you have a “for sale” sign in your yard, it will likely grab the attention of those who are visiting your neighbors or attending holiday parties, including  yours. Usually the serious buyer will shop for a home during the holidays. The fact is if someone is interested in your home during one of the busiest seasons of the year, chances are they are serious. If your home is priced appropriately, the likelihood is high for getting an offer!

An example of North Shore luxury at its best is presented below. The property is an exceptional East Northbrook, IL listing currently for sale. Feel free to contact Gloria Matlin for a private holiday showing!

Click the image to view:

Real Estate Outcomes October2012: Chicago’s North Shore

Property Sales

Reports reflecting Chicago North Shore real estate market action in October show sales were down -25.0% from October of 2011 data and -10.0% lower than sales figures last month. October 2012 North Shore housing sales were at their lowest level compared to October of 2011 and 2010 conditions. October YTD sales are running 11.9% ahead of last year’s year-to-date sales volume.

Prices

The North Suburban Chicago Median Sales Price in October was down -18.9% from October of 2011 and up 25.8% from last month. The Average North Shore Sales Price in October was up 17.4% compared to October of 2011 data and up 47.9% based on real estate analysis from last month. October 2012 ASP was at highest level compared to October of 2011 and 2010 North Shore homes for sale.

 

Inventory & MSI

The total North Shore Chicago Inventory of Properties available for sale as of October 2012was down -8.5% from last month’s data and down -31.8% from figures calculated in October of last year. October 2012 North Shore real estate Inventory was at the lowest level compared to October of 2011 and 2010 trends.

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

Market Time

The average Days on Market (DOM) shows how many days the average North Shore 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 October was up 21.9% from last month’s compiling data and down -20.5% in October of last year. The October 2012 DOM was at its lowest level compared with October of 2011 and 2010 closed sales data.

Inventory / New Listings / Sales

‘The link/image above shows the market data combining monthly inventory of North Shore Properties for sale along with New Listings and Sales along the North Shore of Chicago. The graph shows the basic annual seasonality of the North Shore real estate market as well as the relationship between these items. The number of New Listings in October 2012 was up 16.7% from last month’s formulated data.

Gloria Matlin, based in the high ranking downtown Glencoe, Illinois Coldwell Banker office; can help answer questions on North Shore Chicago real estate reports, conditions, outcomes, forecasts, and calculations. Feel free to stop in.