Glencoe-North Shore Market Trends: Update March-April2013

Great News! Home sales statewide, including Chicago North Shore have posted monthly year-over-year volume gains since July 2011; per information recently released by the Illinois Association of REALTORS®.

So far North Shore sales volume has been encouraging. The first two months in a year are traditionally slower in terms of real estate progress, but this year to date the market is off to a robust start. North Shore Market appeal is strongly supported by ongoing attractive mortgage rates and ideal turn-around time-frames for sellers; a win-win combination for all involved in the Chicago North Shore real estate transaction process. The future looks bright for April 2013 North Shore home sale projections.

The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Shore-North Central region was 3.49 percent in February 2013, up from 3.40 percent during the previous month, according to the Federal Home Loan Mortgage Corp. Last February it averaged 3.91 percent. In the nine-county Chicago Primary Metropolitan Statistical Area (PMSA), home sales (single-family and condominiums) in February 2013 totaled 5,935 homes sold, up 20.2 percent from February 2012 sales of 4,936 homes.

Forty-seven (47) of 102 Illinois counties reporting to IAR including the North Suburban area showed year-over-year home sales increases in February 2013. Lake, up 7.4 percent Cook, up 4.7 percent.

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 March 7, 2013 for the period Feb. 1 through Feb. 28, 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.

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.

Glencoe-North Shore Market Trends: Update February-March2013

The Chicago North Shore Spring season is projected to be bright….home sales increased 31.1% over previous-year real estate figures in January 2013. In addition median prices increased state-wide by 1.2% based on a recent report by the Illinois Association of REALTORS®.

Sustained improvement in the North Shore real estate market was seen throughout a predominant portion 2012, and it is highly probable that figures will remain strong well into the first quarter of 2013.  North Suburban sales volumes and inventory levels for January 2013 are notable. Inventory levels shrank 38.9% to 2,617 units.   This indicates sustained buyer confidence in conjunction with ongoing and appealing buyer incentives; as supported by data provided by the NORTH SHORE BARRINGTON ASSOCIATION OF REALTORS® and MIDWEST REAL ESTATE DATA LLC:

The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central region was 3.40 percent in January 2013, up from 3.32 percent during the previous month, according to the Federal Home Loan Mortgage Corp. Last January it averaged 3.92 percent. . Interest rates are slowly moving higher in some regions, though the affordability picture remains extremely attractive.

Fifty-nine (59) of 102 Illinois counties including North Suburban Cook showed year-over-year home sales increases in January 2013. Fifty (50) counties showed year-over-year median price increases with cook up 3.1%. New Listings in the North Shore-Barrington region increased 2.6 percent to 836. Listings under Contract were up 41.4% according to data from NSBAR and MRED:

 

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 Feb. 7, 2013 for the period Jan. 1 through Jan. 31, 2013; the process repeated in March 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.

Gloria Matlin, Realtor, top producer, Chicago North Suburban resident, can be your trusted luxury real estate guide. She has been representing Glencoe’s highest ranking residential brokerage office for over 25 years. Feel free to stop by the office located at 640 Vernon Ave-60022, in the downtown district to discuss this or similar reports. Coldwell Banker, your resource for analysis, projections, history, impeccable service, or simply to gain information on North Shore-Chicago communities.

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.

What to do if or When an Appraisal is Low: North Shore Real Estate

Whether you are buying or selling on Chicago’s North Shore, the cost of the home is important. North Shore real estate agents often do their own market analysis to price a property—and many times do an outstanding job, but often the use of an appraiser can be beneficial to provide an independent, unbiased opinion to further ensure the price is right on target.

The other side of the coin is that there are still great deals to be had, even with prices increasing. But, if an appraisal doesn’t make the cut, it’s important to be prepared in advance for this scenario. With this in mind, here are the three main tips to consider when the appraisal comes in lower than expected:

1. Create an effect on the money

While adjusting the price up or down may not feel good for the buyer or the seller, it may be a smart move, depending on your situation.

North Shore Buyers, if the long-term value is there and the home is the “love of your life,” it will truly benefit you in the end.

North Shore Sellers, if you need to make the sale and are running out of time, a compromise may be essential. Buyers may also have to spend even more because a decrease in equity could cause you to fall below the lender’s required down-payment threshold, possibly requiring the purchase of private mortgage insurance.

The main question to ask … is it worth it?

2. Consider renegotiation

Just because the appraisal is not what is expected doesn’t mean the sale will not close. However, in a low-inventory North Shore market, sellers may not want to conduct a second appraisal, which means that buyers and sellers have to decide if they want to work together to seal the deal — whether the seller adjusts the price to the appraised value or the buyer and seller renegotiate a new price. Look at how far you’ve come and worked together. It may have taken you both some time to get to this point. Keep in mind that both sides have something to lose by not moving forward after investing time and money in the purchase. If a compromise can be made, it most likely will be. On the flip side, if the North Shore property is in demand, the seller may opt out of negotiating down as they may want to take a chance on someone else paying the difference or going for a cash buyer.

3. Check the report for accuracy

Appraisal reporting can be long, complicated documents, but they can be very revealing if you take the time to read them thoroughly. Make a note of anything that looks off, and verify that the information is correct, not only for the property itself but also for the properties that compare to your own. Confirm that ALL comps are listed — some may not be included on the MLS, and your real estate agent may have to research. Your agent will work with the buyer’s mortgage professional to ensure any discrepancies are relayed to the appraiser. While there is no guarantee that the report will change, it certainly helps to clarify any errors and understand why an appraisal reached a certain price point. Appraisals also point out if there are any secrets lurking within the property’s walls, such as unpermitted additions that add square footage but cannot contribute toward the property’s value. For this reason it’s important that sellers are honest and upfront from the beginning and that buyer’s do a little research before putting in an offer. More information HERE

For more information on this and other North Shore real estate topics, feel free to stop by Gloria Matlin’s real estate office located at 640 Vernon Ave in the downtown district of Glencoe, Illinois 60022. Allow our 40+ years of Chicago North Suburban expertise, guidance, trust, assurance, superior performance, and top-tier volume to be at your disposal.

 

Real Estate Outcomes June2012: Chicago’s North Shore

Property Sales

June 2012 North Shore real estate reports show property sales top off at 40.0%; 61.5% higher than sales produced in June 2011.

 

Prices

The Chicago North suburban Median Sales Price in June was down -35.3%, compared to June of 2011. The Average Sales Price for North Shore-Glencoe in June was $1,123,145, down -6.0% from $1,194,607 in June of 2011 and up 23.7% from $907,885 last month. June 2012 ASP was at a mid range compared to June of 2011 and 2010.

Inventory & MSI

The Total Inventory of North Shore properties available for sale as of June was down -18.1% from last month, and down -30.6% in June of last year. June 2012 Inventory was at the lowest level compared to June of 2011 and 2010.

A comparatively lower MSI is more beneficial for North Shore sellers while a higher MSI is better for buyers. The June 2012 MSI of 4.1 months was at its lowest level compared with June of 2011 and 2010 reporting volume.

Market Time

The average Days on Market (DOM) shows how many days the average Chicago 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 June was 96, down -23.8% from 126 days last month and down -33.8% from 145 days in June of last year. The June 2012 DOM was at its lowest level compared with June of 2011 and 2010.

Inventory / New Listings / Sales

‘The photo provided of the overall real estate market conditions, combines monthly inventory of Properties for sale along with New Listings and property sold vaules. The graph shows the basic annual seasonality of Chicago’s North Shore market as well as the relationship between these items. The number of New Listings in June 2012 was down -27.3% from last month and up 33.3% in June of last year’s reporting.

Glencoe’s Coldwell Banker Residential Real Estate office can provide guidance on this and similar North Shore real estate data.  Any of our high performing real estate agents can assist you. Stop in today for a free assessment- 640 Vernon Road, Glencoe, IL 60022!

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Real Estate Outcomes May2012: Chicago’s North Shore

Property Sales

North Shore real estate data for May 2012 shows, property sales were 9.1% higher than sales volume last year. May 2012 sales were at their lowest level overall compared to May of 2011 and 2010. May YTD North Shore sales ran       -21.7% behind last year’s year-to-date sales data reports.

Prices

The Median Chicago North Shore Sales Price in May was $909,500, down -4.3% from $950,000 in May of 2011 and up 18.7% from $766,500 last month. The Average Sales Price in May was $954,375, down -28.2% from $1,328,833 in May of 2011 and up 5.2% from $907,227 last month. May 2012 ASP (average sale price) was at a mid range compared to May of 2011 and 2010.

Inventory & MSI

The Total Inventory of North Shore Properties available for sale as of May was down -27.5% from May of last year. May 2012 Inventory was at the lowest level compared to May of 2011 and 2010.

A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The May 2012 MSI of 7.9 months was at its lowest level compared with May 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 May was up 17.5% from 114 days last month and down -23.0% from 174 days in May of last year. The May 2012 DOM was at a mid range compared with May of 2011 and 2010 real estate reports.

Inventory / New Listings / Sales

‘The view of the market (see photo above) 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 Listings in May 2012 was up 22.2% from last month and in May of last year.

Our trusted Residential Real Estate office-Coldwell Banker, located in Glencoe, IL 60022; has been a community resource for well over 40 years.  Stop in today to ask questions about this report and other data concerning North Shore real estate for sale, or rent.  Our legendary service, top ranked volume, and experienced sales staff can be your summer guide.

Real Estate Outcomes March2012: Chicago’s North Shore

Property Sales Reflecting data in April 2012, Chicago’s North Shore-Glencoe March 2012 real estate Property sales were down -52.9% from March of 2011 and equal to 0.0% 8 sales last month. March 2012 sales were at a mid-level compared to March of 2011 and 2010. March YTD sales of 24 are running -29.4% behind last year’s year-to-date sales of 34.

Prices The Median north shore   Sales Price in March was $972,000, up 36.9% from $710,000 in March of 2011 and up 101.7% from $482,000 last month. The Average Sales Price in March was $1,645,063, up 118.2% from $753,912 in March of 2011 and up 124.5% from $732,750 last month. March 2012 ASP was at highest level compared to March of 2011 and 2010.

Inventory   & MSI The Total Inventory of North Shore Properties available for sale as of March was 98, up 2.1% from 96 last month and down -8.4% from 107 in March of last year. March 2012 Inventory reporting was at the lowest level compared to March of 2011 and 2010. A comparatively lower MSI is more beneficial for North Shore sellers while a higher MSI is better for buyers. The March 2012 MSI of 12.3 months was at a mid-range compared with March 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 is sold. 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 March was down -24.0% from 167 days last month   and down -26.2% from 172 days in March of last year. The March 2012 DOM was at its lowest level compared with March of 2011 and 2010.

Inventory /   New Listings / Sales The attached graph shows the basic annual seasonality of the North Shore market as well as the relationship between these items. The number of New Listings in March 2012 was 34, up 41.7% from 24 last month and up 70.0% from 20 in March of last year.

Feel free to utilize our Coldwell Banker Residential Brokerage Office.  We can review market reports, supply real estate property value analysis, help you find a home, sell a home, or get a map on the local places to go/see. We are located at 640 Vernon Ave, Glencoe Illinois 60022.  Let our top ranked service guide you through the North Shore Real estate process. Our North Shore realtors are top rated. You can also review more reports at www.gloriamatlin.com

Glencoe-North Shore Market Trends: Update March-April2012

North Shore real estate experiences the 8th consecutive month of home sales increases, according to reports released by the Illinois Association of REALTORS®! The 15.1 percent increase in North Shore sales is the strongest report since 2008 housing data.

Several factors contributed to the North Shore sales increases, including quick movement of distressed properties through the legal system, interest rates remaining at historic lows (The monthly average commitment rate for a 30-year, fixed-rate mortgage for the Chicago-North Shore region was 3.91 percent in February 2012) and prices that are seen by many North Shore consumers as a once-in-a-lifetime buying opportunity.

Statewide home sales including Chicago’s North Shore-Cook County (single-family homes and condominiums, foreclosure, short sale properties included) in February 2012 totaled 6,487 homes sold, up 15.1 percent from 5,634 home sales in February 2011. The statewide median price in February was $117,000, down 8.2 percent from $127,500 in February 2011.

“People seem to be feeling better about where the economy is going,” said Loretta Alonzo, CRB, GRI, president of the Illinois Association of REALTORS® “When you have interest rates and housing prices this low homebuyers are highly motivated to get back into the market.

” This spring surge is typical in a cyclical housing market with activity levels high when the weather warms. However, this year’s spring surge is stronger and came earlier than last year, according to Hewings- Dr. Geoffrey J.D. Hewings, University of Illinois. He added that the U.S. unemployment rate was unchanged at 8.3, a sign of stability in the economy.

In the nine-county Chicago-North Shore-Cook County Primary Metropolitan Statistical Area (PMSA), home sales (single family and condominiums) in February 2012 totaled 4,325 homes sold, up 14.8 percent from February 2011 sales of 3,769 homes. The median price in February 2012 was $135,000 in the Chicago PMSA, down 11.5 percent compared to last year in February when it was $152,500.

Sales and price analytics are generated by the North Shore Multiple Listing Service closed sales reported by 31 participating north shore realtors- Illinois REALTOR® local boards and associations including Midwest Real Estate Data LLC data as of March 7, 2012 through April 2012; and for the period February 1 through February 29, 2012.

Find Illinois housing statistics, reports, analysis, area conditions data and projections at the University of Illinois REAL forecast at www.illinoisrealtor.org/marketstats.   You may also stop by our Coldwell Banker office, located in downtown Glencoe, IL for updates on North Shore homes for sale, North Shore property sales, or to get other real estate related trends. We are your valued North Shore Realtors resource.

 

 

Top Loan Types & Lender Checklist: North Shore Real Estate

Chicago’s North Shore real estate buyers are benefiting from historic mortgage interest rates that continue to hover at or near 60-year low points. This is a great time to buy or sell for seasoned investors as well as first time home buyers. Every buyer and seller should have running knowledge or at least brush up on basic North Shore mortgage products and types. It’s also good to have a checklist of what’s needed to get the mortgage process rolling. Below are some handy-dandy tips to take note of:

• Common mortgage terms.   Mortgages are generally available at 15, 20, or 30-year terms. In general, the longer the mortgage term, the lower the monthly payment.   However, you pay more interest overall if you borrow for a longer term.
• Fixed or adjustable rate loans. A fixed rate allows you to lock in a low rate as long as you hold the mortgage and, in general, is usually a good choice if interest rates are low. An adjustable-rate mortgage is designed so that your loan’s interest rate will rise as market interest rates increase.  ARMs usually offer a lower rate in the first years of the mortgage. ARMs also usually have a limit as to how much the interest rate can be increased and how frequently they can be raised. These types of mortgages are a good choice when fixed interest rates are high or when you expect      your income to grow significantly in the coming years.
• Balloon loans. These mortgages offer very low-interest rates for a short period of time —often three to seven years. Payments usually cover only the interest so the principal owed is not reduced. However, this type of loan may be a good choice if you think you will sell your home in a few years.
• Government-backed mortgages. These loans (Fannie and Freddie) are sponsored by agencies such as the Federal Housing Administration or the Department of Veterans Affairs and offer special terms, including lower down payments or reduced interest rates to qualified buyers.

Slight variations in interest rates, loan amounts, and terms can significantly impact your monthly payment. For help in determining how much your monthly payment will be for various loan amounts, use an online mortgage calculator: HERE

North Shore Mortgage Lender Checklist: What you need for a real estate mortgage

• W-2 forms — or business tax return forms if you’re self-employed — for the last two or three years for every
  person signing the loan.
• Copies of at least one pay stub for each person signing the loan.
• Account numbers of all your credit cards and the amounts for any outstanding balances.
• Copies of two to four months of bank or credit union statements for both checking and savings accounts.
• Lender, loan number, and amount owed on other installment loans, such as student loans and car loans.
• Addresses where you’ve lived for the last five to seven years, with names of landlords if appropriate.
• Copies of brokerage account statements for two to four months, as well as a list of any other major assets of value, such as a boat, RV, or stocks or bonds not held in a brokerage account.
• Copies of your most recent 401(k) or other retirement account statement.
• Documentation to verify additional income, such as child support or a pension.
• Copies of personal tax forms for the last two to three years.

Our top producing Chicago-North Shore real estate office, located at 640 Vernon Ave-Glencoe, Illinois 60022 is a resource for mortgage product questions and guidance. Visit HERE for additional information on North Shore home loans, interest rates, homes for sale, homes for rent, and general real estate financing options.