December 27, 2012
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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.
July 23, 2012
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Additional signs that the Chicago North Shore market continues to strengthen — June 2012 home sales surged 18% over sales volume produced in June 2011; per data released by the Illinois Association of REALTORS this week®.
According to NSBAR and Midwest Real Estate Data, new listings in the North Shore region decreased 7.7%, Listings Under Contract were up 42.4%, and Inventory levels shrank 30.9% (see photo below). Statewide home sales (including single-family homes and condominiums) in June 2012 totaled 13,111 homes sold, up 18.0 percent from 11,108 home sales volumes in June 2011. This was the best June performance since 2010 when 13,144 homes were sold in Illinois. (Click to enlarge photo)
As an ongoing enticement, the monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central region was 3.67 percent in June 2012, down from 3.83 percent during the previous month, according to the Federal Home Loan Mortgage Corp; last year in June it averaged 4.53 percent.
More than half of Illinois counties reporting including Chicago’s North Suburban areas, (57 of 101) showed year-over-year home sales increases in June 2012. Fifty-three (53) counties ranked, showed year-over-year median price increases including Cook, up 1.1 percent.
On Chicago’s North Shore we see that the combination of affordable pricing and even lower interest rates resolved prospective homebuyer’s top concerns and possible apprehensions. more buyers are coming off the fence and make decisions today about their North Shore investment in homeownership. Overall the state housing market seems to have taken a positive performance turn as supported by Dr. Geoffrey J.D. Hewings, Director of the Regional Economics Applications Laboratory of the University of Illinois. “The current market seems to be operating more normally with perhaps some effects of the significant number of foreclosed-distressed properties that are for sale.” (Click to enlarge photo)
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 July 7, 2012 for the period June 1 through July 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 data for July through August 2012 and the University of Illinois REAL forecast at www.illinoisrealtor.org/marketstats.
Our North Shore Coldwell Banker Office located at 640 Vernon Ave in downtown Glencoe, Illinois-60022, can be a source to further review the reports indicated above and similar data. Any of our high performing real estate staff can assist you!
July 16, 2012
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Business and Economy, Chicago's North Shore, Glencoe, Gloria Matlin, homes, Mortgage loan, property, sale
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May 17, 2012
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I’m often asked, what are some of the top real estate related services needed through the selling process? Ideally consulting with a North Shore real estate professional or associated expert to assist with the sale of your home is a must. Here is a list of common services you may need as you complete a real estate transaction:
- Real Estate Attorney
- Home Inspector
- Mortgage Loan Officer
- Environmental Specialist
- Lead Paint Inspector
- Radon Inspector
- Tax Advisor
- Sanitary Systems Expert
- Occupancy Permit Inspector
- Zoning Inspector
- Survey Company
- Flood Plain Inspector
- Termite Inspector
- Title Company
- Insurance Consultant
- Moving Company
Used with permission from Kim Daugherty, Real Estate Checklists and Systems, www.realestatechecklists.com .
Our Coldwell Banker North Shore residential real estate office , located in downtown Glencoe, IL -640 Vernon Ave-60022; can provide resources for the services recommended above. Feel fee to stop in for guidance. We pride ourselves on producing, performing and maintaining 40+ years of superb North Shore real estate service.
January 26, 2012
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Sure, Realtors can facilitate a great deal, when it comes to selling or buying a North Shore home. But to help with one of the largest transactions in your life, you should do a little homework before engaging in a business relationship for such an important purchase. An effective Realtor can assist in determining an appropriate asking price, stage a house to sell and market the property properly.
It’s recommended that sellers interested in using the help of a real estate agent or a Realtor (the proper name of an agent who is a member of the National Association of Realtors) should interview at least three top agents before choosing one.
To find these potential Realtors, first ask neighbors for references, or attend open houses in your neighborhood. Strike up conversations with colleagues who have recently sold homes nearby. Once you have a list of Chicago-North Shore Realtors, set up interviews with individual agents.
Below are a 10 questions to ask before choosing a realtor:
- How well do you know the neighborhood?
- What are your plans for marketing my house?
- How much do you think I should ask for this house and how do you justify that price? Can I see the data?
- Will you be going to the closing with me or will you send an associate?
- With whom will I communicate in the office?
- What have you sold lately?
- How much experience do you have?
- What percentage of sales have closed?
- What is the average time the homes were on the market?
- How do you plan to market this house among your colleagues?
Look the agent up by name on the Internet, check their websites and reviews/feedback. Look for Realtors who not only give information, data, reports and statistics about their listings but also can provide valuable data about their region — both the good and the bad. You want an agent who knows their primary selling locations.
After looking on the Web, call Realtors who seem like a good fit. Recap the conversation. Do you hit it off? Do you feel like they’re trustworthy? Can you communicate well? Remember, you might be spending long hours with this individual. Having confidence in your North Shore Realtor, as well as feeling comfortable with him or her, can help you feel like you’re getting your money’s worth.
Gloria Matlin’s office is located at 640 Vernon Ave in downtown Glencoe, Illinois. Our high-ranking, top performing, Coldwell Banker Real estate office has been providing superb service for over forty years. Let us show you our level of optimal Chicago’s North Shore real estate market expertise. More information on selecting a realtor can be found HERE
January 20, 2012
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The year starts off with a bang and more good news..December Illinois Home Sales Mark the Sixth Month of continual year-over-year gains . Sales in the Chicago-North Shore area up 1.3 %!
The Illinois Association of Realtors latest review shows that statewide home sales (including single family and condominiums) in December 2011 totaled 8,828 homes sold, up 14.0 percent from 7,746 home sales in December 2010. Unseasonably warmer weather, historically low mortgage rates and attractive market pricing led to a sixth straight month of increases in home sales, according to data released by the Illinois Association of REALTORS® (IAR) today.
The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central-North Shore region was 3.94 percent in December 2011, down from 4.0 percent during the previous month, according to the Federal Home Loan Mortgage Corporation. Last year in December it averaged 4.80 percent. The mortgage rates dropped again this week ending January 20th with rates averaging 3.88 percent!
“Housing market forecasts for January, February and March 2012 for Illinois and the Chicago PMSA suggest that sales volume will be significantly higher than the same period last year, although prices will still be lower than a year ago. Until these foreclosed properties and additions expected in 2012 clear the market, sustained upward movement in prices will be unlikely,” said Dr. Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) of the University of Illinois.
More than half of Illinois counties reporting including North Shore, cook county (52 of 100) showed year-over-year home sales increases in December 2011. Forty-three (43) counties showed year-over-year median price increases. “December ended the year with an optimistic showing of North Shore buyers coming out and making decisions about investing in a home. “While the year-end numbers for 2011 were down over 2010, a positive upward trend in sales toward the end of the year is a great indicator of a strong 2012 winter and spring season for buyers and sellers, alike, looking to get off the fence,” said REALTOR® Bob Floss, president of the Chicago Association of REALTORS®.
In the city of Chicago, December 2011 home sales (single family and condominiums) totaled 1,536, up 6.4 percent from 1,444 homes sold in December 2010. The city of Chicago average or median home sale price for December 2011 was $156,000, down 6.2 percent compared to December 2010 when it was just $166,250.
The Illinois Association of REALTORS® is a voluntary trade association. In addition to serving the professional needs of its members in conjunction with the multiple listing service MLS, the Illinois Association of REALTORS® works to protect the rights of private property owners in the state by recommending and promoting legislation that safeguards and advances the interest of real property ownership.
Find Illinois housing stats/analysis/data/reports/outcomes marking January through February of 2012 and the University of Illinois REAL forecast at www.illinoisrealtor.org/marketstats.
You may also stop by our Glencoe Coldwell Banker office for an in-depth explanation of this report or for specific reporting in a North Shore area or town. We are located at 640 Vernon Ave in beautiful downtown Glencoe, Illinois.
October 11, 2011
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Whether you’re a first-time home buyer , foreclosure hunter, mortgage calculating junkie, renovation snob or shopping around for your retirement home, the latest real estate apps for mobile devices put the marketplace at your fingertips — literally. Here’s a set of basic apps that are great downloads for active house hunters. While many big-name real estate companies have useful, well-organized mobile property searches, we found this set to be particularly devoted to the needs of the user and blissfully free of any built-in bias. Inexpensive (several are free) and easy to use.
Do you have a favorite real estate mobile app? See if our savvy list matches yours..SEE LIST HERE
October 5, 2011
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Business and Economy, cook county, Glencoe Real Estate, glencoe realtor, Gloria Matlin, Illinois, luxury, North Shore Real Estate,il, north shore realtor, real estate
It’s normal to have some vacant homes for sale as part of the
market process that matches buyers with sellers. On average during the 1990s,
for example, the home vacancy rate was about 1.5 percent, according to the
Census Bureau. By 2008, the figure had risen to 2.9 percent. And by the second
quarter of this year, the vacancy rate had come down only slightly, to about 2.5
percent. With this much supply still available, it’s no wonder that prices are
Excess Empty Homes
The percentage-point difference between the latest vacancy rate
(2.5 percent) and a more normal historical rate (1.5 percent) amounts to an
excess inventory of almost 1 million vacant homes. (Estimates based on other
methodologies are roughly in that range.) If the government does nothing, that
extra inventory will be slowly worked off, as the economy gradually recovers and
more households are formed. The question is whether the government can do
anything to accelerate that process, to support home prices and, ultimately, to
promote a stronger economic recovery.
A more realistic approach would be to try to get the vacant
houses rented out, rather than sold to owner- occupants. And one way to do that
– proposed by real- estate practitioners (such as Kyle Jividen of Alamo
Appraisal Group in San Antonio) and economists (such as William Wheaton of the
Massachusetts Institute of Technology and Gleb Nechayev of the research firm
CBRE Econometric Advisors) — is to provide an immediate tax write-off to
investors who buy vacant houses and rent them out.
One way to bolster demand would be to change our immigration
laws to make it easier for foreigners to move here and buy homes. That might be
a good idea, but it has no chance of being enacted soon. Former Federal Reserve
Chairman Alan Greenspan……MORE
July 26, 2011
Real Estate News, Real Estate Statistics
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“The statewide median price in June was $150,000, up 7.1 percent from $140,000 in May 2011.
“The Illinois housing market was building momentum in late spring and through June and it’s encouraging to see this regular pattern as well as sales at levels higher than the past 11 months driven by high affordability conditions and pent-up demand,” said REALTOR® Sheryl Grider Whitehurst, ABR, CRB, GRI, president of the Illinois Association of REALTORS® and the Development and Operations Coordinator for Traders Realty in Peoria. “Challenges remain for the return to a normalized market and top among them relate directly to the economy.”
“In the city of Chicago, single family homes have made positive gains in pricing due to the competitive atmosphere created by compelling pricing on distressed assets short sales and foreclosures,” said Mabel Guzman, president of the Chicago Association of REALTORS® and a REALTOR® with Envision Real Estate LLC, Chicago. “We are seeing multiple offers on location-specific properties. Chicago condos continue to outpace single family by 30 percent for the second month evident not only in units, also in downward price movement. In the coming months, we will be observing the economic pressures which will likely lead to an increase in distressed assets to the market.”
Find Illinois housing stats data and the University of Illinois REAL forecast at www.illinoisrealtor.org/marketstats. SOURCE Illinois Association of REALTORS
June 23, 2011
Real Estate News, Real Estate Statistics
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“Illinois home sales have been trending positive month-to-month since February 2011 and median home prices have moved up for the last three consecutive months, all good signs for a market working to recover amid lackluster job creation and a restrictive lending environment. According to the Illinois Association of REALTORS® (IAR) latest report, statewide home sales (including single family and condominiums) in May 2011 totaled 9,736 homes sold, up 13.9 percent from 8,546 sales in April 2011; sales were down 16.8 percent from 11,705 homes sold in May 2010.”
“According to our forecast, annual sales rates will turn positive for both Illinois and the Chicago region in July and August, a 22-25 percent increase statewide and 25 to 36 percent for Chicago,” estimates Dr. Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) of the University of Illinois. “This means the effect of the homebuyer tax credit will finally fade out in Illinois during the summer. Median prices for June, July and August are expected to be higher than May in both Illinois and the Chicago region.”
“In the city of Chicago, May home sales (single family and condominiums) totaled 1,705, up 16.5 percent from 1,464 sales in the previous month and down 17.1 percent from 2,057 homes sold in May 2010.”
Find Illinois market stats data at www.illinoisrealtor.org/marketstats. To view the RCF economic impact study, go to www.illinoisrealtor.org/economicimpact.