April 23, 2013
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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.
November 5, 2012
broker, chicago north shore real estate, closed sales, Glencoe Real Estate Office, market action report, North Shore Market Data, North Shore Market Reports, North Shore Realtors, property value, volume Appraisal, Chicago, Coldwell Banker, cook county real estate, Data, Glencoe Real Estate, IL, North Shore Real Estate, North-Shore, real estate 3 Comments
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.
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.
September 15, 2012
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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
August 25, 2012
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Illinois-Chicago’s North Suburban real estate home sales surged 25.5 percent over previous year closed volume and closed sales, indicated by recent housing reports released by the Illinois Association of REALTORS®. More signs that the local North Shore area and state’s housing market are continuing to strengthen.
In the nine-county Primary Metropolitan Statistical Area (PMSA), including Chicago’s North Shore Cook County and Lake County, home sales (single family and condominiums) in July 2012 totaled 8,551 closed sales, up 29.1 percent from July 2011 sales of 6,624 homes. This was the best July performance since 2007 when 14,735 homes were sold in Illinois.
A steady momentum first seen in Jan-June of 2012 is projected to continue well into the remaining portion of this year. Once again, low interest rates and attractive home prices sustain the North Shore real estate market, a sign of continued growth and strength. The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central-North Shore region was 3.54 percent in July 2012, down from 3.67 percent during the previous month, according to the Federal Home Loan Mortgage Corp. Last year it averaged 4.59 percent. Low inventory rates must be noted as a factor, as this has created a competitive aspect to the North Shore housing market. Inventory levels shrank 30.1 percent to 3,951 units in the Chicago North Shore areas. The image below shows the number of homes available for sale vs the number of homes sold. This information is provided by NSBAR-North Shore Barrington Association of Realtors and MRED-Midwest Real Estate Data LLC (click photo to enlarge):
More than half of Illinois-North Shore counties including Cook reported year-over-year home sales increases in July 2012. New Listings in the North Shore-Barrington region increased 6.3 percent to 1,075. Listings Under Contract were up 43.8 percent to 686. Prices moved higher. The Median Sales Price increased 5.0 percent. Market Times were down 7.1 percent. The supply/demand balance stabilized as Months’ Supply of Inventory was down 44.7 percent to 7.4 months (click photo 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 August 2012 for the period July 1 through July 31, 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.
Broker-Associate Gloria Matlin, calls the Coldwell Banker office in Glencoe, Illinois home. This top ranked, best performing, location can be found at 640 Vernon Ave within the downtown center.
November 17, 2011
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Contact Gloria Matlin for a private showing: 847-835-6058
November 7, 2011
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North Shore Property Sales Reports
October North Shore-Glencoe property sales were 12, up 20.0% from 10 in October of 2010 and 71.4% higher than the 7 sales last month. October 2011 sales were at a mid level compared to October of 2010 and 2009. October YTD sales of 118 are running 32.6% ahead of last year’s year-to-date sales of 89.
The Median Chicago’s North Shore Sales Price trend in October was $924,500, up 16.0% from $797,000 in October of 2010 and up 110.1% from $440,000 last month. The Average Sales Price in October was $1,012,053, up 20.8% from $837,650 in October of 2010 and up 3.0% from $982,357 last month. October 2011 ASP was at a mid range compared to October of 2010 and
Inventory & MSI
The Total Inventory of Properties analytics show available for sale as of October was 105, down -5.4% from 111 last month and down -21.1% from 133 in October of last year. October 2011 Inventory was at the lowest level compared to October of 2010 and 2009.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The October 2011 MSI of 8.8 months was at its lowest level compared with October of 2010 and 2009.
The average Days On Market(DOM) statistic shows how many days the average 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 112, up 72.3% from 65 days last month and up 10.9% from 101 days in October of last year. The October 2011 DOM was at a mid range compared with October of 2010 and 2009.
Inventory / New Listings / Sales
‘This last view of the market combines monthly inventory of Properties for sale along with New Listings and Sales. The trending graph shows the basic annual seasonality of the market as well as the relationship between these items. The number of New Listings in October 2011 was 21, up 31.3% from 16 last month and up 5.0% from 20 in October of last year.
For additional Data visit www.gloriamatlin.com and select Community Reports
October-November 2011 Data
September 23, 2011
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“Housing sales in Illinois and the nine-county Chicago region increased in August and positive year-to-year changes are forecast in both the Chicago PMSA and Illinois for the next three months of September, October and November,” said Dr. Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) of the University of Illinois.
“A strong buyer’s market continues in the Illinois housing market with record low mortgage interest rates and lower home prices although job worries and overall economic uncertainty are holding many back,” said REALTOR® Sheryl Grider Whitehurst, ABR, CRB, GRI, e-PRO, president of the Illinois Association of REALTORS® and a managing broker for Traders Realty in Peoria. “In some local markets prices are firming as homes are selling due to high affordability conditions and pent-up demand; 8.5 percent more homes sold statewide in August compared to the previous month of July.”
Adds Hewings: “Once again the debate has been joined about the appropriate response from the federal government to the lagging economy—attention to the deficit or a second stimulus package—but increasingly consumers are signaling frustration with Washington politics. The uncertainties and lack of a clearly articulated economic recovery strategy combine to dampen prospects for a sustained housing recovery.”
Sales and price information is generated from a survey of Multiple Listing Service sales reported by 32 participating Illinois REALTOR® local boards and associations including Midwest Real Estate Data LLC data as of September 7, 2011 reported for the period August 1 through August 31, 2011. 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 44,000 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 that safeguards and advances the interest of real property ownership.
Find Illinois housing stats data and the University of Illinois REAL forecast at www.illinoisrealtor.org/marketstats.
August 19, 2011
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“According to the Illinois Association of REALTORS® (IAR) latest report, statewide home sales (including single family and condominiums) in July 2011 totaled 9,708 homes sold, up 18.4 percent from 8,197 home sales in July 2010. The statewide median price in July was $153,000, down 3.8 percent from $159,000 in July 2010. The median is a typical market price where half the homes sold for more, half sold for less.”
“Illinois home sales saw a strong jump this month and the first year-over-year gain since June of 2010 when sales were still under the influence of the homebuyer tax credit stimulus,” said REALTOR® Sheryl Grider Whitehurst, ABR, CRB, GRI, president of the Illinois Association of REALTORS® and a managing broker for Traders Realty in Peoria. “Mortgage interest rates remain at near-record lows and affordability conditions are still strong for qualified and motivated buyers who are out there studying their options, however, the current level of economic uncertainty and tight credit are taking a toll on buyer confidence.”nt from $159,000 in July 2010. The median is a typical market price where half the homes sold for more, half sold for less.”
“More than 60 percent of Illinois counties reporting (63 of 100) showed year-over-year sales increases in July 2011 including: Champaign, up 43.4 percent to 195 sales; Cook, up 9.5 percent to 3,598 sales; DuPage, up 41.6 percent to 813 sales; Kane, up 25.5 percent to 502 sales; Lake, up 35.7 percent to 643 sales; Peoria, up 30.8 percent to 187 sales; Rock Island, up 44.0 percent to 108 sales; Sangamon, up 30.9 percent to 212 sales; Will, up 22.1 percent to 535 sales, and Winnebago, up 14.4 percent to 286 sales.”
In the city of Chicago, July home sales (single family and condominiums) totaled 1,655, up 4.2 percent from 1,588 homes sold in July 2010. The city of Chicago median home sale price for single family and condominiums in July 2011 was $210,000 up 6.9 percent compared to July 2010 when it was $196,500.
“This is the first month, year-over-year, where we are without a federal tax credit and are encouraged by July’s sales, hopefully a positive outlook for the remainder of 2011,” said Mabel Guzman, president of the Chicago Association of REALTORS® and a REALTOR® with Envision Real Estate LLC, Chicago. “There is an ongoing absorption of units throughout the city, specifically in the performance of the condo market over 2010, as well as compared to 2009. We will continue to monitor inventory, FHA changes to loan limits and accessible and affordable mortgages for qualified buyers.”
Find Illinois housing stats data and the University of Illinois REAL forecast at www.illinoisrealtor.org/marketstats.
Or Contact Gloria Matlin for additional information: email@example.com