Architectural Masterpiece – 725 Greenleaf: Glencoe Real Estate

More information HERE and 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.

Glencoe Property for Sale with Historic French Architecture Past-North Shore Real Estate

725 Greenleaf Ave in Glencoe, Illinois 60022, is the quintessential French Eclectic style, French Provincial or French Chateau, fashionable in the 1920s and 1930s. The style was utilized most often in residential architecture and emerged from an increased knowledge of French architecture and an appreciation for French culture.

American soldiers, who had served in France during World War I, returned home with a first-hand familiarity with French domestic architecture, particularly from the Normandy and Brittany regions. In addition, numerous Pacific Northwest architects who designed these homes had received training at the Ecole des Beaux Arts School, the most prestigious fine-arts school in Paris, and came back to America ready to apply what they had learned. Further fueling the popularity of the style was a number of photographic studies of modest French homes which were published both in architectural journals and popular magazines. These photos and commentary provided architects and builders with many models to draw design ideas from.

1918-1940 Sample Design:

The French Eclectic style is rectangular in plan and symmetrical in design, and is at least one-and-a-half stories in height. The main distinguishing characteristic of the style is a massive hip roof with its ridge paralleling the front of the house. The roof incorporates a second floor, which is typically lit by the addition of several dormers. Most of these dormers have segmental or hip roofs, although shed dormers can be found. Commonly, the dormers are located within the plane of the exterior wall and incorporate larger than normal windows.Exterior cladding can be of brick, stucco or clapboard.

Detailing varies from formal classically inspired door surrounds with pediments and pilasters, to a more loose English Tudor flavor with board and baton doors and round arched entry porches. Windows may be either multi-light double-hung sashes or casement style, and are often highlighted by decorative shutters. In order to expand the structure, frequently wings are added to the sides of the main block of the building and are usually subservient in size. Decorative quoins are often found at the buildings corners and near doors and windows.

Washington State Examples:

Feel free to contact Gloria Matlin for a private showing of this lovely east Glencoe property! More info HERE and HERE!

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.

 

Top 3 Benefits of Home Buying in the Fall: North Shore Real Estate

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

Glencoe-North Shore Market Trends: Update July-August2012

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.

Top Ideas for Spring Break 2012: North Shore-Chicago Real Estate

With spring on our doorstep the specific focus on North Shore real estate shifts slightly to subjects like places to go, places to stay, and things to do for spring break! Some will start looking at destination clubs or specific places to travel; others will embrace a “staycation” concept and explore all that Chicago’s North Shore has to offer. Provided below are options to satisfy everyone:

 

Staycation-North Shore/Chicago, Illinois Style!

Restaurants

Top Things to do Around Illinois/Chicago

One day deals

Local activities/deals

Top Destination Clubs & Travel!

Recommended club locations

Travel for students

Travel for families

Travel options for all  

Our North Shore Coldwell Banker office located in downtown Glencoe, Illinois-60022, can provide help with vacation homes for rent, homes for sale, local directions, maps, events happening for spring break, places to visit, or simply just to recommend places to eat around the North Shore communities.  Our 45 years of neighborhood service can be put to use to help plan and sustain a wonderful spring break for 2012.  We look forward to seeing you!

North Shore Real Estate-10 Ways to De-Stress Homebuying

Buying North Shore real estate should be fun, not at all stressful. If you are in the process of searching for your dream home, keep these 10 tips in mind for making the process as peaceful and enjoyable as possible.

1. Remember, there’s no “right” time to buy or sell. If you find a home now, don’t second guess, wait on interest rates or the housing market — you may risk losing out on the home of your dreams. The North Shore housing market usually doesn’t change fast enough to make that much difference in price and a great home won’t stay on the market for long.
2. Find a North Shore realtor you connect with. Home buying is not only a hefty financial commitment, but also an emotional one. It’s critical that the real estate agent you select is both highly skilled, experienced, and a good fit with your personality.
3. No house is ever perfect–accept this fact. If it’s in the ideal Chicago-North Shore location, the yard may be a bit smaller than you had hoped. The kitchen may be perfect, but the boiler needs repair. Make a list of your top “must haves” and focus in on things that are most important to you. Let the minor ones go.
4. Your home won’t exist in a vacuum. Don’t get too caught up in the physical aspects of the house itself — room sizes, kitchen finishes, etc. — that you overlook important issues as noise level, location to conveniences, and other aspects that can have a big impact on your lifestyle.
5. Don’t ask for too many opinions. It’s natural to want reassurance for such a big decision, but too many ideas from too many people will make it much harder to make a final decision. Focus on the wants and needs of your immediate family — the people who will be living in the property.
6. Choose a home first because you love it; then consider appreciation. A home’s most important role is to serve as a comfortable, safe place to live. U.S. homes have appreciated an average of 5.4 percent annually over from 1998 to 2002 and are projected to continue to do so, well into the future.
7. Don’t try to be a killer negotiator. Negotiation is certainly a part of the real estate process, but trying to “win” by getting an extra-low price or by refusing to budge on an offer may cost you more in the long run. Negotiation is about give and take.
8. Plan for the future. Don’t procrastinate or wait until you’ve found a home and made an offer to get approved for a mortgage, researched home insurance, or setup a schedule for your move. Also, presenting an offer contingent on a lot of unresolved circumstances will make your bid far less attractive to sellers.
9. Don’t forget maintenance/repair costs in your post-home buying budget. Even if you buy a new home, there will be costs. Don’t leave yourself without a plan “B” or worse, let your home deteriorate.
10. Accept that a little buyer’s remorse is inevitable and will probably pass. Buying a home, especially for the very first time, is a big financial step. The great plus is that yields big benefits. Don’t lose sight of why you wanted to purchase a home and what made you fall in love with your selected property in the first place.

If you need additional guidance or tips on buying a home, renting a home, North Shore homes for sale, or even to review housing market conditions for North Shore real estate, feel free to visit our office located at 640 Vernon Ave, Glencoe, Illinois 60022. Our Coldwell Banker real estate branch has been a trusted community resource for over 40 years.

North Shore Real Estate Investment Tips: Due Diligence

When buying North Shore real estate, far too many buyers fail to take even the most basic levels of precaution by doing the proper due diligence. This is troubling because real estate is typically the largest and riskiest asset someone will ever buy. We’ve all learned this many times over in the last few years via the housing crisis, and it will continue happening until people better educate themselves on the real estate process and mitigate their risks.

So what issues should a buyer consider? Most of the items are not complicated, however running through the important tasks when you are actually buying property can be time-consuming and tedious. Realize if you fail to do the hard work involved to protect yourself, and something goes wrong, you only have yourself to blame. Doing the proper due diligence to lower your risk is the responsibility of you — the homeowner making the mortgage payment. Finding a real estate agent that can guide you through the maze is key.

Note: There is no risk-free real estate. Even the most diligent of buyers who do all the proper due diligence they know can lose money on some deals due to a variety of unknown, unanticipated, underestimated reasons; or simply bad luck.

Here are 10  tips to help guide you in the right direction with the help of a real estate agent:

1. Purchasing process – Understanding the overall purchasing process

2. Cash flows and returns – Penciling out an investment property cash flows and how much you will earn on your money

3. Rent vs. own – Doing a financial analysis to see if purchasing makes sense for you

4. Tax benefits picture – Understanding the tax benefits of owning real estate

5. Mortgage financing – Properly evaluating mortgage financing options and offers

6. Homeowners associations – Reviewing the homeowners association finances, operations and any litigation situation

7. Home inspection – Using the home inspection information to make better decisions

8. Dwelling and liability insurance – Do you have the proper type and amount of insurance in place

9. Title insurance and escrow – Did you read through your title insurance policy and all the sales and escrow documents and ask questions if you did not understand

10. Non-standard investments – understanding and possibly avoiding non-standard investments like land, second homes, vacation rentals, flipping property, etc…..MORE INFO

Top Ways to Refinance Investment Property: Real Estate Market Trends

Is it possible to refinance a property if you don’t live in it?  

Yes.

But even with mortgage rates as low as they are, for some people, “it just doesn’t make sense” for them to refinance a rental property, or they are being told they can’t refinance an investment property.

How can this be?

In today’s mortgage market, quite a few home loan programs for investment properties are available through Fannie Mae or Freddie Mac — but there are still portfolio lenders offering investment property programs that Fannie Mae and Freddie Mac don’t offer.

Translation: Just because one lender tells you it isn’t possible to refinance your investment property, it doesn’t mean that it isn’t possible.

For those people who have recently heard that it wasn’t possible to refinance their investment property, it is likely that they were given one of two common reasons: MORE