Why Buying a Home NOW Makes Sense-Chicago North Shore Real Estate

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Interest rates are low, employment is rising, home prices—in most markets—are still well below their peaks, and rents are on the upward climb. Buying a house is a highly individual decision—and a local one—but current trends are creating a favorable situation for many would-be North Shore Chicago homeowners.Now-later

Every family and each individual has various factors affecting the ability and the decision to buy a home. See reasons below that help support why it might make sense to buy a house, right now.

  1. Interest Rates Are Still Low
    Mortgage interest rates are still low—for now. A 30-year-fixed-rate loan now averages 4.16%, according to Freddie Mac, but many economists believe we will see 5% rates next year. As interest rates increase, so do your monthly payments.
  2. Home Prices Are Going Up
    The median price of an existing home was 4.3% higher than June 2013. That’s the 28th consecutive month of year-over-year price gains, and economists expect that trend to continue. However, we are still at least 20% off the peak prices of 2006. Bottom line, home prices are on the rise.

**Important Tip to Remember:  You might get lucky one or two times, but overall, timing the market does not work. It all points to purchasing power, and that’s a reflection of price and interest rates, which will both be higher in the future….No time like the present. More information HERE.

Experience, grace, tenacity, top-tier performer, high-ranking results, client focused, trusted resource, 25+ years of Chicago-North Shore community insight, marketing savvy, technology savvy…A few words and phrases to describe real estate professional Gloria Matlin. For an online introduction and feedback from her clients visit HERE and HERE.

 

Preparing Your Home to Sell This Summer-North Shore Chicago Real Estate

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While several Chicago North Shore homes may be sold each week, the process may not be as easy for sellers as it was five or 10 years ago. Surviving in today’s real estate world requires experience and training in such fields as real estate marketing, relocationSold savvy, financing options, negotiating and closing, the very expertise available from local North Shore-Chicago real estate professionals. Millions of existing homes are sold each year and, while each transaction is different, every owner wants the same thing: the best possible deal with the least amount of hassle and aggravation.

Are You Ready?

The home-selling process typically starts several months before a property is made available for sale. It’s necessary to look at a home through the eyes of a prospective buyer and determine what needs to be cleaned, painted, repaired and tossed out.
Ask yourself: If you were buying this home, what would you want to see? The goal is to show a home that looks good, maximizes space and attracts as many buyers as possible.

When Should You Sell?

As with several locations across the country the North Shore Chicago marketplace tends to be active in the summer because parents and/or young adults want to enroll in classes at the beginning of the school year (usually in August). Summer is also typically when most homes are likely to be available.
Generally speaking, markets tend to have some balance between buyers and sellers year-round. For example, a given North Shore community may have fewer buyers in late December, but it’s also likely to have fewer homes available for purchase. As a result, home prices tend to rise or fall due to general patterns of supply and demand, rather than the time of year. Look to a skilled, North Shore Real Estate professional can be a sound decision to assess local real estate market activity and trends. More information can be found HERE

From providing an in-depth view of luxury North Shore-Chicago real estate markets in 2014, to examining and providing an accurate seasonal gauge on North Shore’s rental trends; Gloria Matlin continues to be a North Suburban real estate expert with an unparalleled record of top producing, high-ranking accomplishments that span 25+ years. Her keen awareness of the Northern Shore communities is what makes her an elite high performing professional with a sincere and personalized style that she offers each and every client. Gloria Matlin educates, tenaciously performs and makes Chicago North Shore real estate dreams a pleasant reality!

Top North Shore Realtors Discuss Luxury Real Estate Markets-Chicago’s North Shore

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1750 Braeside-NorthBrook

One of Gloria Matlin’s current luxury North Shore listings – 1750 Braeside Lane in Northbrook, Illinois (click for details)

It’s not surprising that the latest S&P/Case-Shiller numbers show that single-family home prices in the Chicago metropolitan area jumped more than 11 percent last October, posting their best year-over-year rise since December 1988. After all, “bidding war” has been the byword for prime properties in the city for months—a trend that’s growing….But neither trend applies to the North Shore, insist big-ticket broker Gloria Matlin of Coldwell Banker. For the first time in years, supply and demand are dictating the luxury market trends on Chicago’s North Shore. Here’s why:

So prices aren’t up on the North Shore, even for luxury properties?

GLORIA MATLIN: What people want goes so fast that these homes usually sell for top dollar before they hit the listing services. Brokers get their buyers in there before you can even think bidding war, and they pay what it takes.                                          PC: Everyone has different priorities, but there are two new universals: Everyone wants the New Trier school district and new construction with new everything inside and out. That’s the problem: Nothing new has been built in the last few years. Developers are just gearing up again. As soon as they put up a building sign, someone sees it and buys the house straight from the plans for, say, $1.6 million before it comes to market. But that’s not luxury. Those are starter homes.

Where does that leave luxury prices?

GM: Much higher than in the city. Nice starter homes go for $1.6 million to $2.4 million, but true luxury starts at $2.5 million. Don’t get us wrong: You can get a really nice house for under a million, but it’s dated.
PC: It’s cheaper to buy resale and renovate, and more expensive to buy new, but buyers can get mortgages more easily than home equity loans for renovations. People used to be willing to buy a gorgeous old house for $2 million and put another million in, but now they don’t have the time and can’t get the money. So that makes a beautiful, clean, 3,500-square-foot house more valuable.

What about locations? Is it still better to be near the water?

GM: It depends on what you want. Working couples may want to be close to the train; families might want to be in a certain lower school district. If you have three kids, it’s nice to be in Kenilworth because it’s the same school for K to 8.                                      PC: The most important thing is to work with someone who can help you figure out what you really need and get you there. Gloria Matlin, Coldwell Banker, 640 Vernon Ave., Glencoe, 847-835-6058. See the complete Michigan Avenue Magazine article HERE

A Chicago North Shore real estate expert with a compelling record of top producing, top performing, and high ranking client focused results; Gloria Matlin has been a consistent resource for over 25 years.  This top tier Realtor finds pride in helping each and every one of her clients with one of the most important processes in a lifetime.  Let her be your guide to making  a North Shore- Chicago real estate dream a reality! See the complete profile of her North Shore-Chicago real estate listings HERE and HERE.

Real Estate Outcomes April2014: Chicago’s North Shore

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AprilMarketReport-GM-2014Property Sales

Chicago North Shore April Property sales were 285, down -19.0% from market action reporting in in April of 2013 and 32.6% higher than the 215 sales last month. April 2014 North Shore sales were at a mid-level compared to April of 2013 and 2012. April YTD sales totals are running -10.0% behind last year’s year-to-date sales results.

Prices

The Median North Shore Sales Price in April was up 6.2% from North Shore market totals in April of 2013 and down -1.5% from sales volume totals calculated last month. The Average Sales Price in April was up 7.5% from totals generated in April of 2013 and down -4.3% from last month. April 2014 ASP was at highest level compared to April of 2013 and 2012.

Inventory & MSI

The Total Inventory of Chicago North Shore Properties available for sale as of April was up 9.9% from reporting calculated last month and down -11.3% from figures generated in April of last year. April 2014 North Shore Inventory was at the lowest level compared to April of 2013 and 2012. A comparatively lower MSI is more beneficial for North Shore sellers while a higher MSI is better for North Shore buyers. The April 2014 MSI of 4.4 months was at a mid-range compared with April of 2013 and 2012

Market Time

The average Chicago North Shore 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 North Shore Buyer’s market, a downward trend a move towards more of a North Shore Seller’s market. The DOM for April was 61, down -7.6% from 66 days last month and down -17.6% from 74 days in April of last year. The April 2014 DOM was at its lowest level compared with April of 2013 and 2012.

Inventory / New Listings / Sales

The North Shore summary view above of the Chicago North Shore 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 action reporting as well as the relationship between these items. The number of New North Shore Listings in April 2014 was up 17.5% compared to last month and up 1.8% from North Shore real estate volume figures in April of last year.

 

2014 adds another year of high producing, top ranking, and top performing North Shore Chicago real estate experience for Gloria Matlin. For well over 2 decades, Gloria Matlin has been a consummate North Shore real estate resource, with client focused guidance, and top tier service towards making North Shore real estate dreams a reality.  First time buyers, seasoned investors, empty nesters, relocation assistance, new construction, marketing/technology-Gloria Matlin can and has assisted with all these specific or even combined Chicago North Shore real estate aspects.  Contact her or reply to this post for additional details.

Glencoe-North Shore Market Trends: Update April-May2014

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Chicago North Shore Spring has sprung!…. median prices increased 9.7 percent, according to the Illinois Association of REALTORS®, although Illinois home sales decreased 11.6 percent over previous-year levels in March 2014.

On North Shore of Chicago as with several real estate markets across the country housing inventories have seen a decline, as did the number of days a North Shore home is on the market before it sells. Both indicate that buyers are exhibiting a confidence in the North Shore real estate market; a clear indicator that the spring real estate season will likely show moderately higher prices and with tight inventory availability. Specifically, the North Shore–Chicago market data reflects New Listings in the North Shore-Barrington region increased 8.1 percent to 1,180. Inventory levels shrank 12.4 percent to 2,520 units. Prices marched higher. The Median Sales Price increased 9.0 percent. Market Times were down 32.0 percent to 119 days. Information supported and provided by North Shore Barrington Association of Realtors and Midwest Real Estate Data, LLC. (click to enlarge):

AprilNorthShoreMarket-Summary2014

Although interest rates have gone up from their all-time lows, borrowing costs are still remarkably affordable. It’s cheaper to own than to rent in most of the country. The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central-Chicago North Shore region was 4.37 percent in March 2014, up from 4.32 percent in February, according to the Federal Home Loan Mortgage Corp. In March 2013 it averaged 3.54 percent. Buyer demand continues to outpace available inventory; Sellers looking to make a move should be jumping off the fence now while buyers are still able to capitalize on attractive interest rates. Thirty-two (32) of 102 counties in Illinois showed annual home sales increases in March 2014. Forty-two (42) counties showed year-over-year median price Northern Shore Cook, up 19.3%.

Sales and price information is generated by Multiple Listing Service closed sales reported by 30 participating Illinois REALTOR® local boards and associations including Midwest Real Estate Data LLC data as of April 7, 2014 for the period March 1 through March 31, 2014 and continuing into May 2014. 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.

Now is the time to take advantage of one of the highest producing Chicago North Shore real estate seasons in history. From first time buyers to seasoned real estate investors, this spring, Let a consummate real estate professional be your guide through the magnificent communities of the Northern Shore of Chicago. Gloria Matlin has been client driven, focused, tenacious, top performing, high-ranking Realtor on the North Shore for over 25 years.  She is available to make your Chicago North Shore real estate dreams come true! 640 Vernon Avenue, Glencoe, Illinois, 60022.

How To Put Your Best Foot Forward When It Comes Time To Sell Your Home

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glo360:

A hot Chicago North Shore real estate topic this season; as the market continues to surge. Having a trusted, top producing, high ranking, top performing Realtor professional can be an essential tool in addition to the aspects outlined above. Gloria Matlin has been serving the North Shore communities of Chicago for over 25 years. Let her help you realize your real estate dreams this 2014 spring season. Gloria is based at 640 Vernon Avenue, the downtown district of Glencoe, Illinois, 60022.

Originally posted on Tri-Valley Real Estate Buzz:

The traditionally busy spring home buying season is rapidly approaching. Over the past year, we’ve enjoyed a strong housing market – one that featured more buyers than sellers in some communities. In fact, there just aren’t enough good listings to go around and this could be an excellent time to consider selling your property.

But even in a “seller’s market” like this, some properties sell faster than others. Have you ever wondered why one home sells almost immediately and another one down the road sits on the market for months?

There are several key reasons why some homes languish on the market, including price, condition, and other variables. My hope is that this list will help you put your best foot forward when it comes time to sell your home:

  • The price is too high. Setting the appropriate price for a home is always more difficult for a homeowner, who…

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Real Estate Outcomes January2014: Chicago’s North Shore

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NSMarketConditions-Jan-2014Property Sales

Great News!!  North Shore Chicago market action reporting shows January real estate property sales were up 6.7% from totals in January of 2013 and -32.8% lower than sales outcomes last month. January 2014 sales were at their highest level compared to January of 2013 and 2012. January YTD sales volume figures are running 6.7% ahead of last year’s year-to-date sales of 165.

Prices

The Median North Shore sales Price in January was up 29.8% from sales totals calculated in January of 2013 and up 0.2% from last month. The Average Sales Price in January was up 28.5% from final volume reports in January of 2013 and down -3.9% from last month. January 2014 ASP was at highest level compared to January of 2013 and 2012.

Inventory & MSI

The Total Chicago Northern Shore Inventory of Properties available for sale as of January was down -4.7% compared to last month and down -33.9% from 1,222 in January of last year. January 2014 Inventory was at the lowest level compared to January of 2013 and 2012.

A comparatively lower MSI is more beneficial for North Shore sellers while a higher MSI is better for North Shore buyers. The January 2014 MSI of 4.6 months was at its lowest level compared with January of 2013 and 2012.

Market Time

The average Chicago North Shore real estate 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 North Shore Buyer’s market, a downward trend a move towards more of a North Shore Seller’s market. The DOM for January was up 21.2% from total days last month and down -33.7% from 95 days in January of last year. The January 2014 DOM was at its lowest level compared with January of 2013 and 2012.

Inventory / New Listings / Sales

The summary image above of the market combines monthly inventory of North Shore Properties for sale along with New 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 January 2014 was up 90.2% compared to last month and down -16.9% from totals calculated in January of last year.

Consistently a top producing Realtor, nationally awarded as one of the premier real estate professionals for over 30 years, a high performing Chicago North Shore real estate expert, with an accurate pulse on market conditions/trends; just a few facts that detail the level of service you can expect from Gloria Matlin. A long-time resident of the North Shores of Chicago, she prides herself on providing unparalleled client centered services, and helping each and every client fulfill their North Shore real estate dreams.  Coldwell Banker’s residential real estate office in downtown Glencoe, Illinois is her home base – 640 Vernon Avenue, 60022.

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