The Importance of Seasonal Curb Appeal-North Shore Real Estate

Spring starts off with a bang on Chicago’s North Shore!  Home prices are on the rise and inventory levels are decreasing. This may be one of the best times in history to sell,  invest or go on vacation for spring break…you decide the order. To help get your home in tip-top shape, below are 4 easy ways to make your home stand out from the rest. Your property should get noticed for all the right reasons the moment someone passes in front of or past the threshold:

1. Focus on your front door: Updating your door’s handle and deadbolt set with a modern-looking option is a great visual upgrade, and it can be a practical improvement, too. While you’re at it, see if your doorbell, light fixtures and the door’s kick plate could be replaced. And be sure to glance up to check for cobwebs on the front porch.

2. Be the visitor: Stand at the end of the driveway and try to view the home as a buyer or visitor would. Are there oils stains in the driveway? Is there mold on the mailbox? Grime on the front door? Thoroughly clean your home’s exterior. Clean your siding, foundation, patio, walkways, driveways, stairs, decks and porch. Take a bucket and scrub brush to your front door, mailbox and any other areas that need gentler cleaning.

3. Don’t forget your fence: A homeowner may get used to looking at the back fence and not notice discoloration from water and sun. Give it a glance and plan for an update in paint or materials if needed.

4. Use plants, pots, or wreaths in cool colors, and keep them low-maintenance: People will react in a visceral, emotional way to hot colors, such as reds and yellows, it’s best to stick with a cool palette. Use blues, purples, light pinks and whites. Those colors will also make the home look cooler in warmer weather.

More information 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.

 

Housing Recovery….7 Reasons to Invest Now: North Shore Real Estate

The tell-tale North Shore signs are all there. Real estate sales on Chicago’s North Shore have picked up considerably and recent housing reports support that. Low interest rates, enticing price points, and buyers prepared and enthusiastically ready to invest in North Shore real estate are well under way; maintaining the path to full housing recovery. But for the leery, I’ve outlined seven reasons why right now may be one of the best times to buy in history:

Predictability. Unlike paying rent, your fixed-mortgage payments don’t rise over the years so your housing costs may actually decline as you own the home longer.

Appreciation. Real estate has long-term, stable growth in value. While year-to-year fluctuations are normal, median existing-home sale prices have increased on average 6.5 percent each year according to the NATIONAL ASSOCIATION OF REALTORS®. In addition, the number of U.S. households is expected to rise 15 percent over the next decade, creating continued high demand for housing.

Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, as well as some of the costs involved in buying your home.

Equity. Money paid as a renter is money that you’ll never see again, but mortgage payments allow you to build equity ownership interest in your home, that builds over time.

Savings. Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.

Freedom. The home is yours. You can decorate, remodel, or add-on any way you want and benefit from your investment for as long as you own the home.

Stability. Remaining in one neighborhood for several years gives you a chance to participate in community events, lets you and your family establish roots, lasting friendships, and offers your children the benefit of educational consistency.

Supporting articles and reports:

http://speakingofrealestate.blogs.realtor.org/2012/04/19/prices-up-inventories-down/

http://northshorepropertysearch.com/2012/04/23/everybody-calm-down-the-market-is-recovering/

Use our Coldwell Banker Residential Brokerage office located in Glencoe, Illinois-60022 as your guide.  Our experienced North Shore realtors can provide additional detail on buying or selling a home. Let our 45+ years of legendary service, top volume, and award-winning results speak for themselves.

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.

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 Homes For Sale: New Real Estate Search Option

In case you may have missed it, I was featured in Chicago Agent Magazine  (“Top Producer Gloria Matlin Imparts Wisdom at Coldwell Business Retreat”) about a month ago.  My professional passion is ensuring my clients and prospective clients are well-informed and can make confident North Shore real estate decisions.  The article mentioned the annual business retreat I attended with Coldwell Banker this fall. There I learned and contributed my knowledge about current market trends and competitive North Shore real estate strategies for 2012.

Real estate agents from around the country had the opportunity to attend breakout sessions focused on new tools and strategies to help increase business. I discussed Coldwell Banker’s online Lifestyle Search tool, which locates the neighborhoods that are best suited to clients’ individual personalities.

The application helps home buyers, especially in today’s economic climate, feel more comfortable that the area they choose to buy a home in matches well with their particular lifestyle. What’s great about  “Lifestyle Search” is that the various Lifestyle criteria are applicable to just about any homeowner’s wants…regardless of one’s station in life. Whether you’re looking at new North Shore or Glencoe  neighborhoods from a real estate investment perspective this winter or if you’re simply wanting to move somewhere that fits perfectly into the type of life you like to lead…Lifestyle Search surely can help.

Just a ping away, Gloria Matlin can assist with North Shore homes for sale, Glencoe homes for sale or North Shore real estate as well as market condition questions.  Her top producing office is located at 640 Vernon Ave, Glencoe Illinois. Stay in touch and/or visit www.gloriamatlin.com for more details.