If you heard or followed my recent posts, home sales in the Chicago/North Shore/Illinois areas were up 1.3 percent from a year ago.  This is ideal news, but what does that really mean for you, if you’re considering buying or selling North Shore real estate? You don’t have to put off buying or selling a home because of uncertainty about how to view recent market reports, statistics, data and figures..here’s why:

If You Are Selling a Home

Chicago’s North Shore home sales have maintained an increase from July to December 2011, which is a strong indicator that the economy is recovering slowly but steadily. However, it could be several years before prices improve in all national markets to where they were before the housing crisis occurred. House prices are expected to rise each year that you are a home owner, even if those increases are modest compared to the gains seen in the early 2000’s.

If you are looking to sell your North Shore home, the current market offers a lot of under publicized opportunities. Record-low interest rates are moving savvy investors off the sidelines and into residential real estate. This more sophisticated breed of buyer is driving demand and subsequent price increases in areas such as Chicago’s North Shore.

If You Are Buying a Home

If you have good credit and the required down payment, this is an ideal time for you. You may be able to negotiate a lower price on a home you like. You will certainly pay less than you will in a few years from now when the economy finds even ground. If you do your research and find a home with a good value, in a sought after neighborhood, with great schools, you will have invested wisely for the time when you may be ready to sell.

One detail that must be considered when purchasing a home is how long you plan to stay in it. If you want to live there only a few years, the price increases seen in your property could be temporarily offset by current difficulties with the economy. However, if you plan to live there for five years or longer, it will likely be a worthwhile North Shore investment. Other factors play a role such as the specific area your home is located in, and jobs in the surrounding communities.

The current market is unique, but the current market also resembles any mid-recovery period. And, for all its peaks and valleys, the facts reflected in the current North Shore market data shows: you can still become a homeowner with the right funding and you can still sell your house with the right pricing. More info HERE

Our North Shore Coldwell Banker office can and will proudly provide more detail on North Shore market data/history.  Find us downtown Glencoe, Illinois 60022, 640 Vernon Ave.