Real Estate Outcomes October2012: Chicago’s North Shore

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Property Sales

Reports reflecting Chicago North Shore real estate market action in October show sales were down -25.0% from October of 2011 data and -10.0% lower than sales figures last month. October 2012 North Shore housing sales were at their lowest level compared to October of 2011 and 2010 conditions. October YTD sales are running 11.9% ahead of last year’s year-to-date sales volume.

Prices

The North Suburban Chicago Median Sales Price in October was down -18.9% from October of 2011 and up 25.8% from last month. The Average North Shore Sales Price in October was up 17.4% compared to October of 2011 data and up 47.9% based on real estate analysis from last month. October 2012 ASP was at highest level compared to October of 2011 and 2010 North Shore homes for sale.

 

Inventory & MSI

The total North Shore Chicago Inventory of Properties available for sale as of October 2012was down -8.5% from last month’s data and down -31.8% from figures calculated in October of last year. October 2012 North Shore real estate Inventory was at the lowest level compared to October of 2011 and 2010 trends.

A comparatively lower MSI is more beneficial for North Shore sellers while a higher MSI is better for North Shore buyers. The October 2012 MSI was at its lowest level compared with October of 2011 and 2010.

Market Time

The average 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 Buyer’s market, a downward trend a move towards more of a Seller’s market. The DOM for October was up 21.9% from last month’s compiling data and down -20.5% in October of last year. The October 2012 DOM was at its lowest level compared with October of 2011 and 2010 closed sales data.

Inventory / New Listings / Sales

‘The link/image above shows the market data combining monthly inventory of North Shore Properties for sale along with New Listings and Sales along the North Shore of Chicago. The graph shows the basic annual seasonality of the North Shore real estate market as well as the relationship between these items. The number of New Listings in October 2012 was up 16.7% from last month’s formulated data.

Gloria Matlin, based in the high ranking downtown Glencoe, Illinois Coldwell Banker office; can help answer questions on North Shore Chicago real estate reports, conditions, outcomes, forecasts, and calculations. Feel free to stop in.

What to do if or When an Appraisal is Low: North Shore Real Estate

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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.

 

Pocket Listings: What You Should Know-North Shore Homes For Sale

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On Chicago’s North Shore Real Estate options like “pocket listings” or exempt listings have become a more mainstream option for quietly marketing a home for sale. If you haven’t already heard of these popular real estate terms, you probably will.  Here is what you’ll need to know as a North Shore home buyer or seller about this fast growing type and a few examples to review:

Pocket listing– an unofficial, off-market Property

Also known as a “quiet” or “off-market” or “exempt listing”, a pocket listing is a real estate property that an agent keeps tucked away. Though the seller may have a signed listing agreement with a real estate agent/broker, the property for sale isn’t officially listed in the MLS. Other traditional forms of marketing may be downplayed, too.

Example of a North Shore off-market property currently for sale:

 

Exempt or Pocket listings- what they mean for buyers and sellers

If you’re a North Shore seller, you may consider testing the waters with a pocket or exempt listing, even if it’s just for a week or two.

For buyers, it’s important to work with a local Chicago North Suburban agent who has established relationships with other agents in the community. That way, you can be certain that you’ll be made aware of all potential North Shore homes for sale.

Coming Soon 2524 Augusta Way:

Contact Gloria Matlin for a private showing for any of these North Shore exempt properties.  847-835-6058

More info HERE and HERE

Glencoe-North Shore Market Trends: Update August-September2012

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Sustained progress! North Shore-Chicago August 2012 real estate home sales hit a top surge of 23.7% over previous year volume data, part of a 14-month continual run of sales increases based on figures recently released by the Illinois Association of REALTORS®.

More than half of Illinois counties reporting, including Cook and Lake showed year-over-year home sales increases in August 2012. In the nine-county Chicago Primary Metropolitan Statistical Area (PMSA), home sales (single family and condominiums) in August 2012 totaled 9,240 homes sold, up 28.5 percent from August 2011 sales of 7,188 homes.

Statewide home sales including North Suburban Chicago, (including single-family homes and condominiums) in August 2012 totaled 13,264 homes sold, up from 10,721 home sales in August 2011. IAR has seen year-over-year increases since July 2011, and the data reflects a 7 percent gain over July 2012’s sales of 12,392 units.

Signs of a turn-around continue to be a solid reality on Chicago’s North Shore, with homes selling and prices increasing/stabilizing. Listings under contract in the North Shore region were up 47.1%. Inventory levels shrank 31.4%.  Market times were down 14.6%. Mortgage rates appear to sustain buyer and seller appeal with historic lows. The monthly average commitment rate for a 30-year, fixed-rate mortgage for the Chicago North Suburban-North Central region was 3.60 percent in August 2012, up from 3.54 percent during the previous month, according to the Federal Home Loan Mortgage Corp. Last year in August it averaged 4.26 percent. This information is supported and displayed in the figure below care of the North Shore-Barrington Association of Realtors and MRED (click to enlarge):

Among trends emerging in August was how foreclosed/distressed properties are beginning to work through the court system stated Dr. Geoffrey J.D. Hewings, Director of the Regional Economics Applications Laboratory of the University of Illinois. He added the data suggests foreclosure resolutions are now “clearing the market more rapidly than new additions.”  Again, this information is supported and displayed in the figure below care of the North Shore-Barrington Association of Realtors and MRED (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 Sept-October 2012 for the period Aug. 1 through Aug. 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.

Find Illinois housing stats, data and the University of Illinois REAL forecast at www.illinoisrealtor.org/marketstats.

Glencoe-North Shore Market Trends: Update July-August2012

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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.

New Listing – 351 Adams Ave., Glencoe.-Chicago North Shore Real Estate

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New Listing/Just Listed/For Sale/New on the market – 351 Adams Ave., #Glencoe..NEWER CONSTRUCTION, PERFECT FOR TODAY’S LIFESTYLE, MOVE RIGHT IN! See the North Shore property tour here http://ht.ly/cUsBP and additional information HERE as well as HERE.  Contact Broker-Realtor Gloria Matlin for a private showing.

Come experience the amazing open floor plan with natural light filtering in from the abundance of windows all around. Hardwood oak floors are throughout this breathtaking home, along with crown moldings, detailed ceilings and recessed lighting. Feel free to stop by our Coldwell Banker Residential Real Estate office to enquire about this Chicago North Suburban property. We are located in the heart of downtown-640 Vernon Ave., Glencoe, Illinois-60022.

Real Estate Outcomes July2012: Chicago’s North Shore

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Property Sales

North Shore real estate data compiled for July 2012, reported property sales up 70.0% from July of 2011 and -22.7% lower than sales in the month of June2012. July 2012 sales were at their highest level compared to July of 2011 and 2010. July YTD sales are running 2.4% ahead of last year’s year-to-date volume figures.

Prices

Chicago’s North Suburban Median Sales Price in July was up 83.1% based on 2011 data and down -12.3% from last month. The Average Sales Price in July2012 was up 43.1% based on 2011 reports and down -13.5% from last month. July 2012 ASP was at a mid range compared to July of 2011 and 2010.

Inventory & MSI

The Total Inventory of Properties for Chicago’s North Shore-Glencoe, available for sale as of July was 79, down -8.1% from 86 last month and down -42.3% from 137 in July of last year. July 2012 Inventory was at the lowest level compared to July of 2011 and 2010.

A comparatively lower MSI is more beneficial for North Shore sellers while a higher MSI is better for North Shore buyers. The July 2012 MSI of 4.6 months was at its lowest level compared with July of 2011 and 2010.

Market Time

The average 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 July was 120, up 25.0% from 96 days last month and up 69.0% from 71 days in July of last year. The July 2012 DOM was at its highest level compared with July of 2011 and 2010.

Inventory / New Listings / Sales

The picture above provides a view of the market combining monthly inventory of North Shore Properties for sale along with New North Shore Listings and Closed Sales. The graph shows the basic annual seasonality of the North Shore market as well as the relationship between these items. The number of new North Shore-Glencoe Listings in July 2012 was 23, down -4.2% from 24 last month and down -32.4% from 34 in July2011 of last year.

With over 45 years of reliable and unparalleled service, any of our North Suburban-Glencoe real estate agents and/or brokers can assist you. We are located in the main downtown area of Glencoe, IL-640 Vernon Ave, 60022-Coldwell Banker Residential Real Estate office.

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