Spring Home Buying Frenzy? North Shore Real Estate

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North Shore Spring-time home buying is fast approaching. The normal spring home buying season is typically March, April, May and June. The main reason for this time-frame is because many take vacations during July and August. Spring 2017 on Chicago’s North Shore is forecasted to be one of the best home sale seasons on record; and with mortgage interest rates at relative lows, many are paying close attention to Chicago North Shore real estate outcomes.

Be ready to jump on the North Shore home you want. Don’t be too indecisive. Don’t try to sleep on it. When you find it, make an offer. Here are other tips to help you navigate The North Shore home buying spring season:

  • Get preapproved by a local North Shore lender. It could be a local bank or a local mortgage broker, but don’t try to compete with an online lender approval letter or an out-of-area mortgage lender letter. Offers that contain a local lender’s preapproval letter will probably get top billing.
  • Focus on the house, not the owner. Don’t get overwhelmed on whether the home is a foreclosure, a short sale or owned by a traditional North Shore seller. Concentrate on location, location, location, and look for homes that meet your basic requirements. If a market is dominated by foreclosures and short sales, those prices will be the norm among traditional sellers.
  • Hire a North Shore neighborhood specialist. All real estate is local. A real estate agent who specializes in the area where you want to buy will be a wealth of information for you. Not to mention, that agent will probably be well-known and respected among the area specialist listing realtors. Working with an agent other agents like is a plus for you.
  • Be prepared to pay list. Some buyers focus on how much the seller is asking instead of on how much the home is worth. Ask your agent to show you a CMA of comparable sales to determine actual value. You can’t compare values by other homes on the market because sellers can ask whatever they want. If you are getting the home you want at a price you can afford, whether you pay $1,000 more or less makes no difference in the overall outcome.
  • Give the seller something other buyers won’t. There are many terms contained in a purchase offer. Negotiation is not always all about price. You can give the seller a benefit to take your offer without actually waiving your rights. Ask your agent to make suggestions for you. It could be something as small as giving the sellers an extra day to move out.

If you are new to town, you might want to spend a few weekends before the home buying season starts and get to know the Chicago-North Shore area. Talk to people in the street and at restaurants. Visit several real estate offices and interview a few North Shore real estate agents. Use the Internet to do some research. Drive or better walk the neighborhoods you like the best at different times of the day and, if you can, on different days of the week, see if they would fit your lifestyle. If you have children, review the North Shore school districts, or research upcoming things to do or activities like North Shore summer camps and spring/summer classes for 2017.

You can also stop by our Coldwell Banker office for help, guidance and questions on buying a home, selling a home or overall North Shore market conditions.  We are located in Glencoe, Illinois 60022- 640 Vernon Ave. We look forward to assisting you. More info HERE

Holiday Buying and Selling Benefits: North Shore Real Estate

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As with the rest of the nation, the 2015 holidays are upon us on Chicago’s North Shore. Places like Northbrook, Glo-2015ReviewDeerfield, Glencoe, Glenview, Highland Park, Kenilworth, Lincolnshire, Northfield, Riverwoods, Wilmette, Winnetka, as well as Lake Forest; will be buzzing with good cheer, places to go, things to do, holiday events and festivals all around. But, real estate still has its place in the hustle and bustle of the season. Now may be one of the best times to buy or sell a North Shore- Chicago home. The benefits, hows and whys are outlined below:

 

Tis’ the season for BUYERS during the holidays

Commonly there’s a wider selection of homes to choose from. A peak season for the real estate market, buyers will find there are many more beautiful homes to choose from during the fall and holiday season. There’s no better time to find your dream home! Utilize vacation time to act on your desire to research online or even visit Chicago North Suburban open houses.

Don’t forget year-end tax breaks. Buying property before years’ end yields some great benefits; including property taxes and mortgage interest, both deductible from gross income.

 For SELLERS, the season brings good things

Beautifully decorated homes are certainly more appealing to potential buyers. What is more beautiful and inviting than a North Shore home that’s elegantly decorated for the holidays? The warmth and spirit of the season makes many homes seem even more stunning during this special time of year. With that comes more exposure for your home. Many people enjoy hosting holiday parties for friends, family and co-workers. When you have a “for sale” sign in your yard, it will likely grab the attention of those who are visiting your neighbors or attending holiday parties, including  yours. Usually the serious buyer will shop for a home during the holidays. The fact is if someone is interested in your home during one of the busiest seasons of the year, chances are they are serious. If your home is priced appropriately, the likelihood is high for getting an offer!

Another year of good tidings, client centered happiness, and high ranking results… all examples of North Shore real estate at its best is summarized in the photo attached below. Feel free to contact Gloria Matlin for assistance buying and/or selling this holiday season. Happy Holidays!

Click the image to view:

Real Estate Outcomes November2013: Chicago’s North Shore

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Glo-NovResults-2013Property Sales

The year approaches the end with a real estate surge…November Chicago North Shore November YTD sales volume is running 23.7% ahead of last year’s year-to-date sales. Market action reporting figures were down -2.4% compared to figures in November of 2012 and were -20.2% lower than market action report sales figures last month. November 2013 sales were at a mid-level compared to November of 2012 and 2011.

Prices

The Median Chicago North Shore Sales Price in November was up 26.6% from totals in November of 2012 and up 14.5% from North Shore sales results last month. The Average Sales Price in November was up 29.3% compared to November of 2012 and up 10.2% from last month’s North Shore results. November 2013 ASP was at the highest level compared to November of 2012 and 2011.

Selling Price vs Listing Price

The North Shore Selling Price vs Listing Price reveals the average amount that North Shore Sellers are agreeing to come down from their list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a North Shore Seller’s market. The November 2013 Selling Price vs List Price of 96.1% was up from 95.8% last month and up from 94.0% in November of last year.

Inventory & MSI

The total Chicago Northern Shore Inventory of Properties available for sale as of November was down -14.8% from totals calculated last month and down -28.2% compared to November of last year. November 2013 Inventory was at the lowest level compared to November of 2012 and 2011.

A comparatively lower MSI is more beneficial for North Shore sellers while a higher MSI is better for North Shore buyers. The November 2013 MSI of 4.4 months was at its lowest level compared with November of 2012 and 2011.

Inventory / New Listings / Sales

The view above of the North Suburban market of Chicago, combines monthly inventory of North Shore properties for sale along with New Listings and Sales totals. The sales driven graph shows the basic annual seasonality of the market as well as the relationship between these items. The number of New North Shore Listings in November 2013 was down -31.9% from last month and down -2.9% from market action reporting in November of last year.

Consistently among the top performing Illinois Realtors for the 2nd, and 3rd quarter of 2013, a five star professional award winner -2011, 2012 and 2013, nationally ranking in the top 1% of agents for over 3 decades; Gloria Matlin maintains these accolades with grace, and a sincere approach by making each and every client realize their North Shore real estate dreams.  For more information on these and similar reports feel free to stop by Gloria’s high producing Coldwell Banker Residential Real Estate office- 640 Vernon Ave., in the downtown village district  of Glencoe, Illinois,60022.

Real Estate Outcomes August2013: Chicago’s North Shore

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Market-August2013Property Sales

Outstanding pre-fall Chicago North Shore market action reports; August North Shore property sales were up 13.4% from sale totals in August of 2012 and -1.5% lower than the sales results last month. August 2013 sales were at their highest level compared to August of 2012 and 2011. August YTD sales are running 25.3% ahead of last year’s year-to-date sales.

Prices

The Median North Shore-Chicago sales Price in August was up 2.0% compared to data results in August of 2012 and up 1.0% from last month. The Average Sales Price in August was up 6.3% compared to sales figures in August of 2012 and up 5.1% from last month. August 2013 ASP was at highest level compared to August of 2012 and 2011.

Inventory & MSI

The Total Inventory of North Suburban properties available for sale as of August 2013 was down -11.0% from  last month and down -32.7% from  reports released in August of last year. August 2013 Inventory was at the lowest level compared to August of 2012 and 2011.

A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The August 2013 MSI of 2.7 months was at its lowest level compared with August of 2012 and 2011.

Market Time

The average Chicago-North Shore Days On Market (DOM) shows how many days the average 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 August was 50, down -9.1% from 55 days last month and down -34.2% from 76 days in August of last year. The August 2013 DOM was at its lowest level compared with August of 2012 and 2011.

Inventory / New Listings / Sales

The image above of the market combines monthly inventory of Chicago Northern Shore Properties for sale along with New North Shore Listings and Sales. The provided above calculations show the basic annual seasonality of the North Shore market as well as the relationship between these items. The number of New North Shore Listings in August 2013 was down -18.8% from last month and up 9.8% from August of last year 2012.

Sustained Realtor sales performance, top producing results, enthusiasm, an accurate pulse on the North Shore market, over two decades of trusted real estate experience, repeated national recognition for personalized luxury real estate service; these phrases describe Gloria Matlin, the consummate Chicago North Shore real estate professional.  Stop by her high ranking Coldwell Banker office in Glencoe for a review of similar and various market reports, analysis, history or general area information- 640 Vernon Ave, Glencoe, Illinois-60022.

Glencoe-North Shore Market Trends: Update May-June2013

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It is official, spring has sprung! Illinois-Chicago Northern Shores home sales increased 25.3% based on previous-year real estate data compiled in April and median North Shore prices topped out at 7.7% percent, according to a recent market action report released by the Illinois Association of REALTORS®. Overall, and statewide this was the best sales volume April performance since 2007.

So far North Suburban real estate figures are reassuring, even with a decrease in the number of homes available for sale. North Shore home prices are increasing slightly due to ongoing home buyer demand, rising rents, and the alluring interest rates that boost North Shore home buyer confidence; resulting in a strong 2013 spring housing market. The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Shore- North Central region was 3.42 percent in April 2013, down from 3.54 percent during the previous month, according to the Federal Home Loan Mortgage Corp. Last year in April it averaged 3.89 percent. Listings under Contract within Chicago’s North Shore were up 36.1%. Inventory levels shrank 40.4%. Prices moved higher. The Median Sales Price increased 9.8%. Market Times were down 16.7% according to outcomes collected by The North Shore Barrington Association of Realtors and Midwest Real Estate Data. The fact remains clear; it is still an ideal time to buy, sell or both.  See the supporting image below (click to enlarge):

MarketTime-April13

Geoffrey J.D. Hewings, Director of the Regional Economics Applications Laboratory of the University of Illinois stated “The housing market is exhibiting signs of a more stable recovery with an anticipated strong early summer led by strong sales gains and more modest but still positive gains in median prices. Average time on the market, the growth in the pending sales index and an increase in the share of total sales captured by more expensive properties point to a return to greater stability in the market.” See supporting image (click to enlarge).

 MarketOverview-13

Fifty-five (55) of 102 Illinois counties reporting to IAR showed year-over-year home sales increases in April 2013. Forty-two (42) counties showed year-over-year median price increases including portions of Chicago North Suburban Lake, up 16.1 percent and Cook, up 11.9 percent.

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 May 7, 2013 for the period April 1 through April 30, 2013 with continued reporting in June 2013. 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.

Among Realtors in the Chicago-Northern Suburban area with the highest national sales performance, Gloria Matlin ranks high in customer service, specialized client attention, and profound area knowledge, and has for well over 25 years. She calls Glencoe’s Coldwell Banker Residential Real Estate office home, located at 640 Vernon Ave, 60022, in the downtown district.  Stop in to discuss North Shore homes for sale, Glencoe homes for sale, market condition reports, analysis, outcomes, and forecasts or upcoming annual events like famer’s markets, garage sales, even Ravinia Festival.

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

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Glencoe-North Shore Market Trends: Update April-May2013

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North Shore Chicago Real Estate is off to a HOT start for spring!…..According to the Illinois Association of REALTORS®, Illinois home sales increased 13.6% over previous-year data in March and median prices increased 3.6%. Statewide home sales including the North Suburban area in March 2013, totaled 10,992 homes sold, up from 9,679 in March 2012. Statewide real estate market action reports showed monthly year-over-year gains since July 2011.

This period traditionally marks the busiest time in a year for the North Shore real estate market. Currently, listings under Contract were up 36.1%. Inventory levels shrank 40.4% to 2,608 units. Two factors to highlight are the reduced market times before a home sells, along with reduced inventory levels. They support the current intense interest home-buyers have to take advantage of low prices that will ultimately increase, and locking in a desirable interest rate. This is an ideal time for sellers to list homes and sell quickly if priced right. The North Suburban Chicago Spring real estate market is thriving and benefiting buyers and sellers alike. See supporting data from The North Shore-Barrington Association of Realtors and Midwest Real Estate Data LLC  in the image below (Click to enlarge):

April-MarketTime

The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central-North Suburban region was 3.54 percent in March 2013, up from 3.49 percent during the previous month, according to the Federal Home Loan Mortgage Corp. Last March it averaged 3.99 percent.

Director of the Regional Economics Applications Laboratory of the University of Illinois, Dr. Geoffrey J.D. Hewings stated: “The inventory in both the state and Chicago markets suggest that demand has begun to return to the housing market.” Forty-four (44) of 102 Illinois counties, including the north suburbs of cook and Lake Counties, showed year-over-year home sales increases in March 2013.

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 April 7, 2013 for the period March 1 through March 31, 2013 and will continue with real estate updates in April 2013. 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 atwww.illinoisrealtor.org/marketstats

Gloria Matlin a real estate professional with a long-standing and compelling record of top producing accomplishments in the North Suburbs of Chicago.  She has been a trusted resource providing unparalleled Chicago-North shore real estate insight, performance, knowledge, expertise, and sound guidance for over 25 years. Visit her home base-Coldwell Banker Residential Real Estate office located in Glencoe: 640 Vernon Ave, 60022; or find her HERE for the latest trends, market reports, data, relocation options-designations, and information on her unique client driven approach to real estate.

Real Estate Outcomes March2013: Chicago’s North Shore

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March2013-GMProperty Sales

The Market is heating up!! Chicago North Shore-Glencoe March real estate property sales were up 14.4% from market action reporting in March of 2012 and 27.4% higher than North Suburban sales last month. March 2013 sales figures were at their highest level compared to March of 2012 and 2011. March YTD sales are running 23.4% ahead of last year’s year-to-date final real estate data.

 Prices

The Median Glencoe Sales Price in March was up 2.7% from March of 2012 and up 11.8% from last month. The Average North Shore-Glencoe Sales Price in March was up 3.2% compared to March of 2012 and up 11.2% from last month. March 2013 ASP (average sales price) was at a mid-range compared to March of 2012 and 2011.

 Inventory & MSI

The Total Inventory of Glencoe-North Suburban Properties available for sale as of March was down -10.1% from sales figures calculated last month and down -42.2% from North Shore real estate totals in March of last year. March 2013 Inventory was at the lowest level compared to March of 2012 and 2011.

A comparatively lower real estate MSI is more beneficial for Chicago-North Shore sellers while a higher MSI is better for Chicago-North Shore buyers. The March 2013 MSI of 4.6 months was at its lowest level compared with March of 2012 and 2011.

 Market Time

The average Days on Market (DOM) shows how many days the average North Shore-Glencoe real estate property is on the Market before it sells. An upward trend in North Shore 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 March was down -3.4% compared to last month and down -19.0% from 105 days in March of last year. The March 2013 DOM was at its lowest level compared with March of 2012 and 2011.

 Inventory / New Listings / Sales

The view above of the Glencoe-North Shore real estate market combines monthly inventory of Properties for sale along with New Listings and Sales. The graph outlines the basic annual seasonality of the market as well as the relationship between these items. The number of New Chicago North Shore-Glencoe Listings in March 2013 was up 13.8% from last month and down -10.2% from data calculated from March of last year.

Gloria Matlin is a sustained real estate resource, ranking nationally within the top 2% of Realtors for over 20 years. She is among Coldwell Banker’s elite group of 2012 highest performing real estate professionals.  Chicago’s North Suburbs, also known as the North Shore, is where she calls home.  Visit Gloria HERE and HERE for additional real estate news, reports, forecasts, tips, and insight.

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