Benefits of Year End Real Estate Investing: North Shore Chicago

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Here on Chicago’s North Shore, next to spring, fall is often the busiest real estate time of the year. Although you can buy and sell houses at any time, the fall North Suburban real estate market offers abundant benefits to home buyers, including year-end tax breaks, pleasant weather conditions for moving, commonly a wider selection of houses, and the beautiful presence of mother-nature all FallScene-2around!

To further provide examples of the North Shore home buying advantages you can enjoy during the autumn months, below is a more detailed look into the benefits of looking for and purchasing a home in the autumn 2017 season.

Mortgage loan year-end tax breaks

By October and November, people are already reviewing year-end tax breaks they may be eligible for. Fortunately for home-buyers, owning a home can yield immense dividends in tax returns. For example, both mortgage interest and property taxes are deductible from gross income. In addition, if you have prepaid ant interest before the due date of your first payment and you close your loan before the year’s end, that amount will also be deducted. Consult a tax professional for specific details and guidelines.

Often more home buying choices

Given that North Shore home buying and selling is at a peak during the fall season, the real estate market often becomes a highly competitive arena. While there may be additional pressure to buy due to the quicker turnaround of houses on the market, at the same time you also benefit from the wider selection of homes available during the fall season. In fact, between the months of September and December, you may be fortunate enough to visit several North Shore open houses in a single day. Therefore, to make sure you don’t miss out on finding your dream house, it’s a good idea to examine on-line ads often since the listings are updated frequently.

Getting ahead of mother mature

Buying a North Shore house in the winter may not be very appealing to most home buyers. Low temperatures and poor weather conditions can potentially make moving more difficult. But by moving in early, mid, even late autumn, you gain the added benefit of eluding the sweltering summer heat.

Fall home buying TIP:  Taking into account that fall is the second busiest season of the year for buying and selling houses on the North Shore, you may be tempted to put a bid on a home for fear that another buyer will better your offer or snatch it up before you. Carefully assess your financial situation ahead of time and before your feet hit the pavement, know what your ceiling is and stick to it. More info HERE

The North Shore real estate Fall 2017 forecast calls for ongoing top tier results, high ranking top producing performance, and sustained elite service from Gloria Matlin and partner Zack Matlin of Matlin Residential Real Estate. With over 25 years of trusted real estate professionalism, she and Zack are the consummate guides on Chicago’s North Shore. Look to them for assistance with relocation, buying, selling, investing, or to inquire about local communities, they can help make North Shore real estate dreams a reality. Gloria’s home office is located within the top brokerage firm on the North Shore-Coldwell Banker Residential Real Estate office. 640 Vernon Avenue, Glencoe, Illinois 60022.

 

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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

4th of July Events and Fireworks: North Shore Chicago Real Estate

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North Shore Chicago real estate is an ideal topic, but for holiday sake, so is the 4th of July on Chicago’s North Shore! This year’s July 4th holiday falls on a Friday, which makes the celebration that much sweeter, with ongoing celebrations well into the fourth-of-july-picturesweekend.Local North Shore sights, sounds and events are boundless options this holiday. Below are top rated ways to celebrate Independence Day, as well as a list of North Shore community things to do, places to go and events to experience..Enjoy!

Find a Fireworks Show
Instead of driving neighbors and dogs crazy this year with at-home fireworks, attend a public display.

July 4th Events/Fireworks Shows for Glencoe, Winnetka, and Northfield:  

North Suburban and Chicago holiday events:

Shop ‘Til You Drop
There’s no better time to shop than on the 4th of July when Chicago North Shore retailers offer firework-worthy sales and other merchandise incentives; one of the best ways to avoid a battle with the crowd at the mall or outlet center:

Local shopping options

Plan a Cook-out or Picnic
Take your family or significant other on a picnic, by a lake or at the park near your home. Prepare your own finger foods and side dishes with traditional 4th of July grub. Download a few printable games to pump up the fun, which may include Independence Day trivia and a scavenger hunt for the kids.

Get Active
Organize a fun day of softball at a local field or park with family and friends. Assign blue and red (or white) teams and request that members wear the appropriate colors. Otherwise, pick up some cheap tees, pack a cooler with beverages, sandwiches and snacks, and let the games begin!

Parks and recreation options  

More info HERE

Top Ideas for Spring Break 2014: North Shore-Chicago Real Estate

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With warmer weather and vacation time close at hand the specific focus on North Shore real estate shifts slightly to subjects like places to go, places to stay, traveling abroad, and things to do for spring break 2014! Some will start looking at destination clubs or FirstDayOfSpringspecific places to visit; others will embrace a “staycation” concept and explore all that Chicago’s North Shore has to offer. Provided below are options to satisfy everyone this year:

Staycation-North Shore/Chicago, Illinois Style!

North Shore Events/Restaurants

Top Things to do Around Illinois/Chicago

One day deals

 

Top Destination Clubs & Travel!

Recommended club locations

Travel for students

Travel for families

Our Chicago North Shore Coldwell Banker office located in downtown Glencoe, Illinois-60022, can provide help with local vacation homes for rent, homes for sale, local North Shore directions, maps, events happening for spring break, places to visit, or simply just to recommend places to dine around the North Shore communities.  Our 46+ years of optimal neighborhood service can be put to use to help plan and sustain a wonderful spring break for 2014.  We look forward to assisting/seeing you. Have a fun and fantastic Spring Break. Enjoy!

Top 6 Home Tax Deduction Mistakes: North Shore Real Estate

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Here on the North Shore of Chicago that time is upon us….tax season!  For North Shore real estate homeowners, home sellers, or prospective first time North Shore home buyers, having a basic understanding of tax guidelines can potentially shield you from Taxbreaksfinancial heartache and can help to ensure you’ll benefit from many of the exceptional tax benefits of property ownership. Below are the top 6 tax deduction misconceptions.

Note: Due to the various restrictions and conditions regarding real estate tax benefits, it is important to consult with one’s financial advisors or accountants to fully understand the benefits and opportunities of tax benefits to those who own North Shore real estate. The tips provided give general information about tax laws and consequences, but shouldn’t be relied upon as tax or legal advice applicable to particular transactions or circumstances. Consult a tax professional for such advice; tax laws may vary by jurisdiction or location.

See a list of available North Shore tax preparers and financial advisors HERE . Or, let us know who you recommend for tax preperation on Chicago’s North Shore!

Schedule A is the part of Form 1040 commonly used to list myriad deductions, and the more details, the more prone someone may be to misinterpretation with their taxes. To save time and money, four tax experts weigh in on the following 6 most common Schedule A concept mistakes homeowners may make.

Concept #1: Line 6 – real estate taxes

Your monthly mortgage payment often includes money for a tax escrow, from which the lender pays your local real estate taxes.
The money you send the bank may be more than what the bank pays for your taxes, says Julian Block, a tax attorney and author of Julian Block’s Home Seller’s Guide to Tax Savings. That will lead you to putting the wrong number on Schedule A.
Example:

  • Your monthly payment to the lender: $2,000 for mortgage + $500 escrow for taxes
  • Your annual property tax bill: $5,500

Now do the figures:

  • Your bank received $6,000 for real estate taxes, but only paid $5,500. It may keep the extra $500 to apply to the next tax bill or refund it to you at some point, but meanwhile, you’re making a mistake if you enter $6,000 on Schedule A.
  • Instead, take the number from Form 1098—which your bank sends you each year—that shows the actual taxes paid.

Concept #2: Line 6 – tax calculations for recent North Shore buyers and sellers

If you bought or sold a North Shore home in the middle of 2013, figuring out what to put on line 6 of your Schedule A Form is tricky.
Don’t simply enter the number from your property tax bill on line 6 as you would if you owned the house the whole year. If you bought or sold a house in midyear, you should instead use the property tax amount listed on your HUD-1 closing statement, says Phil Marti, a retired IRS official.
Here’s why: Generally, depending on the local tax cycle, either the seller gives the buyer money to pay the taxes when they come due or, if the seller has already paid taxes, the buyer reimburses the seller at closing. Those taxes are deductible that year, but won’t be reflected on your property tax bill.

Concept #3: Line 10 – properly deducting your points

You can deduct points paid on a refinance, but not all at once, says David Sands, a CPA with Buchbinder Tunick & Co LLP. Rather, you deduct them over the life of your loan. So if you paid $1,000 in points for a 10-year refinance, you’re entitled to deduct only $100 per year on your Schedule A Form.

Concept #4: Line 10 – HELOC limits breakdown

If you took out a home equity line of credit (HELOC), you can generally deduct the interest on it only up to $100,000 of debt each year, says Matthew Lender, a CPA with EisnerLubin LLP.
For example, if you have a HELOC for $200,000, the bank will send you Form 1098 for interest paid on $200,000. But you can deduct only the interest paid on $100,000. If you just pull the number off Form 1098, you’ll deduct more than you’re entitled to.

Concept #5: line 13 – Private mortgage insurance

You can deduct PMI on your Schedule A Form, as long as you started paying the insurance after Dec. 31, 2006. Unless Congress acts to extend the PMI deduction, however, 2011 is the last year for which you can take this deduction. (Also, this is also a good time to review your PMI: You might be able to cancel your PMI altogether because you’ve had a change in loan-to-value status.)

Concept #6: line 20 – casualty and theft losses

You can deduct part or all of losses caused by theft, vandalism, fire, or similar causes, as well as corrosive drywall, but the process isn’t always obvious or simple:

  • Only deduct losses that are greater than 10% of your adjusted gross income (line 38 of Form 1040).
  • Fill out Form 4684, which involves complex calculations for the cost basis and fair market value.  This form gives you the number you need for line 20.

Bottom line on line 20: If you’ve got extensive losses, it’s best to consult a tax pro. “I wouldn’t do it myself, and I’ve been dealing with taxes for 40 years,” says former IRS official Marti.

Get more tax tips HERE

Glencoe-North Shore Market Trends: Update August-September2013

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Great gains and double digits….North Shore-Chicago, Illinois home sales surged 28.5% over previous-year sales market action reporting levels in July, in addition median prices increased 14.2%, based on the recent market analysis statement from the Illinois Association of REALTORS®; providing yet another indication of a strong summer for the North Shore region housing market.

Although interest rates have slightly increased in the past months, momentum and strong interest in home purchasing on the part of sellers has not slowed. North Shore-Chicago buyers and sellers are moving away from the sidelines as they see the markets favorable indicators.  New Listings in the North Shore-Barrington region increased 9.3 percent to 1,175. Listings Under Contract were up 31.7 percent to 790. Inventory levels shrank 29.3 percent to 2,976 units.  The Median Sales Price increased 2.5 percent. Market Times were down 47.4 percent to 93 days. Information provided by the North Shore Barrington Association of Realtors and Midwest Real Estate Data, LLC. See the supporting figures in the image below (click to enlarge):

NorthShore-MarketOverview-July2013

The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central-North Shore region was 4.35 percent in July 2013, up from 4.09 percent during the previous month, according to the Federal Home Loan Mortgage Corp. Last July it averaged 3.54 percent. See historical images below (click to enlarge):

MortgageRates-July2013

Sixty-one (61) of 102 Illinois counties reporting to IAR showed year-over-year home sales increases in July 2013. Forty-nine (49) counties showed year-over-year median price increases including Lake, up 15.2 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 Aug. 7, 2013 for the period July 1 through July 31, 2013 and will start again in August 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.

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

Gloria Matlin, a Chicago North Shore resident, die-hard Chicago Blackhawks fan, national top producing real estate professional for over 25 years, trusted local North Shore area resource, and above all tenaciously committed to making North Shore real estate dreams come true; through optimal service with a personable approach. Look to her for answers regarding local North Shore market action report analysis, data, history, projections, or simply to find out about local community happenings/events/things to do/places to go. She calls Glencoe’s Coldwell Banker Residential Real Estate office home–640 Vernon Avenue, 60022. Have a safe and funLabor Day holiday weekend

Glencoe-North Shore Market Trends: Update June-July2013

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The best in 6 years! North Shore Chicago, Illinois home sales increased 24.4 percent over previous-year volume in May and median prices increased 6.9 percent based on recent market action reporting from the Illinois Association of REALTORS®. This update represents the 23rd consecutive months of year-over-year sales increases in the north suburban Chicago area and the strongest May since 2006 when 17,622 homes were sold statewide.

Within Chicago’s North Shore, buyers are still highly motivated and steadily increasing housing market figures. Home prices reflect the strong demand and high sales results, approaching pre-recession status, a stable sign that the market has rebounded. In addition, despite a slight increase the average commitment rate for a 30-year, fixed-rate mortgage for the North Central region at 3.55 percent in May 2013, up from 3.42 percent during the previous month; the rates are still appealing compared to Last May when they averaged 3.83 percent. Information provided by the Federal Home Loan Mortgage Corp. Lastly, it is important to highlight that market time within the North Shore area and throughout the state dropped substantially in May with listings averaging 69 days until sale, a 25 percent drop compared to 92 days in May 2012.  See supporting data in the image below from The North Shore Barrington Association of Realtors and Midwest Real Estate Data LLC (click to enlarge):

ListPriceData-May2013

 

According to Geoffrey J.D. Hewings, Director of the Regional Economics Applications Laboratory of the University of Illinois, “all the indicators point to a strong three-month period of growth, even in median prices. Mortgage rates are starting to inch upwards but the rates are still attractive enough not to dampen the momentum”.

ViewMag-GloriaMatlin

Fifty-nine (59) of 102 Illinois counties reporting to IAR showed year-over-year home sales increases in May 2013. Forty-nine (49) counties showed year-over-year median price increases including North Suburban Cook, up 9.4 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 June 7, 2013 for the period May 1 through May 31, 2013 and into June and July of 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.

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

As a trusted real estate resource on the North Shore’s of Chicago for well over 25 years, Gloria Matlin provides timely market updates like the above blog post each month. Follow this blog for ongoing market action reports, history and real estate conditions analysis, North Shore homes for sale, North Shore homes for rent, recent sales, as well as Chicago Northern Community-places to go, things to do and top rated events.

Have a great 4th of July Holiday!  More holiday and summer events on the North Shore of Chicago can be found HERE and HERE.

 

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