Sellers and Buyers in 2017’s North Shore Real Estate Market- 3 Things to Know

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Here on Chicago’s North Shore the spring 2017 real estate market is favorable for both buyer and seller alike. North shore agents are seeing busier open houses, quicker sales, even multiple offers.
But like houses, no two North shore sellers or buyers are exactly the same. Having a grasp of the mindset of both, can ease the North Shore real estate navigation process a bit. With the buy-sellhelp of an experienced solidly performing North Shore real estate professional, below are three scenarios sellers and buyers should be aware of in today’s market:

1. Buyers can be sellers and sellers become buyers

Often, sellers feel the same amount of stress or excitement that buyers feel because they’re somewhere in the buying process, too. Though some sellers may want to take additional time and become renters after their sale is complete, many will get back in the homeowner game soon after the sale goes through, sometimes immediately. Sellers, as would-be buyers, want to capitalize on low interest rates and home values. Getting the North Shore home sold quickly and at today’s value may be all a seller needs to make a purchase. Though it may be a “sellers’ market in some areas,” most sellers these days have a sense of empathy. They understand the buyer’s position and likely want to get out cleanly and quickly so that they, too, can buy.

2. Sellers are feeling relief 

Even the sellers who have successfully sold before are well aware of what happened in real estate markets over the past five years; news that the market is thriving, and in their favor can be a welcoming incentive for all involved. They’re more hopeful than they were even six months ago. Generally speaking, however, most sellers are still feeling somewhat cautious. They’re more likely to take a bird in the hand than to risk losing a sale because of a knee jerk instant reaction.

3. Advice for both sides

Real estate is a game, in a sense, in which both sides hope to achieve their goals, which is why it always helps to understand your “opponent. Take a moment to size up who the buyer is, how they got there and why they want to buy. Don’t make assumptions. Take a step back. Put yourself in their shoes.

Sellers aren’t the same as they were several years ago, when many were driven by other goals as the market’s rise seemed endless. Don’t go into this market, which is very different from even six months ago, assuming the same rules apply. Consulting with your competent Chicago-North Shore real estate professional, will put you in the right position for a successful and joyful transacti

Gloria Matlin with partner Zack Matlin are high-ranking real estate performers. Gloria is a dedicated professional with 25+ years of reliable, client centered, and savvy North Shore market insight. They can be found at the  premier Chicago North Shore Glencoe Coldwell Banker Residential Real Estate office – 640 Vernon Ave., 60022. More information HERE

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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

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:

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

Real Estate Outcomes July2013: Chicago’s North Shore

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JulyMarket-2013Property Sales

North Shore-Chicago July 2013 Property sales were up 28.0% from figures in July of 2012 and -4.6% lower than the market action sales reporting last month.  July 2013 North Shore sales were at their highest level compared to July of 2012 and 2011. July YTD sales are running 27.8% ahead of last year’s year-to-date sales volume outcomes.

Market Time

The average North Shore Days on Market (DOM) shows how many days the average Property is on the North Shore 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 56, down -18.8% from 69 days last month and down -47.2% from 106 days in July of last year. The July 2013 DOM was at its lowest level compared with July of 2012 and 2011.

Inventory & MSI

The Total Inventory of North Shore Properties available for sale as of July was down -1.0% from last month and down -31.2% in comparison to July of last year. July 2013 Inventory was at the lowest level compared to July of 2012 and 2011.

A comparatively lower (monthly Supply of Inventory) MSI is more beneficial for North Shore sellers while a higher MSI is better for North Shore buyers. The July 2013 MSI of 2.8 months was at its lowest level compared with July of 2012 and 2011.

Selling Price vs. Listing Price

The North Shore-Chicago 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 North Shore Buyer’s market exists, a ratio at or above 100% indicates more of a North Shore Seller’s market. The July 2013 Selling Price vs. List Price of 96.7% was up from 96.3% last month and up from 94.0% in July of last year.

Inventory / New Listings / Sales

The collective North Shore view of the market above combines monthly inventory of Chicago-North Shore Properties for sale along with New Listings and Sales. The graph shows the basic annual seasonality of the North Shore markets as well as the relationship between these items. The number of New Listings in July 2013 down -5.6% from last month and up 22.6% as opposed to market action calculations produced for July of last year.

Gloria Matlin…within the elite group of highest performing 1% of Realtors nationally, she remains amiable yet tenacious. A long standing real estate professional for over 25 years, a Chicago North Suburban resident, she is the consummate guide to the Northern Shore communities.  Her expertise in market trends, relocation, reports, analysis, marketing, even having a pulse on North Shore places to go or things to do are centered on ensuring optimal client satisfaction. She is located within the top producing Coldwell Banker Residential Real Estate office of Glencoe, Illinois-640 Vernon Ave, 60022.

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