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

Real Estate Outcomes June2013: Chicago’s North Shore

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JuneRealEstateReportsProperty Sales

North Shore-Chicago June Property sales were up 25.8% from market action reports as of June of 2012 and 17.5% higher than the average sales volume last month. June 2013 sales were at their highest level compared to June of 2012 and 2011. June YTD sales of 1,876 are running 27.6% ahead of last year’s year-to-date sales of 1,470 real estate totals.

Prices

The Median North Shore Sales Price in June was up 7.7% compared to June of 2012 and up 17.4% from last month. The Average Sales Price in June was up 4.7% from totals listed in June of 2012 and up 19.0% from  totals published last month. June 2013 ASP (average sales price) was at highest level compared to June of 2012 and 2011.

Inventory & MSI

The Total Inventory of Chicago North Suburban Properties available for sale as of June was down -2.1% from last month’s market action totals and down -33.5% from totals in June of last year. June 2013 Inventory was at the lowest level compared to June 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 June 2013 MSI of 2.7 months was at its lowest level compared with June of 2012 and 2011.

Market Time

The average Days On on the North Shore 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 Seller’s North Shore market. The DOM for June was 70, down -12.5% from 80 days last month and down -18.6% from 86 days in June of last year. The June 2013 DOM was at its lowest level compared with June of 2012 and 2011.

Selling Price vs Listing Price

The Selling Price vs Listing Price reveals the average amount that Chicago 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 Seller’s market. The June 2013 Selling Price vs List Price of 96.3% was up from 95.8% last month and up from 94.0% in June of last year.

Inventory / New Listings / Sales

The image above of the North Shore market combines monthly inventory of Properties for sale along with New Listings and Sales. The graph shows the basic annual seasonality of the market as well as the relationship between these items. The number of New North Suburban Listings in June 2013 was 645, down -4.7% from 677 last month and up 21.9% from 529 in June of last year.

A Chicago North Shore Realtor, Gloria Matlin remains a top performer, ranking high nationally for her ongoing personable and tenacious real estate approach. She produces consummate results centered around the needs and wishes of her clients, and has for over 25 years. Look to her for real estate updates, reports, data, insight, market conditions, action reporting, trends, and even local north shore events or places to go. She is located in the North Shore’s top selling real estate office-Coldwell Banker residential real estate, 640 Vernon Ave, Glencoe, Illinois-60022.

Glencoe-North Shore Market Trends: Update January-February2013

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Outstanding North Shore real estate conditions for a new year. According to recent reports by the Illinois Association of REALTORS®, home sales surged 15.2% in December compared to previous-year levels and median prices topped off at 5.6% on average, across the state. See the supporting image below provided by Midwest Real Estate Data LLC and North Shore-Barrington Association of Realtors (click to enlarge):

DecData-1

In addition, the monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central region was 3.32% in December 2012. Last December it averaged 3.94%, according to the Federal Home Loan Mortgage Corp.

2012 showed stable signs of North Shore real estate recovery. As a result, an uptick in Chicago North Shore housing market figures was sustained across the board. Specifically ownership versus rental generation supported an increase in North Suburban housing sales that have spilled into 2013; with a decrease in market days before a North Shore property is sold. Confidence was seen in December of 2012, normally a slower period surrounding holiday sales performance. New Listings in the North Shore-Barrington region increased 1.0 percent to 407. Listings under Contract were up 56.1 percent to 451. Inventory levels shrank 39.6%. Low mortgage rates provided ongoing incentives to purchase, refinance and sell. All signs of inventory clearing and projected to produce positive figures well into 2013. Image below provided by Midwest Real Estate Data LLC and North Shore-Barrington Association of Realtors (click to enlarge):

 DecData-2

In the nine-county Chicago-North Shore Primary Metropolitan Statistical Area (PMSA), home sales (single family and condominiums) in December 2012 totaled 7,372 homes sold, up 19.2 percent from December 2011 sales. Fifty (50) of 102 Illinois counties reporting to IAR showed year-over-year home sales increases in December 2012. Thirty-nine (39) counties showed year-over-year median price increases including Chicago North Suburban Cook, up 7.7%.

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 Jan. 7, 2013 for the period Dec. 1 through Dec. 31, 2012, reporting in January 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. 

Real Estate Outcomes December2012: Chicago’s North Shore

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Property Sales

North Shore-Glencoe December real estate YTD sales are running 10.2% ahead of last year’s year-to-date sales. Overall property sales figures show -36.4% from December of 2011 and -41.7% lower than sales last month. December 2012 sales were at their lowest level compared to December of 2011 and 2010 sales data.

Prices

The Median Sales for Chicago North Suburban Glencoe was -8.7% compared to reports from December of 2011 and up 3.2% from last month. The Average Sales Price in December was down -23.5% compared to December of 2011 and down -24.6% from last month. December 2012 ASP was at the lowest level compared to December of 2011 and 2010 figures.

Inventory & MSI

The Total Inventory of North Shore-Glencoe Properties available for sale as of December was  down -24.3% from  data compiled  last month and down -39.1% from outcomes in December of last year. December 2012 Inventory was at the lowest level compared to December of 2011 and 2010.

A comparatively lower MSI (monthly supply of inventory) is more beneficial for North Shore sellers while a higher MSI is better for North Shore buyers. The December 2012 MSI of 8.0 months was at its lowest level compared with December of 2011 and 2010.

Market Time

The average Days on Market in Chicago North Suburban Glencoe (DOM) shows how many days the average real estate 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 December was 97, up 51.6% from last month and up 9.0% from sales data listed in December of last year. The December 2012 DOM was at its highest level compared with December of 2011 and 2010.

DecemberData2012

Inventory / New Listings / Sales

‘The view above provides a summary of the North Shore market combining monthly inventory of North Shore Properties for sale along with New Listings and Sales. The graph shows the basic annual seasonality of the market as well as the relationship between these items. The number of New Listings in December specific to Glencoe in  2012, was down -88.9% from 18 last month and down -71.4% from figures posted in December of last year.

Glencoe’s high performing Coldwell Banker Residential Real Estate office located in the downtown district (640 Vernon Ave., 60022) can be a source for up-to-date real estate news, reporting, figures, analysis, outcomes, projections, and overall market conditions. Gloria Matlin, an exceptional North Suburban Realtor, has been helping buyers and sellers connect with their real estate dreams, on Chicago’s North Shore, for over 25 years. Feel free to stop in for immediate assistance.

North Shore Real Estate Trends for 2013-Glencoe Realtor’s Perspective

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Now in 2013, optimism and confidence in Chicago’s North Suburban real estate market is increasing. Growth has been seen throughout HomePredictions2012 and housing recovery is no longer a hush term. 2013 is forecasted to be one of the most productive and best performing real estate years on record. Below are 4 reasons to rejoice and scream out “Happy New Year”:

1. Increase in first-time North Shore home buyers-Recent trends and surveys suggest that growth in demand for North Shore-Chicago homes will likely be driven by first time home buyers. The National Association of Realtor’s released a survey in November of 2012 that showed 39% of borrowers were first-time property purchasers, up 37% from 2011 figures. See Survey HERE.

2. North Shore Home prices are on the rise-Confidence in the North Shore market has fueled demand in homes. The inventory available often gets snapped up quickly. In addition, new home construction may need to increase to keep up with population growth. A recent report by the National Association of Realtors (NAR) in October of 2012, showed a slight decrease of 22% in the pace of inventory against population growth and overall inventory availability. This equals higher demand, which results in higher prices.

3. Mortgage rates will rise-Although at a historic low for most of 2012, predictions are betting on the only direction the rates can go…UP! Rates are slated to rise 4% in 2013 according to The NAR. Experts agree that there’s no way the low-interest-rate trend will last forever. Getting into the marketNOW will have the best benefit and create a North Shore real estate asset as interest rates begin to surge again.

4. Rents will rise with young people entering the North Shore market-Many in their twenties and thirties have been waiting, riding out the economy. As the economy picks up, these same groups will look for apartments and rental property, thereby creating greater demand for the rental market. This means a new motivation for North Shore home seekers that may have been on the fence. In recent years rents have been rising nationally at a pace of about 4% based on a Zillow analysis and confirmation that buying beats renting in most metros including North Shore-Chicago. It’s predicted this trend will continue well into 2013. See report HERE.

Glencoe-North Shore Market Trends: Update December-January2013

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Ideal real estate news for the 2013 New Year…North Shore-Chicago Illinois home sales volume jumped 30.6% compared to previous-year levels in November!  Median prices also increased 7.7% statewide according to the Illinois Association of REALTORS® recent reporting.

The Chicago North Suburban housing market is gaining additional strength with Listings Under Contract up 73.3%, Inventory levels shrinking 36.9%, prices moving higher as the Median Sales Price increased 12.2%, and Market Times down 12.1%. Momentum has been maintained even in historically slow holiday timeframes this year. The trends point to upward figures being seen well into 2013. Although real estate analysts are keeping an eye on listing duration, and fixed rate averages. Confidence continues to soar among local and relocation buyers with the November 2012 mortgage rates at 3.33% for the North Central region. Last November it averaged 4.0%. See image below from Midwest Real Estate Data LLC and The North Shore Barrington Association of Realtors (click to enlarge):

nov-1

Fifty-five (55) of 102 Illinois counties including the North Shore showed year-over-year home sales increases in November 2012. More than half (54) counties showed year-over-year median price increases including Cook, up 7.9%. See supporting real estate data in the image below. (Provided by MRED and NSBAR) click to enlarge:

nov-2

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 Dec. 7, 2012 for the period Nov. 1 through Nov. 30, 2012 reflected in December 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.

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.

Relocating to North Suburban Chicago-North Shore Real Estate

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On Chicago’s North Shore and around the country, relocating has become more common. Some relocate for work, have decided to move somewhere for greater lifestyle access, or are looking for aMoving-1 change of scenery. You may be faced with buying a home in a city that is not only unfamiliar, but in an area larger than anticipated. If you are a real estate investor or frequent vacationer, you might also be looking to buy property far from home base. Of course, buying real estate anywhere other than your current city presents a unique set of circumstances. Here are 4 tips for getting to the end goal….Relocation success!

1. Get a North Shore Real Estate Agent
Look for an experienced North Suburban Realtor/Broker in your intended village/city. Because of possible unfamiliarity with the area and the other unique challenges of not buying locally, you want to work with a professional who really knows what they’re doing. You may even be able to find an agent who specializes in helping people who are relocating, and who will be acutely aware of both your unique requirements and their ability to educate you about the local North Shore real estate market. You want a professional who can steer you toward exceptional neighborhoods and an ideal fit to with your lifestyle and overall needs.

Make sure you fully inform the North Shore real estate agent about your situation. For example, what is your moving timeframe? When will you be able to visit the area? Can the agent set aside a day to show you numerous North Shore properties while you’re in town? More than likely you’ll have limited time to view properties in person, and you’ll need someone who can help you organize and maximize your time. An experienced, high performing North Shore Realtor can do just that.

2. Get familiar with Possible North Shore Neighborhoods
All the usual criteria will also apply when searching for the right North Shore neighborhood – affordability, school quality, proximity to work, etc. The specific neighborhood you choose should reflect your current needs and lifestyle requirements.

3. Get Familiar with the Local North Shore Real Estate Market
Take advantage of all the resources available to you, including your Chicago North Shore real estate agent, in-person visits, chats with local residents, and online real estate reports, data, research, and listings to learn about your new digs. Ask lots of questions of your realtor, they are a wealth of market conditions information.

4. Don’t Avoid an In-Person Visit
And finally, once you’ve decided what you want, reviewed your must have list with your North Shore Realtor, done all your research, or found a few potential properties, you’re ready to get serious about taking the next steps and ultimately making an offer. But make sure you visit the homes in person at some point. Buying a home sight unseen can be tricky. No matter how much you trust your real estate agent’s sound judgment, the only person who really knows if you will like a particular property is you. More info HERE and HERE.

As a certified Cartus Relocation Specialist, Gloria Matlin helps out of area buyers and sellers find the perfect North Shore property to call home..On the Go? Move with Glo! She understands that moving/relocating can be an overwhelming and emotional endeavor. She prides herself on her North Shore community knowledge, involvement and; embracing the newest real estate tools/trends that keep her in the forefront so she can be there for her buyers-sellers 24/7.

 

 

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