Architectural Masterpiece – 725 Greenleaf: Glencoe Real Estate

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Glencoe-North Shore Market Trends: Update March-April2013

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Great News! Home sales statewide, including Chicago North Shore have posted monthly year-over-year volume gains since July 2011; per information recently released by the Illinois Association of REALTORS®.

So far North Shore sales volume has been encouraging. The first two months in a year are traditionally slower in terms of real estate progress, but this year to date the market is off to a robust start. North Shore Market appeal is strongly supported by ongoing attractive mortgage rates and ideal turn-around time-frames for sellers; a win-win combination for all involved in the Chicago North Shore real estate transaction process. The future looks bright for April 2013 North Shore home sale projections.

Station-NorthShore

The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Shore-North Central region was 3.49 percent in February 2013, up from 3.40 percent during the previous month, according to the Federal Home Loan Mortgage Corp. Last February it averaged 3.91 percent. In the nine-county Chicago Primary Metropolitan Statistical Area (PMSA), home sales (single-family and condominiums) in February 2013 totaled 5,935 homes sold, up 20.2 percent from February 2012 sales of 4,936 homes.

Forty-seven (47) of 102 Illinois counties reporting to IAR including the North Suburban area showed year-over-year home sales increases in February 2013. Lake, up 7.4 percent Cook, up 4.7 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 March 7, 2013 for the period Feb. 1 through Feb. 28, 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.

Has the Housing Market Turned a Corner?-Chicago’s North Shore Real Estate

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Across the nation and here on Chicago’s North Suburban Shore the question is still swirling…has the real estate market really turned a corner?  4 primary factors indicate the answer is YES!

1. Foreclosures

The rate of homes foreclosed continues to decline in June with 5.8 out of every 10,000 homes in the country being liquidated. This is the lowest foreclosure pace we’ve seen since December 2007 when 5.5 out of every 10,000 homes were being liquidated. Nationally, foreclosure re-sales also continued to slow, making up 15.6% of all sales in June, down from 16.4% in May. This lower level of foreclosure re-sales is contributing to home value appreciation, as these are usually sold at a discount and influence surrounding non-distressed sales.

2. Rents

The June Zillow Rent Index (ZRI) is up 5.2% from year-ago levels, and 68% of the 293 metropolitan areas including North Suburban Chicago, experienced year-over-year gains. Markets that saw extremely strong year-over-year rent increases including Chicago (11%) are evidence that the prediction of continually rising rents will escalate consumer demand for home purchases, especially in this low mortgage rate environment.

3. Home Values

Nationally, according to various sources and forecasts home values reached their bottom in February of 2012 and have since appreciated at very robust monthly growth rates. The Zillow Real Estate Market Reports cover 167 metropolitan areas including the Chicago metros, which included the North Suburban communities- of which 98 showed quarterly home value appreciation. Overall, national home values are back to January 2004 levels, having fallen 22.9% since their peak in May of 2007.

4. Outlook

Nationally and locally, it is believed that housing has finally turned a corner, and the forecast calls for U.S. home values to increase by 1.1% over the next year! More info HERE

For an in-depth review of this or similar topic, feel free to stop by our Coldwell Banker Residential Real Estate brokerage office. Any of our high performing real estate professionals can guide you. We are located at 640 Vernon Ave, Glencoe, IL-60022.

Glencoe-North Shore Market Trends: Update May-June2012

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More glowing North Shore Real Estate news! As we spring into 2012 summer with a 15.7% surge…home sales volume reports display top numbers not seen in two years! In addition, statewide median prices show steady performance for the second straight month, per April-2012 housing data released by the Illinois Association of REALTORS®

Spring is traditionally a strong North Shore selling season, and this year proves no different with even greater outcomes. The low home prices and interest rates that are nearly a full percentage point below April 2011 levels are producing clear signals to buyers that they need to get off the fence.

“The fact that median prices remain steady and sales continue to outpace previous-year levels is a positive sign for the housing market,” stated Loretta Alonzo, CRB, GRI, president of the Illinois Association of REALTORS® he added that “despite the month-to-month increases in median prices, it’s clear that there still are very attractive deals out there.”

Bob Floss, president of the Chicago Association of REALTORS® stated “In the city of Chicago, a more than 19 percent increase in condo sales through April 2012 over the same time period last year is positive. With rents increasing in the city of Chicago and surrounding areas including the North Shore coupled with a limited supply of rentals available, renters are reviewing their options. Bob Floss added “historically low interest rates and great opportunities in the market are compelling to both first-time and move-up buyers looking to spend their dollars wisely and own their own home.”

An added bonus, the monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central region was 3.89 percent in April 2012, down from 3.99 percent during the previous month, according to the Federal Home Loan Mortgage Corporation. Last year in April it averaged 4.87 percent.

Statewide home sales including Chicago’s North Shore (including single-family homes and condominiums) in April 2012 totaled 9,961 homes sold, up 15.7 percent from 8,606 home sales in April 2011. This was the best performance volume since 2010 when 10,897 homes were sold in April.

In the nine-county Chicago Primary Metropolitan Statistical Area, which includes North Shore area Cook and Lake counties (PMSA), home sales (single family and condominiums) in April 2012 totaled 6,814 homes sold, up 19.3 percent from April 2011 sales of 5,710 homes.

Sales and price information is generated by Multiple Listing Service which includes North Shore closed sales reported by 31 participating Illinois REALTOR® local boards and associations including Midwest Real Estate Data LLC data as of May 7, 2012 for the period April through June 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

Our Coldwell Banker Residential real estate office in downtown Glencoe, Ill-640 Vernon Ave, 60022; can be a source of information regarding this and other North Shore real estate market reports. Feel free to stop in and let any of our high performing, top ranked realtors assist you.

The Importance of Home Inspections:North Shore-Glencoe Real Estate

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Especially in today’s North Shore real estate market with various purchase options available and access to immediate information via the internet; before you buy or sell a home, one of the things that should be done is throughly confirming the homes status with an inspection using a licensed inspector. Buying a home is an investment, and selling real estate requires du diligence. The added expense can save thousands if not millions in the long run for both buyer and seller. Below is a list that covers the what, whys and hows when it comes to home inspections. (If  this is your first time buying a home, be sure to take note of these valuable tips):

For Sellers:

Resist the impulse to make quick, cheap repairs before an inspection. You may raise a question that produces undue concern with buyers

10 Tips to Prepare for a Home Inspection 1. Clean debris from gutters and roof 2. Caulk around windows and doors 3. Seal asphalt driveway 4. Clean HVAC filters 5. Seal basement walls 6. Clean the chimney 7. Replace burned out light bulbs 8. Have all documentation on hand for recent repairs and inspections 9. Remove firewood from contact with the house 10. Clear access to attic, crawl space, and garage.

10 Most Common Home Inspection Issues 1. Faulty wiring—open junction boxes, amperage mismatches, no wire nuts on wires. The cure: Fix junction boxes; upgrade to at least 100 amps. 2. Poor grading and drainage—spongy soil around the foundation, signs of leaking in basement. The cure: Regrade so that grounds slopes away from house for 10 feet; remove porous material around foundation. 3. Faulty gutters—clogged or bent gutters, water not channeled away from house. The cure: Preventive maintenance; gutters of adequate size, splash pans to divert run-off. 4. Basement dampness—water stains, powdery residue on walls, mold or mildew. The cure: Repair gutters to channel water away from house; apply waterproof coatings to basement. 5. Roof problems—brittle or curled shingles; broken or missing flashings. The cure: Apply new shingle, or tear off if needed (usually after three re-roofs ); replacing flashings, especially around chimneys and other protrusions. 6. Foundation flaws—cracks in foundation, sloping floors, sticking doors or windows. The cure: Fill cracks with silicon caulking or epoxy; apply waterproof coating to exterior. 7. Poor upkeep—needs repainting, worn carpeting, cracked driveway. The cure: Give the house a minor facelift. 8. Faulty plumbing—inadequate water pressure, slow drains, signs of leaks on ceilings. The cure: Clean and rout drains; reseat toilet with new wax ring, repair leaks. 9. Poor ventilation—extreme heat in attic, vapor condensation. The cure: Ensure that roof soffits are not blocked; install additional roof vents; vent bathroom and kitchen fans outside. 10. Defective heating—cracks in the heat exchanger or water tank; carbon monoxide leaks. The cure: Reseal chimney flues; replace sacrificial anode in water heater.

For Buyers:

Buyers can get extra protection and piece of mind by purchasing a home warranty insurance policy. Such policies may also be a way for sellers to protect themselves from post-sale claims by buyers for defects undetected in home inspections.

Your North Shore realtor can be a source to find a reliable and trusted inspector as well as home warranty policies.

10 Questions to Ask the Home Inspector 1. What are your qualifications? Are you a member of the American Society of Home Inspectors or National Associaton of Home Inspectors? 2. Do you have a current license? Inspectors are not required to be licensed in every state. 3. How many inspections of properties such as this do you do each year? 4. Do you have a list of past Chicago’s north shore clients I can contact? 5. Do you carry professional errors and omission insurance? May I have a copy of the policy? 6. Do you provide any guarantees of your work? 7. What specifically will the inspection cover? 8. What type of report will I receive after the inspection? 9. How long will the inspection take and how long will it take to receive the report? 10. How much will the inspection cost?  More HOME INSPECTIONS TIPS FOR BUYERS AND SELLERS..HERE

For a list of  North Shore real estate resources, feel free to visit our Coldwell Banker Office located at 640 Vernon Ave, Glencoe, Illinois