Top 8 Reasons to Buy or Sell in Winter 2017-North Shore Real Estate Trends

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Chances are, buyers looking for a Chicago North Shore home during the winter season are serious about buying and not simply shopping around. Showing off some of the home’s finer features isn’t easy covered in a potential blanket of snow, but there are a number of things sellers can do to attract buyers:

 1. Less competition. In the winter season, there are fewer homes on the market, so your home will have less competition. Encourage buyers by offering attractive pricing and incentives.

2. Interior focus. Providing photographs from the summer months is important, but now is the time to highlight the inside of your home. North Shore realtors know, furnished homes and those that are organized have more appeal, so make sure the beds are made, the furniture is well placed, and the counter tops and closets are clear of any clutter.

3. Exterior demands. Snow can alter the look of the overall property. Shovel and de-ice all paths and doorways. The driveway should be plowed, along with the sidewalks. Make sure that all outside lights and doorbells work. Consider more lights that could be installed to effectively highlight the best areas of the house.

4. Winter warmth. The colder months can create times at home enjoying family. You can stage your home to showcase winter warmth with such sights and smells as crackling fires, scented candles and eye catching, but tasteful wreaths to appeal to buyers and make them feel like your home could be their own. The key–don’t over do it though!

 FOR BUYERS

1. Lenders also usually have fewer loans to process and less paperwork to deal with (though this can change quickly if rates fluctuate). With lenders less hassled, you can expect a smoother process to get approved for a mortgage.

2. Winter may have fewer buyers in the market. Fewer buyers could mean less North Shore real estate property competition.

3. The winter season has fewer units on the market, and sellers tend to need to move from their property. You can use that to your advantage to get a favorable deal.

4.The negatives that turn off both buyers and sellers in winter can create a savvy real estate hunter’s dream. For the clued-in home buyer such negatives can lead to a real gem of a deal. The motto that could put some serious money in your pocket between now and spring, remember this: Imagine the future, and don’t let winter pull your strings! More INFO

For a view of homes available on the North Shore, or to get market status/housing reports, analysis, trends, or open house lists, feel free to stop by our North Shore Office at 640 Vernon Ave, Glencoe, Illinois.  Gloria Matlin works out of one of the Chicago North Shore’s top ranked realtor offices.  847-835-0236 or direct at 847-835-6058

www.gloriamatlin.com

Top Tips for Fall Upkeep-Curb Appeal Still Rules: Chicago North Shore Real Estate

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No matter the season…If your home’s curb appeal makes a great first impression, everyone — including potential home-buyers — will want to see what’s inside. Your home’s appearance has a psychological effect on anyone that sees it. If the exterior of the house and yard is well-maintained, people enter the home with positive feelings believing the interior will measure up to the standards set outside. If the exterior looks poorly maintained, one may enter the home with a negative mindset, specifically looking for problems.
Check out these simple, low-cost improvements that you can do in a day, a week, or a month.

In a Day: Create perfect symmetry

Symmetry is not only pleasing to the eye, it’s also the simplest to arrange. Symmetrical compositions of light fixtures and front-door accents create welcoming entryways. This door is flanked by two sidelights. The black lantern-style sconces not only safely guide visitors to the door, but also coordinate with the black door and urns.

In a Day: Replace old hardware

House numbers, the entry door lockset, a wall-mounted mailbox, and an overhead light fixture are all elements that can add style and interest to your home’s exterior. If they’re out of date or dingy, your home may not be conveying the aesthetic you think it is. These elements add the most appeal when they function collectively, rather than as mix-and-match pieces. Oiled-bronze finishes suit traditional homes, while brushed nickel suits more contemporary ones.

In a Day: Dress up the front door

Your home’s front entry is the focal point of its curb appeal. Make a statement by giving your front door a blast of color with paint or by installing a custom wood door. Clean off any dirty spots around the knob, and use metal polish on the door fixtures. Your entry should also reflect the home’s interior, so choose a swag or a wreath that reflects your personal style.

In a Day: Do a mailbox makeover

Mailboxes should complement the…MORE

With over 25 years of Chicago North Shore real estate expertise, Gloria Matlin gains pride in making dreams come true for fall 2015 and every other season forthcoming. Her award-winning, client focused service is second to none. With top producing, high-ranking, exceptionally performing results, she provides sound guidance with the use of proven experience and expertise. Confidently look to her and partner Zack Matlin for all things North Shore Chicago real estate related.

Real Estate Outcomes March2014: Chicago’s North Shore

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MarchReport-2014Prices

The Median North Shore Chicago Spring real estate sales price in March was up 25.3% compared to market action reporting totals in March of 2013 and up 4.0% from last month. The Average Sales Price in March was up 20.0% from final totals calculated in March of 2013 and up 15.9% from last month. March 2014 ASP was at highest level compared to March of 2013 and 2012.

Property Sales

March Chicago North Shore property sales were down -12.1% from figures calculated in March of 2013 and 30.4% higher than real estate sales totals last month. March 2014 sales were at their lowest level compared to March of 2013 and 2012. March YTD sales of 560 are running -3.9% behind last year’s year-to-date sales volumes.

Inventory & MSI

The Total North Shore Inventory of Properties available for sale as of March was up 3.3% compared to market action totals last month and down -17.7% from figures produced in March of last year. March 2014 Inventory was at the lowest level compared to March of 2013 and 2012. A comparatively lower MSI is more beneficial for North Shore sellers while a higher MSI is better for North Shore buyers. The March 2014 MSI of 4.9 months was at its lowest level compared with March of 2013 and 2012.

Market Time

The average Chicago North Shore Days on Market (DOM) shows how many days the average North Shore 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 March was down -5.9% from 68 days last month and down -40.2% from 107 days in March of last year. The March 2014 DOM was at its lowest level compared with March of 2013 and 2012.

Inventory / New Listings / Sales

The summary view above of the North Shore market combines monthly inventory of Properties for sale along with New North Shore Listings and Sales. The graph shows the basic annual seasonality of the North Shore market as well as the relationship between these items. The number of New Listings in March 2014 was up 23.6% from final market action figures produced last month and up 8.6% from totals in March of last year.

Award winning service, a reputation for top producing, high ranking, sincere and client centered results for over 25 years; Gloria Matlin is the real estate professional that can  make  your Chicago North Shore real estate dreams a reality! Look to her for in-depth detail on this and similar real estate outcomes, forecasts, summaries, comparable reporting, or even basic information on places to go and things to do in or near the North Shore communities of Chicago.  Gloria can be found in the top performing Coldwell Banker Residential Real Estate office-640 Vernon Avenue in downtown Glencoe, Illinois, 60022.

Glencoe-North Shore Market Trends: Update February-March2014

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It was cold, but things are still warming up…Chicago North Shore real estate inventory levels in January dipped 7.5 percent compared to last year, but median home prices climbed 9.6 percent over previous-year levels, according to recent market action reporting from the Illinois Association of REALTORS®.

The severe Midwestern temperatures affected seasonal trends in January. In spite of old man winter, and a slight dip in buyer traffic, prices remained competitive, with robust indications that Chicago North Shore real estate will continue to show strength as we enter into the spring season. As an example, North Shore Listings under Contract were up 2.8 percent to 506. Inventory levels shrank 24.7 percent to 2,184 units. Prices marched higher. The Median Sales Price increased 28.6%. Market Times were down 34.7 percent to 107 days. This is the time to reassess real estate situations.  Getting a fresh comparative market analysis might be ideal at this point in time. Interest rates remain appealing and should remain at lower levels but are expected to creep higher in 2014. Information provided and supported by the North Shore Barrington Association of Realtors and Midwest Real Estate Data, LLC. See the supporting image below (click to enlarge):

January-MarketStatus-2014

The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central-North Shore region was 4.46 percent in January 2014, down from 4.48 percent in December, according to the Federal Home Loan Mortgage Corp. In January 2013 it averaged 3.40 percent.

Thirty (30) of 102 counties in Illinois showed annual home sales increases in the month of January 2014. Forty-three (43) counties showed year-over-year median price increases including Northern Shore Cook, up 19.4 percent. Chicago North Shore investor opportunities and first-time homebuyers are still finding attractive deals in a market that we might not see again for many years.

Sales and price information is generated by Multiple Listing Service closed sales reported by 30 participating Illinois REALTOR® local boards and associations including Midwest Real Estate Data LLC data as of Feb. 7, 2014 for the period Jan. 1 through Jan. 31, 2014 and will continue into March of 2014.. 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.

Think Spring!  Now may be one of the best times in history to buy, sell and/or invest in real estate on Chicago’s North Shore. Having an experienced, top producing, top performing high ranking, real estate professional as your resource is paramount to finding the right North Shore fit.  Are you relocating to the North Shore of Chicago this spring season?  Gloria Matlin has been a relocation expert for well over 30 years. Her insight and accurate pulse on the market will make it easier to focus on where you’re going not where you’ve been. Gloria Matlin’s home office is located at 640 Vernon Avenue, in the heart of the historic downtown village district of Glencoe, Illinois 60022.

Top Tips to Consider-Buying or Selling a North Shore Home Now?

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First let’s tackle selling your North Shore home. The response to that question is based on what your families’ goals are. If you don’t need or want to move for a few years it might make sense to wait for the housing industry to recover and prices to appreciate. However, if you wish to move within the next six to eighteen months, it is probably better to sell sooner rather than later. Here are 4 reasons why “now” may be best:

1. Distressed Properties Will Impact Prices

Distressed properties (foreclosures and short sales) on the market will increase this fall and winter. This will put tremendous downward pressure on prices for at least the next 12-18 months. Get your home sold before they become your competition.

2. Mortgages Will Become More Difficult to Attain

Lending standards are continuing to tighten. There is legislation currently being considered that will make it even harder for buyers to qualify. Less demand will equate to lower prices.

3. It is the Perfect Time to Move-Up

With prices where they are and interest rates at all time lows, there may have never been a better time to move-up into your dream home.

4. You Get to Move On with Your Life

Probably the most important reason to sell is so you can get on with your life. You are considering selling for a reason. Do not allow a less-than-stellar housing market prevent you from reaching your goals as an individual or as a family…MORE

Last but not least, let’s address buying a North Shore home. Market indicators suggest now is the time to do just that. Some will say realtors highlight this fact to create transactions and commissions. Because of that, listed below are supported quotes from individuals outside of the real estate profession who offer sound financial advice. Take note of the 3 quotes:

1.“It’s an excellent time to buy a house, either to live in for the long term or for investment income…Houses aren’t the magic wealth creators they were made out to be during the bubble. But when prices are low, loans are cheap and plump investment yields are scarce, buyers should jump.” It’s Time to Buy That House-WSJ

2.“The previous declines in house prices and the more recent drop in mortgage rates to record lows have created an unusual situation in which the median monthly mortgage payment is more or less the same as the median rental payment.”

3.“Even with a dismal 1% growth rate over 30 years, a $300,000 property would appreciate well over $100,000 giving the homeowner an additional nest egg for retirement… At a time when retirement is becoming much more challenging, an extra $400,000 (or likely more) can make a major difference not to mention the impact of NOT having to pay a mortgage.  How much less would you have to save for retirement if you didn’t pay the mortgage?” …MORE INFO

In the end, when real estate professionals, a trusted financial newspaper and an iconic financial magazine say that it now makes financial sense to purchase or sell a house, perhaps it is time.

Top Ways to Refinance Investment Property: Real Estate Market Trends

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Is it possible to refinance a property if you don’t live in it?  

Yes.

But even with mortgage rates as low as they are, for some people, “it just doesn’t make sense” for them to refinance a rental property, or they are being told they can’t refinance an investment property.

How can this be?

In today’s mortgage market, quite a few home loan programs for investment properties are available through Fannie Mae or Freddie Mac — but there are still portfolio lenders offering investment property programs that Fannie Mae and Freddie Mac don’t offer.

Translation: Just because one lender tells you it isn’t possible to refinance your investment property, it doesn’t mean that it isn’t possible.

For those people who have recently heard that it wasn’t possible to refinance their investment property, it is likely that they were given one of two common reasons: MORE

Real Estate Outcomes Sept-Oct2011: Chicago’s North Shore

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MARKET REPORTS & TRENDS

Property Sales

September Property sales were 6, equal to 6 in September of 2010 and -57.1% lower than the  14 sales last month.  September 2011 sales were at their lowest level compared to September of 2010 and 2009.  September YTD sales of 105 are running 32.9% ahead of  last year’s year-to-date sales of 79.

Prices

The Median Sales Price in September was $674,500, down -31.0% from $977,500 in September of 2010 and down -26.7% from $920,000 last month.  The Average Sales Price in September was $1,096,083, up 12.0% from $979,000 in September of 2010 and up 2.6% from $1,068,786 last month.  September 2011 ASP was at highest level compared to September of 2010 and 2009.

Inventory & MSI

The Total Inventory of Properties available for sale as of September was 109, down -14.2% from 127 last month and down -18.0% from 133 in September of last year.  September 2011 Inventory was at the lowest level compared to September of 2010 and 2009.

A comparatively lower MSI (monthly supply inventory) is more beneficial for sellers while a higher MSI is better for buyers.  The September 2011 MSI of 18.2 months was at a mid range compared with September of 2010 and 2009.

Market Time

The average 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 Buyer’s market, a downward trend a move towards more of a Seller’s market.  The DOM for September was 73, down -27.7% from 101 days last month and down -47.1% from 138 days in September of last year.  The September 2011 DOM was at its lowest level compared with September of 2010 and 2009.

Inventory / New Listings / Sales

‘This last view of the 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 Listings in September 2011 was 16, down -27.3% from 22 last month and down -30.4% from 23 in September of last year.

For More Specific Area Market Analysis Visit: COMMUNITY REPORTS

SEPTEMBER-OCTOBER 2011

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