Spring 2019, Will be one of The Best Times to Buy….Know Why?

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Glencoe – North Shore Market Conditions – PRESS THE IMAGE

With today’s 2019, Chicago North Shore market conditions NOW are one of the best times to find your perfect home at the price you want. If you wait, prices and interest rates will rise and you may find yourself on the outside looking in.

Choices are out there. In the past, the number of homes on the market was very low and the selection was poor. In today’s market, a buyer is able to find the right home without compromising any needs or wants.

Take your time in researching your new home. Shop around. Look at multiple homes and compare. In previous years, the seller’s market rushed buyers to make offers without thinking about their decision. Now; you can afford to give your decision the time and consideration it requires.

Make sure your home is in the best condition. Practice due diligence and schedule home inspections and appraisals on the property that you are interested in. No longer do you have to waive these contingencies with the fear that you may lose the home to another offer. Also, submit any repair requests that you may have to the seller before purchasing the home.

Reliable and trustworthy financing is available. The re-emergence of fixed-rate mortgages and the rapidly disappearing adjustable, sub-prime loans make this a great time to buy your new home!

Contact us today, we can effectively assist! Gloria and Zack Matlin…Matlin Residential Real Estate.

 

Real Estate Resolutions for Sellers and Buyers in 2019-Chicago North Shore Real Estate

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When it comes to real estate, 2019 New Year’s resolutions may not immediately come to mind. But for prospective Chicago North Shore real estate sellers and/or buyers, this is the time as well as the year to generate ideas to put them on track for a change. Many times these ideas surface as a result of an oversight or misjudgment about the real estate market over the past 12 months.  The time to act is certainly NOW! Below are the top 4, 2019 resolutions to get you North Shore real estate market ready and prepared:

 

Sellers: Resolve to Think of Your Home as a Commodity

Start clearing out old stuff now. If there are things deep in your closets that you don’t think you’ll use between January and the time you move, consider a storage locker or making space in the garage. Does your real estate agent suggest that the basement needs a paint job? Get some painting bids now. Have you always hated how the bathroom vanity takes up so much space? Consider changing it now so buyers will perceive your bathroom as bigger. This will also help you spread out the costs of home repairs and changes over several months.

Buyers: Resolve to Get Your Financial House in Order

Planning a home purchase takes time and effort, so you should consider meeting with a mortgage professional early in the year. Know your credit score and understand what your financial situation looks like from a lender’s perspective. If you have credit issues, identify what they are and the necessary steps to correct them. An experienced North Shore real estate agent can recommend local mortgage professional. Local is always important, because many real estate deals are made on relationships, and being able to meet face-to-face with your mortgage professional can be a big plus.

Sellers: Resolve to Understand Your Timing and Exit Strategy

One of the biggest stresses on a seller is trying to plan a purchase and a sale at the same time. Can you afford to close on the new home before selling? If so, for how long? Do you need to sell the property first? If so, will the potential sale price support a home purchase in the neighborhood you want to be in? If not, what other areas should you be looking in? Selling and buying at the same time brings up all kinds of questions. A seasoned North Shore Realtor should be able to guide you through these and other related matters with ease.

Are you relocating to the North Shore Area of Chicago? Uprooting yourself from your home is not easy. What if you have to go into short-term housing? How will you get that set up and how long would you need to commit for? If you can afford to purchase and then sell, do they need to happen quickly? Are there things you can be doing in your current home so that once your new home closes, you’ll be ready to list? It’s a lot to think about and plan for, and it helps to have a strategy in place well before you have to take action and use your North Shore real estate professional as a guide.

Buyers: Resolve to Start Feeling Out the North Shore Market Early

You may think you only need to go to open houses once you’re ready to buy. But in reality, a buyer needs a couple of months learning the market, understanding home values, the prices per neighborhood and the areas in general. Going to open houses in the neighborhoods where you want to buy will allow you to start feeling out the market.

Once you engage a North Shore agent, you may make several offers before you get into your dream home. Having your North Shore agent along for the ride will allow you to compare and contrast homes you’ve visited to the home you eventually buy. The homes you see and your experience feeling out the market will serve as the building blocks toward becoming an informed buyer and making your best offer.

Gloria Matlin….Committed to optimal, top performing, client focused real estate service; Gloria Matlin will strive to maintain her consummate dedication to North Shore real estate in 2019. Nationally and locally recognized as a high ranking, top performing luxury real estate resource, she and partner Zack Matlin are trusted professionals with over 30+ years of North Shore Real Estate insight and experience. Look to them for help with relocation, downsizing, up-sizing, buying, selling, investing, renting or to obtain additional detail on real estate data, reports, outcomes and/or history within the Chicago North Shore areas of Glencoe, Winnetka, Wilmette, Glenview, Deerfield, Northbrook, Lincolnshire, Lake Forest, and Highland Park. More information HERE and HERE on this dynamic real estate team.

Top 6 Home Tax Deduction Mistakes: North Shore Real Estate

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Across the nation and of course here on the North Shore of Chicago that time is upon us….tax season-2018!  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

Top 5 Winter Renovations That Pay Off Big-North Shore Real Estate Trends

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There is always something that can be improved upon. Now in 2018…When you spend a little time in your Chicago North Shore home on vacation or on the weekends, you are bound to find a improvement project or two that can keep you busy. And that’s usually what happens during the winter especially right at the start of a new year, people want their houses to look their best, and any indoor project that doesn’t require windows to be open or walls to be taken down are good ones to think about. More importantly it’s vital to think of the projects that are not only aesthetically pleasing, but will also get a big bang for your North Shore real estate investment buck in the long-term.

While doors and floors fit that category, be warned that any door that’s hung in the winter might be a bit of a tight fit in the summer, when humidity can expand the wood. So, be cautious of starting wood projects.

There are plenty of other home improvement projects that can keep you busy during the winter months. Here are the top 5 suggestions for high REO (return on investment) this season:

1. Install a programmable thermostat: It’s always a bit of a shock when you get that first utility bill in the colder months. If you haven’t already taken steps to save energy, an easy project, is installing a thermostat that allows you to automatically set the temperature for different times of the day. By having the heat programmed to go on when you get up in the morning, then off when you leave for the day, then back on when you arrive home, you can keep the temperature of your home constant. This type of project is an easy do-it-yourself project. It’s just a couple of low-voltage wires, so it’s really something anyone can handle, and some of them cost as low as $25. It can pay for itself in a month or two.

2. Insulate your water heater: Another way to save energy is to lower the temperature of your water heater, and insulate it. The ideal temperature is 120 degrees. It doesn’t cost you anything to turn it down, and by wrapping it in insulation, you can ensure that the water stays hot when it is not being used. You can buy insulation kits at your local North Shore-Glencoe hardware store.

3. Paint a room: This is the greatest winter project, it’s a great cure for the midwinter blues. And a $50 investment in paint can dramatically transform a room. When you are spending more time inside, you have more time to look at what needs to be refreshed. This is a quick, do-it-yourself project and a small investment can make a big difference.

4. Refinish the basement: Need a contractor for a project? Find one in the winter, contractors are slower in the winter, and one project that’s especially popular is refinishing the basement — you can often find someone to take this on. Of course, the ever-popular bathroom and kitchen remodels, are seasonless, and sometimes endless, can also be started in winter (as long as a wall doesn’t need to be knocked out).

5. Get organized: So many people resolve to get organized at the New Year and winter is a great time to actually take action on that resolution. There are so many great modular closet-organizing systems, a project like this is a great antidote to North Shore cabin fever. You can clear up the clutter in a room or a closet, and make it look like you have twice the space you did to begin with; a sure-fire way to attract potential buyers, a total sellers edge…MORE IDEAS

With sustained top producing, high ranking, client focused results, Gloria Matlin looks forward to making 2018 even better! Over 25 years of devoted service, and now partnering with son Zack Matlin, this team is sure to make Chicago North Shore real estate dreams come true once again.

 

When Renting May Be the Better Option? – North Shore, Chicago Real Estate

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14160 Mettawa Woods Drive-RentalJustListed

Executive Rental Just Listed – 14160 Mettawa Woods Dr., Mettawa, Illinois (CLICK THE IMAGE FOR DETAILS)

Life creates lots of options and decisions to make. The choice between buying a home and renting is no different. Buying is considered to be among life’s biggest financial decisions that many make. But the costs of buying are more varied and complicated depending on life circumstances. For example,  needing to  relocate, a job change, or a need for temporary housing may be on the agenda. Below are some of the aspects to consider to further assess options regarding renting:

How Long Do You Plan to Stay?

Buying tends to be better the longer you stay because the upfront fees are spread out over many years.
Maintenance and Fees

Owning a home comes with a surprising variety of expenses that renters do not directly pay.
Rental Now Available in Downtown Evanston, Illinois - 1640 Maple Avenue (CLICK THE IMAGE FOR DETAILS)

Rental Now Available in Downtown Evanston, Illinois – 1640 Maple Avenue (CLICK THE IMAGE FOR DETAILS)

Additional Renting Costs

These are the costs on top of rent, such as the fee you pay to a broker and the opportunity cost on your security deposit. But these expenses typically have a negligible impact. More tips can be found HERE

March 2015 – With North Shore-Chicago sales exceeding well over $300 million dollars, Gloria Matlin, continues to be enthusiastic with each challenge that comes in our constantly changing real estate market. Technology plays a major role in providing exemplary service. Gloria embraces the newest tools and trends, keeping her ahead of the market and client centered 24 hours a day, seven days a week. Feel free to stop into the award-winning, top performing, North Shore residential real estate office of Coldwell Banker, Glencoe – 640 Vernon, Avenue; the office location Gloria has called home for over 25 years.

2015 and Kitchen Design: Three Trends That You Need to Be Aware of Before You Renovate

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For Gloria Matlin 2015 means… a continuation of exemplary, high ranking Chicago North Shore real estate service spanning well over 2 decades, a trusted, top producing resource within the North Shore communities, client centered accolades earned in 2014, 2013, 2012, 2011, 2010 and beyond, a savvy, dedicated real estate professional who stays ahead of the market, as well as helping to make North Shore real estate dreams a reality; just a few factual phrases and successes secured by Gloria Matlin, the consummate North Shore real estate expert.

Real Estate Outcomes April2014: Chicago’s North Shore

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AprilMarketReport-GM-2014Property Sales

Chicago North Shore April Property sales were 285, down -19.0% from market action reporting in in April of 2013 and 32.6% higher than the 215 sales last month. April 2014 North Shore sales were at a mid-level compared to April of 2013 and 2012. April YTD sales totals are running -10.0% behind last year’s year-to-date sales results.

Prices

The Median North Shore Sales Price in April was up 6.2% from North Shore market totals in April of 2013 and down -1.5% from sales volume totals calculated last month. The Average Sales Price in April was up 7.5% from totals generated in April of 2013 and down -4.3% from last month. April 2014 ASP was at highest level compared to April of 2013 and 2012.

Inventory & MSI

The Total Inventory of Chicago North Shore Properties available for sale as of April was up 9.9% from reporting calculated last month and down -11.3% from figures generated in April of last year. April 2014 North Shore Inventory was at the lowest level compared to April 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 April 2014 MSI of 4.4 months was at a mid-range compared with April of 2013 and 2012

Market Time

The average Chicago North Shore Days on 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 North Shore Seller’s market. The DOM for April was 61, down -7.6% from 66 days last month and down -17.6% from 74 days in April of last year. The April 2014 DOM was at its lowest level compared with April of 2013 and 2012.

Inventory / New Listings / Sales

The North Shore summary view above of the Chicago 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 market action reporting as well as the relationship between these items. The number of New North Shore Listings in April 2014 was up 17.5% compared to last month and up 1.8% from North Shore real estate volume figures in April of last year.

 

2014 adds another year of high producing, top ranking, and top performing North Shore Chicago real estate experience for Gloria Matlin. For well over 2 decades, Gloria Matlin has been a consummate North Shore real estate resource, with client focused guidance, and top tier service towards making North Shore real estate dreams a reality.  First time buyers, seasoned investors, empty nesters, relocation assistance, new construction, marketing/technology-Gloria Matlin can and has assisted with all these specific or even combined Chicago North Shore real estate aspects.  Contact her or reply to this post for additional details.

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.

What does Home mean to you?

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A repetitive phrase you may hear realtors say, but NOW is the perfect time to buy or sell Chicago-North Shore Real Estate. What a house/home means to you may equal a copious list definitions. Are you looking to relocate to the North Shore Chicago? Maybe thinking of moving up or even downsizing to a luxury condominium? Do you need more information on North Shore communities like Winnetka, Glencoe, Wilmette, Northbrook, Deerfield, Glenview, Highland Park, Lake Forest, or Lincolnshire? With over 30 years of experience, Gloria Matlin is here to make your Chicago North Shore dreams and needed circumstances a reality. Find her at the top performing, award winning Coldwell Banker Residential real estate office of downtown Glencoe, Illinois, 60022.

Kim Park

I love this new ad from Coldwell Banker! The dog jumping out of the car, kicking off your shoes at the front door, and sinking comfortably into your couch. All of the great things about owning your own home and making it a comfortable place for you and your family. Even your dog.

A little Motley Crue for the nostaligia doesn’t hurt either! #HomeRocks!


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Real Estate Outcomes August2013: Chicago’s North Shore

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Market-August2013Property Sales

Outstanding pre-fall Chicago North Shore market action reports; August North Shore property sales were up 13.4% from sale totals in August of 2012 and -1.5% lower than the sales results last month. August 2013 sales were at their highest level compared to August of 2012 and 2011. August YTD sales are running 25.3% ahead of last year’s year-to-date sales.

Prices

The Median North Shore-Chicago sales Price in August was up 2.0% compared to data results in August of 2012 and up 1.0% from last month. The Average Sales Price in August was up 6.3% compared to sales figures in August of 2012 and up 5.1% from last month. August 2013 ASP was at highest level compared to August of 2012 and 2011.

Inventory & MSI

The Total Inventory of North Suburban properties available for sale as of August 2013 was down -11.0% from  last month and down -32.7% from  reports released in August of last year. August 2013 Inventory was at the lowest level compared to August of 2012 and 2011.

A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The August 2013 MSI of 2.7 months was at its lowest level compared with August of 2012 and 2011.

Market Time

The average Chicago-North Shore 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 North Shore Buyer’s market, a downward trend a move towards more of a North Shore Seller’s market. The DOM for August was 50, down -9.1% from 55 days last month and down -34.2% from 76 days in August of last year. The August 2013 DOM was at its lowest level compared with August of 2012 and 2011.

Inventory / New Listings / Sales

The image above of the market combines monthly inventory of Chicago Northern Shore Properties for sale along with New North Shore Listings and Sales. The provided above calculations show the basic annual seasonality of the North Shore market as well as the relationship between these items. The number of New North Shore Listings in August 2013 was down -18.8% from last month and up 9.8% from August of last year 2012.

Sustained Realtor sales performance, top producing results, enthusiasm, an accurate pulse on the North Shore market, over two decades of trusted real estate experience, repeated national recognition for personalized luxury real estate service; these phrases describe Gloria Matlin, the consummate Chicago North Shore real estate professional.  Stop by her high ranking Coldwell Banker office in Glencoe for a review of similar and various market reports, analysis, history or general area information- 640 Vernon Ave, Glencoe, Illinois-60022.

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