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

Real Estate Wisdom From Dad-North Shore Real Estate

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In the spirit of Father’s Day on Chicago’s North Shore and real estate near and far; advice that may come from Dad regarding life, money and real estate investing..

Do the math. Then do it again.. home purchase prices, various appreciate rates and rental income scenarios, interest rates, opportunity costs, vacancy buffers, landscaping and maintenance, insurance — every single line item goes into the hopper.

Have an exit strategy — and your backup A,B,C plans — before you buy. If you’re buying a North Shore home or any home to live in, Dads might say not to even start your house hunt without knowing how long you expect to be there and what your next move will be. In this way, you can be sure to buy a home that will work at least as long as your plan A is in effect. Of course, even the best-laid plans can be foiled by forces beyond your control, so Dads are big on putting plans B, C and on down the alphabet in place upfront, and not making the buy until you have accounted for these various outcomes.

Buy it right. Whether you’re hoping to buy a personal residence that appreciates over time or you’re investing in the market, Dads may say to buy at a price you can afford.

You won’t win them all. Striving for a perfect investment record of profits on top of profits is great, but it belies the reality of life that little is perfect. The more mature approach, a Dad’s approach, is to be grateful for the lifestyle of a homeowner and the returns of a real estate investor, understanding that the occasional investment may not go as planned. Having a seasoned real estate professional as a guide will help. More info HERE

Happy Fathers Day!