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.

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Real Estate Outcomes December2014: Chicago’s North Shore

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If you’re considering buying or selling your North Shore-Chicago home in 2015, you should know that a lot has probably changed in the real estate market since you last sold or considered buying. Knowing what works today — and resolving to put the tips and advice of the past year to rest — can help you sell your home quickly and for top dollar and/or purchase the perfect place to call home. Use the guide below to get the most up-to-date information on a prefered local market or contact a trusted Chicago-North Shore real estate resource to get you on the right track:

Monthly Market Update (Click to Play)

Monthly Market Update (Click to Play)

With over 25 years of exemplary, award-winning, top performing, high-ranking real estate experience, Gloria Matlin is a proven Chicago-North Shore real estate resource.  Her marketing savvy, extensive community insight, friendly demeanor, tenacious yet graceful style, as well as a keen attention to client contentment, sustain her standing as the North Shore’s consummate real estate professional.

 

Holiday Market Updates-North Shore Chicago Real Estate

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Seasonal Chicago North Shore real estate news…

Sold-1day-Glencoe

Visit www.gloriamatlin.com for more information

Gloria Matlin’s area of expertise spans 25+ years with a high-ranking, accolade supported background in new construction and luxury Chicago-North Shore real estate. She with son Zack Matlin, enjoy helping clients form their North Shore real estate dreams from start to finish; whether the client is a first time buyer or seasoned investor, she lends her proven top performing skill-set every step of the way. As a Certified Relocation Specialist– “On The Go? Move With Glo!” Gloria and Zack help out of area buyers, and those relocating find the perfect North Shore place to call home. Representing sellers has always been a passion, creating top producing marketing plans to fit each individual clients needs and helping the client get through what can be an emotional venture.

 

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 July-August2012

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Additional signs that the Chicago North Shore market continues to strengthen — June 2012 home sales surged 18% over sales volume produced in June 2011; per data released by the Illinois Association of REALTORS this week®.

According to NSBAR and Midwest Real Estate Data, new listings in the North Shore region decreased 7.7%, Listings Under Contract were up 42.4%, and Inventory levels shrank 30.9% (see photo below). Statewide home sales (including single-family homes and condominiums) in June 2012 totaled 13,111 homes sold, up 18.0 percent from 11,108 home sales volumes in June 2011. This was the best June performance since 2010 when 13,144 homes were sold in Illinois. (Click to enlarge photo)

As an ongoing enticement, the monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central region was 3.67 percent in June 2012, down from 3.83 percent during the previous month, according to the Federal Home Loan Mortgage Corp; last year in June it averaged 4.53 percent.

More than half of Illinois counties reporting including Chicago’s North Suburban areas, (57 of 101) showed year-over-year home sales increases in June 2012. Fifty-three (53) counties ranked, showed year-over-year median price increases including Cook, up 1.1 percent.

On Chicago’s North Shore we see that the combination of affordable pricing and even lower interest rates resolved prospective homebuyer’s top concerns and possible apprehensions. more buyers are coming off the fence and make decisions today about their North Shore investment in homeownership. Overall the state housing market seems to have taken a positive performance turn as supported by Dr. Geoffrey J.D. Hewings, Director of the Regional Economics Applications Laboratory of the University of Illinois. “The current market seems to be operating more normally with perhaps some effects of the significant number of foreclosed-distressed properties that are for sale.” (Click to enlarge photo)

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 July 7, 2012 for the period June 1 through July 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 data for July through August 2012 and the University of Illinois REAL forecast at www.illinoisrealtor.org/marketstats.

Our North Shore Coldwell Banker Office located at 640 Vernon Ave in downtown Glencoe, Illinois-60022, can be a source to further review the reports indicated above and similar data.  Any of our high performing real estate staff can assist you!

The Difference Between Prequalification and Preapproval of a Mortgage: North Shore Real Estate

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Once you’re ready to purchase North Shore real estate, or any real estate for that matter; knowing the basics of prequalification and preapproval can be a financial and time preserving benefit for all involved.

There are different stages of the mortgage approval process, and it’s important to know what they are and what they mean. The breakdown below will shed light:

Prequalification is a lender’s estimate of how much you could be eligible to borrow based on information you supply. Prequalification does not mean you will get the loan. Prequalifications are usually free.  The standard questions a lender will ask or use to start to process:

  1. Does the prospective buyer have enough money to make a down payment and cover closing costs? Ideally, a buyer should have 20 percent of the home’s price as a down payment and between 2 and 7 percent of the price to cover closing costs.
  2. Is the prospective buyer’s income sufficient to afford your home? Ideally, buyers should spend no more than 28 percent of total income to cover PITI (principal, interest, taxes, and insurance).
  3. Does the prospective buyer have good credit?  Has a review and/or correction to a credit reporting status occurred.
  4. Does the prospective buyer have too much debt? If a buyer owes a great deal on car payments, credit cards, etc., he or she may not qualify for a mortgage.

With a pre-qualification in hand, this often means that you have a rate hold for 30-120 days. However, this is not a guarantee. There will be a number of conditions attached to the pre-qualification before it is fully approved. At this stage the lender hasn’t even seen your mortgage application.

Preapproval usually means that the lender has reviewed a mortgage application and is ready to process a mortgage loan based on the information and documentation you provided at the time you requested a preapproval. The preapproval will say how long it is valid for and may contain some other conditions for you to get the loan. Your lender may not require that you pay any fees except the cost of a credit report at the time processing starts. More information HERE

Our Glencoe, Illinois; top ranked Coldwell Banker Residential Real Estate office can be a source to depend on for mortgage lending needs.  Stop by today and we can guide you through various options for buying and selling North Shore real estate. We are a trusted member of the community, and have been for over 40 years; located at 640 Vernon Ave in the heart of downtown Glencoe.

Real Estate Outcomes February2012: Chicago’s North Shore

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Property Sales

As we make our way into March 2012, February North Shore real estate Property sales were up 33.3% from February of 2011 and equal to 0.0% 8 sales last month. February 2012 sales were at their highest level compared to February housing data of 2011 and 2010. February YTD sales of 16 are running -5.9% behind last year’s year-to-date sales of 17.

Prices

The Chicago North Shore Median Glencoe Sales Price in February was $482,000, down -47.4% from $916,000 in February of 2011 and down -34.6% from $737,500 last month. The Average Sales Price in February was $732,750, down -33.8% from $1,107,000 in February of 2011 and down -53.1% from $1,562,813 last month. February 2012 ASP was at a mid range compared to February market reports of 2011 and 2010.

Inventory & MSI

The Total Inventory of Properties available for sale as of February was 91, up 1.1% from 90 last month and down -12.5% from 104 in February of last year. February 2012 Inventory was at the lowest level compared to February of 2011 and 2010. A comparatively lower MSI is more beneficial for North Shore sellers while a higher MSI is better for buyers. The February 2012 MSI of 11.4 months was at its lowest level compared with February of 2011 and 2010.

Market Time

The average 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 Buyer’s market, a downward trend a move towards more of a Seller’s market. The DOM for February 2012 was 167, up 42.7% from 117 days last month and up 16.0% from 144 days in February of last year. The February 2012 DOM was at its highest level compared with February of 2011 and 2010.

Inventory / New Listings / Sales

This last view of the North Shore-Glenoce market combines monthly inventory of Properties for sale along with New property listings and sales. The graph (see above) shows the basic annual seasonality of the North Shore-Glencoe real estate market as well as the relationship between these items. The number of New Listings in February 2012 was 24, up 14.3% from 21 last month and up 4.3% from 23 in February of last year based on recent analytics and MLS statistics.

The top performing Coldwell Banker real estate office located in Glencoe’s downtown center-640 Vernon Ave, 60022; has been the cornerstone for North Shore community living for over 40 years. Feel free to stop in to discuss this report, or to gather information on current market conditions, get the latest on mortgage rates or simply a map to get you more familiar with the North Shore neighborhoods. We pride ourselves on providing exceptional service and attention for Chicago’s premier North Shore.

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