Strong Market Momentum Continues in Summer – North Shore/Chicago Real Estate

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Recent Listings by Gloria Matlin (Click image for more info)

As we joyfully move through summer 2016, Illinois, Chicago and North Shore home sales saw a June surge higher than last year while median prices also saw strong gains, according to the Illinois Association of REALTORS®.

The time it took to sell a home in June averaged 63 days statewide, down from 68 days a year ago and faster than 72 days last month.

Sixty-one (61) counties recorded median price gains in June 2016 over previous-year numbers, including Cook  County, up 9.2 percent and Lake County, up 14.0 percent. Sellers keep reaping the rewards of a market that has continued to see median prices edge higher every month this year, Consumer interest remains keen, as shown by the month-over-month increases in sales recorded since February and the relatively short time it is taking to sell a home. More information can be found HERE

Real estate is all about location,location, location…Click the image below to explore local market conditions, sales trends and more through Coldwell Banker’s detailed yet easy to understand videos that capture facts and info you need for any location you choose:

Monthly Market Update (Click to Play)

Monthly Market Update (Click to Play)

With long standing top producing, high ranking, client focused passion for real estate, Gloria Matlin with son and partner Zack Matlin, remains North Shore’s consummate real estate professional. With over 25 years of experience, confidently look to her for all things Chicago’s North Shore real estate this summer season 2016.

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This Spring, is one of the Best Times to Buy….Know Why?

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With today’s market conditions, now is 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 outsideSpringView-2016-GM looking in.

Choices are out there. In the past, the amount of homes on the market was very low and 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 me today, I can assist!

 

Sneak Peek-Upcoming North Shore-Chicago Real Estate Listing

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For information on this upcoming listing, Contact Gloria Matlin

For information on this upcoming listing, Contact Gloria Matlin

With top-selling, top performing sales volume results for over 25 years, Gloria Matlin has been a Chicago North Shore, Illinois real estate expert representing Coldwell Banker’s top ranking Glencoe office. She proudly serves North Suburban Winnetka, Wilmette, Highland Park, Kenilworth, Northbrook, Deerfield, Northfield, Lincolnshire, Buffalo Grove, Glenview, Skokie and of course Glencoecommunities. As a seasoned North Shore Realtor, she is a trusted resource, and maintains national top 2% performance success with grace and tenacity. As a member of the International Presidents Elite “Coldwell Banker Presidents Club” she strives for excellence. She is known as North Shore’s consummate real estate professional.

 

Real Estate Outcomes February2014: Chicago’s North Shore

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Feb Market Action-2014Prices

More Spring ready  Chicago real estate surges…The Median Sales Price in February was up 17.6% based on market action reporting in February of 2013 and down -8.5% from totals last month. The Average Sales Price in February was up 11.2% compared to February of 2013 and down -19.4% based on figures calculated last month. February 2014 ASP was at highest level compared to February of 2013 and 2012.

Property Sales

Chicago North Shore February Property sales were down -12.0% from market action reporting in February of 2013 and -18.7% lower than the sales figures last month. February 2014 sales were at a mid-level compared to February of 2013 and 2012. February YTD sales of 359 are running 0.8% ahead of last year’s year-to-date sales totals.

Inventory & MSI

The Total North Shore Inventory of Properties available for sale as of February was up 3.3% from last month and down -27.6% compared to February of last year. February 2014 Inventory was at the lowest level compared to February of 2013 and 2012.

 Market Time

The average North Shore-Chicago 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 February was 67, up 4.7% from 64 days last month and down -34.3% from 102 days in February of last year. The February 2014 DOM was at its lowest level compared with February of 2013 and 2012.

 Selling Price vs Listing Price

The Selling Price vs Listing Price reveals the average amount that North Shore Sellers are agreeing to come down from their list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a North Shore Seller’s market. The February 2014 Selling Price vs List Price of 97.0% was up from 95.0% last month and up from 94.6% in February of last year

 Inventory / New Listings / Sales

The view above summarizes the North Shore-Chicago market combining monthly inventory of Properties for sale along with New 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 February 2014 was up 21.4% from last month and down -10.6% from sales volumes calculated in February of last year.

Spring is HERE!  The North Shore real estate market shows no sign of slowing. Now is the perfect time to contact North Shore’s consummate Realtor professional. With over 25 years of award-winning, top performing, high-ranking, high producing real estate accomplishments, Gloria Matlin prides herself on being an invaluable client resource.  Let her help you make your North Shore real estate dreams come true!  Gloria Matlin can be found in the top-tier Coldwell Banker Residential Real Estate office of Glencoe, Illinois-640 Vernon Avenue, 60022.

 

Real Estate Outcomes January2014: Chicago’s North Shore

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NSMarketConditions-Jan-2014Property Sales

Great News!!  North Shore Chicago market action reporting shows January real estate property sales were up 6.7% from totals in January of 2013 and -32.8% lower than sales outcomes last month. January 2014 sales were at their highest level compared to January of 2013 and 2012. January YTD sales volume figures are running 6.7% ahead of last year’s year-to-date sales of 165.

Prices

The Median North Shore sales Price in January was up 29.8% from sales totals calculated in January of 2013 and up 0.2% from last month. The Average Sales Price in January was up 28.5% from final volume reports in January of 2013 and down -3.9% from last month. January 2014 ASP was at highest level compared to January of 2013 and 2012.

Inventory & MSI

The Total Chicago Northern Shore Inventory of Properties available for sale as of January was down -4.7% compared to last month and down -33.9% from 1,222 in January of last year. January 2014 Inventory was at the lowest level compared to January 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 January 2014 MSI of 4.6 months was at its lowest level compared with January of 2013 and 2012.

Market Time

The average Chicago North Shore real estate 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 January was up 21.2% from total days last month and down -33.7% from 95 days in January of last year. The January 2014 DOM was at its lowest level compared with January of 2013 and 2012.

Inventory / New Listings / Sales

The summary image above of the market combines monthly inventory of North Shore 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 January 2014 was up 90.2% compared to last month and down -16.9% from totals calculated in January of last year.

Consistently a top producing Realtor, nationally awarded as one of the premier real estate professionals for over 30 years, a high performing Chicago North Shore real estate expert, with an accurate pulse on market conditions/trends; just a few facts that detail the level of service you can expect from Gloria Matlin. A long-time resident of the North Shores of Chicago, she prides herself on providing unparalleled client centered services, and helping each and every client fulfill their North Shore real estate dreams.  Coldwell Banker’s residential real estate office in downtown Glencoe, Illinois is her home base – 640 Vernon Avenue, 60022.

Glencoe-North Shore Market Trends: Update December-January2013

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Ideal real estate news for the 2013 New Year…North Shore-Chicago Illinois home sales volume jumped 30.6% compared to previous-year levels in November!  Median prices also increased 7.7% statewide according to the Illinois Association of REALTORS® recent reporting.

The Chicago North Suburban housing market is gaining additional strength with Listings Under Contract up 73.3%, Inventory levels shrinking 36.9%, prices moving higher as the Median Sales Price increased 12.2%, and Market Times down 12.1%. Momentum has been maintained even in historically slow holiday timeframes this year. The trends point to upward figures being seen well into 2013. Although real estate analysts are keeping an eye on listing duration, and fixed rate averages. Confidence continues to soar among local and relocation buyers with the November 2012 mortgage rates at 3.33% for the North Central region. Last November it averaged 4.0%. See image below from Midwest Real Estate Data LLC and The North Shore Barrington Association of Realtors (click to enlarge):

nov-1

Fifty-five (55) of 102 Illinois counties including the North Shore showed year-over-year home sales increases in November 2012. More than half (54) counties showed year-over-year median price increases including Cook, up 7.9%. See supporting real estate data in the image below. (Provided by MRED and NSBAR) click to enlarge:

nov-2

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 Dec. 7, 2012 for the period Nov. 1 through Nov. 30, 2012 reflected in December 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.

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.

What to do if or When an Appraisal is Low: North Shore Real Estate

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Whether you are buying or selling on Chicago’s North Shore, the cost of the home is important. North Shore real estate agents often do their own market analysis to price a property—and many times do an outstanding job, but often the use of an appraiser can be beneficial to provide an independent, unbiased opinion to further ensure the price is right on target.

The other side of the coin is that there are still great deals to be had, even with prices increasing. But, if an appraisal doesn’t make the cut, it’s important to be prepared in advance for this scenario. With this in mind, here are the three main tips to consider when the appraisal comes in lower than expected:

1. Create an effect on the money

While adjusting the price up or down may not feel good for the buyer or the seller, it may be a smart move, depending on your situation.

North Shore Buyers, if the long-term value is there and the home is the “love of your life,” it will truly benefit you in the end.

North Shore Sellers, if you need to make the sale and are running out of time, a compromise may be essential. Buyers may also have to spend even more because a decrease in equity could cause you to fall below the lender’s required down-payment threshold, possibly requiring the purchase of private mortgage insurance.

The main question to ask … is it worth it?

2. Consider renegotiation

Just because the appraisal is not what is expected doesn’t mean the sale will not close. However, in a low-inventory North Shore market, sellers may not want to conduct a second appraisal, which means that buyers and sellers have to decide if they want to work together to seal the deal — whether the seller adjusts the price to the appraised value or the buyer and seller renegotiate a new price. Look at how far you’ve come and worked together. It may have taken you both some time to get to this point. Keep in mind that both sides have something to lose by not moving forward after investing time and money in the purchase. If a compromise can be made, it most likely will be. On the flip side, if the North Shore property is in demand, the seller may opt out of negotiating down as they may want to take a chance on someone else paying the difference or going for a cash buyer.

3. Check the report for accuracy

Appraisal reporting can be long, complicated documents, but they can be very revealing if you take the time to read them thoroughly. Make a note of anything that looks off, and verify that the information is correct, not only for the property itself but also for the properties that compare to your own. Confirm that ALL comps are listed — some may not be included on the MLS, and your real estate agent may have to research. Your agent will work with the buyer’s mortgage professional to ensure any discrepancies are relayed to the appraiser. While there is no guarantee that the report will change, it certainly helps to clarify any errors and understand why an appraisal reached a certain price point. Appraisals also point out if there are any secrets lurking within the property’s walls, such as unpermitted additions that add square footage but cannot contribute toward the property’s value. For this reason it’s important that sellers are honest and upfront from the beginning and that buyer’s do a little research before putting in an offer. More information HERE

For more information on this and other North Shore real estate topics, feel free to stop by Gloria Matlin’s real estate office located at 640 Vernon Ave in the downtown district of Glencoe, Illinois 60022. Allow our 40+ years of Chicago North Suburban expertise, guidance, trust, assurance, superior performance, and top-tier volume to be at your disposal.