Sellers and Buyers in 2017’s North Shore Real Estate Market- 3 Things to Know

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Here on Chicago’s North Shore the spring 2017 real estate market is favorable for both buyer and seller alike. North shore agents are seeing busier open houses, quicker sales, even multiple offers.
But like houses, no two North shore sellers or buyers are exactly the same. Having a grasp of the mindset of both, can ease the North Shore real estate navigation process a bit. With the buy-sellhelp of an experienced solidly performing North Shore real estate professional, below are three scenarios sellers and buyers should be aware of in today’s market:

1. Buyers can be sellers and sellers become buyers

Often, sellers feel the same amount of stress or excitement that buyers feel because they’re somewhere in the buying process, too. Though some sellers may want to take additional time and become renters after their sale is complete, many will get back in the homeowner game soon after the sale goes through, sometimes immediately. Sellers, as would-be buyers, want to capitalize on low interest rates and home values. Getting the North Shore home sold quickly and at today’s value may be all a seller needs to make a purchase. Though it may be a “sellers’ market in some areas,” most sellers these days have a sense of empathy. They understand the buyer’s position and likely want to get out cleanly and quickly so that they, too, can buy.

2. Sellers are feeling relief 

Even the sellers who have successfully sold before are well aware of what happened in real estate markets over the past five years; news that the market is thriving, and in their favor can be a welcoming incentive for all involved. They’re more hopeful than they were even six months ago. Generally speaking, however, most sellers are still feeling somewhat cautious. They’re more likely to take a bird in the hand than to risk losing a sale because of a knee jerk instant reaction.

3. Advice for both sides

Real estate is a game, in a sense, in which both sides hope to achieve their goals, which is why it always helps to understand your “opponent. Take a moment to size up who the buyer is, how they got there and why they want to buy. Don’t make assumptions. Take a step back. Put yourself in their shoes.

Sellers aren’t the same as they were several years ago, when many were driven by other goals as the market’s rise seemed endless. Don’t go into this market, which is very different from even six months ago, assuming the same rules apply. Consulting with your competent Chicago-North Shore real estate professional, will put you in the right position for a successful and joyful transacti

Gloria Matlin with partner Zack Matlin are high-ranking real estate performers. Gloria is a dedicated professional with 25+ years of reliable, client centered, and savvy North Shore market insight. They can be found at the  premier Chicago North Shore Glencoe Coldwell Banker Residential Real Estate office – 640 Vernon Ave., 60022. More information HERE

A Great Fall Guide For First Time Home Buyers – North Shore Real Estate

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Great tips for first time and even seasoned buyers looking to get back into the process this fall 2016 season. Investing in due diligence can save time and money in the long and short term. sellers-buyers

The average age for first-time home buyers in the U.S. is around 33, a relatively young age for such a big life choice. That said, buying your first home at any age can be a stressful and time-consuming experience.

Luckily, there are a few crucial pointers that will help make the journey to home-ownership a less bumpy ride. Here are just a few tips to get you on your way:

Use an experienced Realtor who knows the area and the market.

Your realtor can make or break your home buying experience. If you know where you want to live, try and get a realtor referral. Fifty four percent of buyers found their agent from a personal referral or had used an agent they’d worked with before, according to 2016 figures from the National Association of Realtors. So start by asking friends, family or friends of friends who live in your area of interest for recommendations.

A good realtor has knowledge of the area — a great time saver — and more important is his or her ability to listen and execute what you are looking for.  A good realtor will be in your corner until the closing — and, in some cases, beyond.

Make a short list of your non-negotiables.

Before you start seriously shopping, consider your lifestyle and values. What features would enhance your well-being? And what would make you miserable? From there, make a list of non-negotiables,– from location, to square footage, to amenities — that you must have in your future home. This will also help guide your realtor.

There is nothing better than knowing exactly what you want, but it’s hard to find everything in one property. The best way to gauge your options is to visit open houses in the area and get acquainted with the local market. Visit apartments that are both above and below your budget to see how values differ with features and location.

Draw up a hard budget and stick to it.

Let’s say you’re interested in a home, but you’re not sure it’s in your price range. That’s a problem. Before you start browsing, it’s crucial that you iron out important questions such as, what is the most you can afford? What is your ideal price range? To help you get started, use an online mortgage calculator to determine the maximum monthly payment you can afford based on the price of the home after you put down a down payment and over a 30-year-mortgage.

“Make sure your monthly budget considers the total mortgage and maintenance costs of a property..

If you fall in love with a house but the monthly payment is more than you can afford, when including all your other fixed expenses, it’s time to move on.

You can also enlist the help of your bank’s loan officer to help you arrive at a figure. He or she will be able to tell you how much the bank will lend you and at what interest rate. While this figure doesn’t necessarily equal what you can afford to pay for a home, it will give you an idea of the most you are able to pay. More information and tips HERE

Gloria Matlin and team member Zack Matlin,  both experienced North Shore Realtors, and consummate real estate professionals; top performing service oriented resource. Look to her for guidance on these and similar high ranking real estate tips for the North Shore region of Chicago this fall 2016 season.

Autumn's List

CB-2-Homebuyers-Guide-Roof

Being a first-time home buyer is exciting! There is also a lot of information to take in and digest all at once. Being a Realtor, the most valuable education I have received has come from home inspectors. I am able to spot common repairs and issues when I am showing homes to my clients. Thanks to Home Depot, now you can have an edge when viewing properties as the consumer.

Take a moment to check out this guide for first-time home buyers:

http://blog.coldwellbanker.com/the-ultimate-first-time-homebuyers-guide/

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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.

Glencoe-North Shore Market Trends: Update August-September2012

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Sustained progress! North Shore-Chicago August 2012 real estate home sales hit a top surge of 23.7% over previous year volume data, part of a 14-month continual run of sales increases based on figures recently released by the Illinois Association of REALTORS®.

More than half of Illinois counties reporting, including Cook and Lake showed year-over-year home sales increases in August 2012. In the nine-county Chicago Primary Metropolitan Statistical Area (PMSA), home sales (single family and condominiums) in August 2012 totaled 9,240 homes sold, up 28.5 percent from August 2011 sales of 7,188 homes.

Statewide home sales including North Suburban Chicago, (including single-family homes and condominiums) in August 2012 totaled 13,264 homes sold, up from 10,721 home sales in August 2011. IAR has seen year-over-year increases since July 2011, and the data reflects a 7 percent gain over July 2012’s sales of 12,392 units.

Signs of a turn-around continue to be a solid reality on Chicago’s North Shore, with homes selling and prices increasing/stabilizing. Listings under contract in the North Shore region were up 47.1%. Inventory levels shrank 31.4%.  Market times were down 14.6%. Mortgage rates appear to sustain buyer and seller appeal with historic lows. The monthly average commitment rate for a 30-year, fixed-rate mortgage for the Chicago North Suburban-North Central region was 3.60 percent in August 2012, up from 3.54 percent during the previous month, according to the Federal Home Loan Mortgage Corp. Last year in August it averaged 4.26 percent. This information is supported and displayed in the figure below care of the North Shore-Barrington Association of Realtors and MRED (click to enlarge):

Among trends emerging in August was how foreclosed/distressed properties are beginning to work through the court system stated Dr. Geoffrey J.D. Hewings, Director of the Regional Economics Applications Laboratory of the University of Illinois. He added the data suggests foreclosure resolutions are now “clearing the market more rapidly than new additions.”  Again, this information is supported and displayed in the figure below care of the North Shore-Barrington Association of Realtors and MRED (click to enlarge):

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 Sept-October 2012 for the period Aug. 1 through Aug. 31, 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 stats, data and the University of Illinois REAL forecast at www.illinoisrealtor.org/marketstats.

To Rent or For Rent?..That is the Question: Real Estate Market News

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It’s normal to have some vacant homes for sale as part of the
market process that matches buyers with sellers. On average during the 1990s,
for example, the home vacancy rate was about 1.5 percent, according to the
Census Bureau. By 2008, the figure had risen to 2.9 percent. And by the second
quarter of this year, the vacancy rate had come down only slightly, to about 2.5
percent. With this much supply still available, it’s no wonder that prices are
still depressed.

Excess Empty Homes

The percentage-point difference between the latest vacancy rate
(2.5 percent) and a more normal historical rate (1.5 percent) amounts to an
excess inventory of almost 1 million vacant homes. (Estimates based on other
methodologies are roughly in that range.) If the government does nothing, that
extra inventory will be slowly worked off, as the economy gradually recovers and
more households are formed. The question is whether the government can do
anything to accelerate that process, to support home prices and, ultimately, to
promote a stronger economic recovery.

A more realistic approach would be to try to get the vacant
houses rented out, rather than sold to owner- occupants. And one way to do that
— proposed by real- estate practitioners (such as Kyle Jividen of Alamo
Appraisal Group in San Antonio) and economists (such as William Wheaton of the
Massachusetts Institute of Technology and Gleb Nechayev of the research firm
CBRE Econometric Advisors) — is to provide an immediate tax write-off to
investors who buy vacant houses and rent them out.

One way to bolster demand would be to change our immigration
laws to make it easier for foreigners to move here and buy homes. That might be
a good idea, but it has no chance of being enacted soon. Former Federal Reserve
Chairman Alan Greenspan……MORE