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

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Real Estate Outcomes May2013: Chicago’s North Shore

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GloMayReport-2013Property Sales

Chicago North Suburban-Glencoe May Property sales were up 17.4% compared to top volume reports in May of 2012 and 13.7% higher than market action results last month. May 2013 North Shore real estate sales were at their highest level compared to May of 2012 and 2011 conditions. May YTD sales are running 26.0% ahead of last year’s year-to-date sales performance.

Prices

The North Shore Median Sales Price in May was down -1.6% from figures produced in May of 2012 and up 2.0% from last month. The Average Sales Price in May was down -2.4% from totals generated in May of 2012 and up 3.0% from last month. May 2013 ASP (average sales price) was at the lowest level compared to May of 2012 and 2011.

 

Selling Price vs. Listing Price

The North Shore Selling Price vs. Listing Price reveals the average amount that Sellers are agreeing to come down from their list price. The lower the ratio is below 100% the more of a North Suburban Buyer’s market exists, a ratio at or above 100% indicates more of a North Suburban Seller’s market. The May 2013 Selling Price vs. List Price of 95.8% was up from 95.5% last month and up from 93.2% in May of last year.

Inventory & MSI

The Total North Shore-Glencoe Inventory of Properties available for sale as of May was down -3.1% from last month and down -38.8% from totals reported in May of last year. May 2013 Inventory was at the lowest level compared to May of 2012 and 2011 historical real estate data.

A comparatively lower MSI is more beneficial for North Shore sellers while a higher MSI is better for North Shore buyers. The May 2013 MSI of 3.2 months was at its lowest level compared with May of 2012 and 2011.

Market Time

The average Days on Market (DOM) shows how many days the average North Shore-Chicago 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 May was up 9.5% compared to last month and down -25.7% in market time in May of last year. The May 2013 DOM was at its lowest level compared with May of 2012 and 2011 totals.

Inventory / New Listings / Sales

The graph displayed above of the market combines monthly inventory of North Shore Properties for sale along with New Chicago’s North Shore Listings and Sales. The graph shows the basic annual seasonality of the North Suburban market as well as the relationship between these items. The number of New Listings in May 2013 was up 0.6% from last month’s totals and up 17.0% from market action reporting in May of last year.

Gloria Matlin, is a Glencoe Realtor, Chicago North Shore resident, Blackhawks fan, and the consummate professional providing top tier performance results for over 25 years.  This report, as well as other North Suburban real estate related information, can be provided at Gloria’s home base-Coldwell Banker Residential Real Estate office located at 640 Vernon Ave in the downtown district of Glencoe, Illinois,60022. Providing the highest service in homes for sale, mortgage options, real estate reporting, homes for rent, or a resource for basic community events, this real estate firm has been among the highest producing offices on the North Shores of Chicago for over 45 years. Stop in today with questions or for real estate guidance.