Has the Housing Market Turned a Corner?-Chicago’s North Shore Real Estate

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.

My Joys in North Shore Real Estate: Glencoe Top Selling Realtor

Good North Shore real estate news goes hand in hand with spring and summer-time anticipation! Recent North Shore housing reports support that this is one of the best times in history to buy or sell. I am excited about sharing this news with new and repeat home buyers. Mortgage interest rates are at an all time low, and home prices are incredibly attractive! Those factors create positive projections well into 2012, and help to ensure my expertise in new construction and luxury residences is well utilized. I gain a tremendous amount of joy knowing that I can offer real estate services that are welcoming to both buyers and sellers. As a North Shore Realtor, as well as a member of the North Shore community, and proud mother of a New Trier School District Alum; this area shows an abundance of real estate progress in the last few months. This spring surge is typical in a cyclical housing market with activity levels running high when the weather gets even warmer. However, this year’s spring surge is strong and came earlier than last year. Home buyers appear motivated to get back in the market, this is a robust time and I sense the momentum will continue well into the summer! I encourage potential buyers, sellers, and investors to review the supporting data, it speaks volumes. 

For buyers– Keep in mind that with increased interest in the market brings competition. To increase your chances of finding your dream home in a market that may be competitive, and to decrease the odds of you losing out to another buyer:

Review new listings. Check out web sites such as REALTOR.com, Trulia, or Zillow. Browse your local newspaper’s real estate section, and drive through the neighborhood to spot For Sale signs. If you see a home you like, write down the address and your North Shore Realtor will schedule a showing.

Maintain contact with your North Shore Realtor to find out about the newest listings in your ideal area. Be ready to see a house as soon as it goes on the market — if it’s a great home, it will go pretty fast.

Overlook a buying frenzy. Just because there may be competition doesn’t mean you should just buy the first thing you see. And even though you could make your offer attractive, don’t overlook inspections or due diligence that help ensure that your dream house is sound.

Be confident and ready to make a decision. Spend a lot of time in advance deciding what are “must haves” or deal breakers, so you won’t be unsure when you have the chance to make an offer.

For Sellers— selling a North Shore home or any home for that matter commonly requires that you have several forms, reports, mortgage documents, policies, deeds, and settlement statements all in order. A knowledgeable and experienced North Shore real estate expert will help you prepare the best deal, and avoid delays or costly mistakes. A few pre-selling tasks to note:

Notice curb appeal. Pretend you’re a buyer and stand in front of your home. As you approach the front door, what is your first impression of the property? Do the lawn and bushes look neatly maintained? Is the walkway clearly seen? Are pretty objects framing the entrance?

What are your thoughts on this subject?  I look forward to hearing from you!

My North Shore Coldwell Banker Residential real estate office is located in Glencoe, Illinois-640 Vernon Ave. Stop in for help or questions on buying, selling, renting or local area information/mapping.