Chicago's North Shore - North and Northwest Suburbs Real Estate Archive

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Displaying blog entries 11-20 of 1072

Buyer’s Market, Seller’s Market or Something in Between?

by Allyson Hoffman

The inevitable fluctuations in the supply of homes for sale and the demand for them make the real estate market much like your favorite childhood playground seesaw with rare moments of true balance.  To better understand how this analogy applies in the real estate world, here is a quick review of the varied types of real estate markets you can encounter and what they mean.

 - Buyer’s Market - A buyer’s market occurs when there are more homes for sale than there are buyers actively looking to purchase. This can be a time for buyers to potentially save some money by capitalizing on the abundance of motivated sellers who really need to move. In a buyer’s market it is not uncommon for sellers to reduce the price of their homes or offer other incentives to sell their property in an effort to secure a contract from a somewhat scarce buyer population.

- Seller’s Market - A seller’s market occurs when there are more buyers searching for homes than properties for sale. In this market, sellers are typically able to sell their homes for top dollar in very short periods of time, often receiving multiple offers that drive the purchase price higher than the list price of the home.  Moreover, buyers frequently will make concessions to sellers in an effort to present a more appealing proposal than any competing offer.

- Balanced Market – Balanced markets exist when current inventories are sufficient to satisfy roughly five to six months’ worth of buyer demand and homes sell reasonably close to their listing prices.

- Stratified Market – A stratified market occurs when segments of the same market area exhibit divergent levels of inventory relative to demand.

While these explanations are relatively straight forward, the real estate market often is not. This is because real estate markets can be applied to an entire city, a neighborhood, by price range or even different types of properties. Thus, it is not uncommon to see a seller’s market in lower, entry-level price ranges while a buyer’s market exists concurrently at a higher price point.

Some agents might advise to refrain from selling your home during a buyer’s market. But in many cases selling won’t have a negative impact on your portfolio if you plan to reinvest in a new home. What you may give up on the sale of your current home, could likely be recaptured on the purchase price of your next home.

Working with an experienced real estate agent should ensure that your real estate approach is appropriate for both the current market and your real estate goals. For additional information regarding the buying or selling process, feel free to contact me today for a consultation. I will be happy to answer any questions you may have, help you to find a new home or determine the value of your existing property.



Allyson Hoffman, ABR, ACRE, CDPE, CRS, e-PRO, GRI, SFR, SRES
RE/MAX Villager
Serving Chicago's North Shore, North and Northwest Suburbs
847-310-5300
[email protected]

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Allyson Hoffman is your ultimate real estate resource for Chicago's North Shore, North and Northwest Suburbs and surrounding areas. Visit my website for detailed information regarding today’s real estate markets.
   

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Fifth Third Bike the Drive

by Allyson Hoffman

Kickoff the summer season by supporting a good cause at Fifth Third’s Bike the Drive! The event will be this Sunday, May 26th and proceeds will benefit the Active Transportation Alliance whose mission is to make bicycling, walking and public transit safe, convenient and fun for all.

Fifth Third’s Bike the Drive is a classic Chicago experience, and one of the greatest bike rides in the United States. Whether you’re new to biking or a seasoned veteran, you’ll find Fifth Third’s Bike the Drive an event to remember -- nearly five hours of car-free riding while enjoying breathtaking views of the city and Lake Michigan. 

For additional information visit the official event website. Bring your friends and family! Be sure not to miss the one day of the year when bicycles reign supreme and take the lead along Chicago’s glorious Lake Shore Drive.

 

Allyson Hoffman, ABR, ACRE, CDPE, CRS, e-PRO, GRI, SFR, SRES
RE
/MAX Villager
Serving Chicago's North Shore, North and Northwest Suburbs
847-310-5300
[email protected]

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Allyson Hoffman is your ultimate real estate resource for Chicago's North Shore, North and Northwest Suburbs and surrounding areas. Visit my website for detailed information regarding today’s real estate markets.  

Photo by Chris Barbalis on Unsplash

28 Foxtail, Hawthorn Woods, IL 60047 - SOLD MAY 2019!

by Allyson Hoffman

Artistry and Ambiance!

Blend Designer Details, a Classic Sensible Floor Plan, Sunny Spaces & Airy Architectural Awe Here!

Magical Originality & Elegant, Artistic Design Combines with a Tranquil, Serene Setting in this Dramatic, One-Of-A-Kind, Custom-Built Two-Story!

Custom-built and decorated with true artistry, this one-of-a-kind two story with a serene .98-acre setting and located near the end of a quiet cul-de-sac, features a sunny south-facing panorama of glorious trees and open land from two-story windows. Stepping into the two-story foyer, a front-to-back view greets you and a wide upper bridge-like loft filters abundant natural light to two floors. With center-entry design, the dramatic high foyer is flanked by both the formal separate dining room, and the step-down living room leading to a versatile study, library, den, or office. The family room, a two-story delight with windows on three sides, a cathedral ceiling, twin skylights, and a fireplace wall also opens to the study, the foyer, and the spacious island-kitchen with its large eating area, granite counters, stainless appliances, and patio-door access to a hexagonal deck and sprawling tranquil yard. Also located on the main floor are the lovely powder room, and a laundry room with access to the 3-car garage.

Upstairs you’ll find a loft-like lounge area leading to a family bath, three generous bedrooms and a grand master bedroom suite with a cathedral ceiling, an adjoining sitting room, a huge walk-in closet, and a luxurious spa bath with high ceilings and separate jetted tub and shower areas.

Downstairs you’ll find a full, high-ceiling basement with several daylight windows, a brand-new furnace and a large finished workroom. Ideal for future finishing, this abundant space can be tailored to suit your family’s special wants and needs.

Escape here and combine tranquility, sunshine and uniquely awesome artistry and ambiance!

To view the full description and collection of photos for this home please visit www.28Foxtail.com!

Contact Allyson Hoffman for more information or to schedule a showing.  Visit www.RealEstateNorthernIllinois.com or email [email protected]!

Square Footage – What You Need to Know

by Allyson Hoffman

If you’ve started shopping for your next home and, like many buyers, initially use the Internet as your primary source of information regarding the homes of interest, it’s important to understand the truth about square footage and how that information is obtained and derived.  Direct searching by consumers on the Multiple Listing Service (MLS) is not possible. Thus, the scope of the information provided on the websites you may visit where the MLS listing details are syndicated for your home search convenience, can be misleading.

While most agents try to fairly represent a property’s square footage, it can be challenging to accomplish, primarily because there are so many different sources agents can use for that information. Moreover, differing sources can have differing measurements leading to differing estimates of square footage. One of the most valuable steps in deciphering the “reality” from the number is to know what is included or excluded in that particular representation as well as whose representation it actually is. It’s important to keep in mind that statements of square footage don’t always take into account spaces you might be thinking about or not considering in the size of the house such as garages, basements or even recent additions.

Square-foot estimates can come from the tax assessor, the builder, an appraiser, floor plans, the resident, blueprints, a plat of survey or even have been estimated by an agent or owner. With that many sources for the data, there is sure to be a difference of opinion about the number of square feet in any property.

But the wrong number doesn’t change the actual size of the house. Undoubtedly, this can surely be confusing.  The best and clearest idea for understanding the size of a home is to view it, personally.  Regardless of the square-foot estimate, the space needs to work for you and the space needs to be in the right places. So don’t completely rely upon an online square-foot estimate.  Moreover, if you’ve looked that property up in the tax assessor’s website where taxes are calculated, in part, by using estimates of square footage, understand that the home owner has a reason not to report an underestimate error if they are aware of one.

When searching for a home online, the best approach is to first make sure it has all of the criteria you need and then schedule an appointment with an experienced agent who understands your space expectations.  For additional information regarding the buying or selling process, feel free to contact me today for a consultation. I will be happy to answer any questions you may have, help you to find a new home or determine the value of your existing property.

 

 

Allyson Hoffman, ABR, ACRE, CDPE, CRS, e-PRO, GRI, SFR, SRES
RE/MAX Villager
Serving Chicago's North Shore, North and Northwest Suburbs
847-310-5300
[email protected]n.com

Get your latest Home Value
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Allyson Hoffman is your ultimate real estate resource for Chicago's North Shore, North and Northwest Suburbs and surrounding areas. Visit my website for detailed information regarding today’s real estate markets.    

Image courtesy of Patricia Serna/Unsplash.com

Bark in the Park 2019

by Allyson Hoffman

Bark in the Park is back and better than ever! This Saturday, May 18th, your favorite dog-friendly event is turning 25! Bark in the Park is a 5K fun walk and event where participants are welcome to bring their furry companions. The day includes the optional 5K walk that's followed by agility training courses, an open-air marketplace with goodies for your pet, a spa, and much more! Guests also enjoy a variety of free food, a beer tent, live music!

Proceeds from the event go to support the Anti-Cruelty Society and their efforts to aid abused and neglected animals. Donations will support the organization's veterinary clinic, pet care and behavior education programs, adoptions, and spay and neuter clinic. Registration opens at 7:30 AM, optional 5K walk begins at 9:00 AM, and beer tent opens at 10:00 AM.

Visit the official event website for more information and register today! Be sure to bring the whole family -- two-legged and four-legged -- to support this worthy cause.

 


Allyson Hoffman, ABR, ACRE, CDPE, CRS, e-PRO, GRI, SFR, SRES
RE
/MAX Villager
Serving Chicago's North Shore, North and Northwest Suburbs
847-310-5300
[email protected]

Get your latest Home Value
Receive Your Personalized Listing Alerts

Let’s Connect, Socially!

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Allyson Hoffman is your ultimate real estate resource for Chicago's North Shore, North and Northwest Suburbs and surrounding areas. Visit my website for detailed information regarding today’s real estate markets.  

Photo by Adam Griffith on Unsplash 

April 2019 Midwest Real Estate Market Reports

by Allyson Hoffman

The April 2019 Midwest Real Estate Market Reports are now ready for your review. These market reports provide an insight on the real estate market statistics for Cook County and Lake County. These statistics are helpful when you are considering buying or selling in today’s real estate market.  And, remember should you need tailored reports on a subdivision or neighborhood in the North ShoreNorth, and Northwest Suburban Chicago, Illinois area, please let me know.



Allyson Hoffman, ABR, ACRE, CDPE, CRS, e-PRO, GRI, SFR, SRES
RE/MAX Villager 
Serving Chicago's North Shore, North and Northwest Suburbs
847-310-5300

[email protected]

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Let’s Connect, Socially!

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Allyson Hoffman is your ultimate real estate resource for Chicago's North Shore, North and Northwest Suburbs and surrounding areas. Visit my website for detailed information regarding today’s real estate markets.

Strategies for Winning a Bidding War Competition

by Allyson Hoffman

The current real estate market, has created increased demand for many homes. Homes with the greatest interest include those that are well priced, in good to excellent condition, skillfully staged, and those with professional photography to highlight the best features of the property.

Depending upon their criteria, buyers currently in the market to purchase a home may select a home with other interested buyers. This situation can lead to with simultaneous multiple bids on the same home. Should this scenario surface, here are some suggestions to enhance your offer and increase the likelihood that it will stand out from the others.

  - Price is important, but don’t forget the other terms of your offer. Have flexibility where you can. If the seller wants to move quickly or stay longer, offer to adjust your closing time to accommodate their schedule.

  - A larger earnest money deposit is another term of the contract that can make a big impact.

  - Consider including a letter to the seller with your offer. Home negotiating is relatively impersonal in today’s technology-filled world. Most offers are completed online, executed with digital signatures and submitted by email. A personal note from the buyer (even if the “letter” is emailed) can distinguish your offer from others. Share what you loved about their home and what you are looking forward to when living there. Appealing to the seller’s emotional side could be the difference in impact needed to land your offer on top of others.

  - Eliminate as many contingencies as you can from your offer. While most buyers require financing to complete a home purchase and cannot remove this condition, if you are comfortable purchasing the home “as is”, that scenario could be very appealing to the seller. This approach would typically still permit home inspections to ascertain the actual condition of the property before proceeding. Buying without asking the seller to make any repairs can be effective in a buyer becoming a multiple offer winner.

  - Absolutely include documentation showing you are qualified to purchase the home. A preapproval letter for a mortgage or proof of funds if you are paying cash is critical for sellers to seriously consider your offer.

  - Avoid requesting the seller to leave personal property not already included in the listing conveyances.

  - Don’t ask the seller to pay your closing costs. In some price ranges, asking the seller to pay part of the closing costs for the buyer is very common, but paying your own provides one more reason your offer could look better than the next one.

  - While price clearly isn’t the only factor important to the seller, it will often be a major determining criterion in choosing the successful bidder.  So if you really want the home and others do too, consider offering above the listing price. Keep in mind that if you think the home will only appraise for the price it is listed at, and not for the amount you are offering to pay, you may need to make it clear that you are willing to pay more than the appraised value.

Because there are so many variables within an offer, it can be really hard to know what is best in any given situation.  So having a trusted real estate advisor to guide you through the home buying process is critical to determining the best terms needed to secure the property when competing with other interested parties.

For additional information on submitting an offer to purchase a home, please contact me today for a consultation. I will be happy to answer any questions you may have about the home buying or selling process, help you to find a new home or determine the value of your existing property.

 

Allyson Hoffman, ABR, ACRE, CDPE, CRS, e-PRO, GRI, SFR, SRES
RE/MAX Villager
Serving Chicago's North Shore, North and Northwest Suburbs
847-310-5300
[email protected]

Get your latest Home Value
Receive Your Personalized Listing Alerts

Let’s Connect, Socially!

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Allyson Hoffman is your ultimate real estate resource for Chicago's North Shore, North and Northwest Suburbs and surrounding areas. Visit my website for detailed information regarding today’s real estate markets.    

Image courtesy of rawpixel/pixabay.com

Timeless Appeal!

Buyers, Builders and History Buffs Will Love the Abundant Bounty of Options Here!

Imagine the Possibilities -- A One-of-a-Kind Expanded Vintage Two Story Combines Endless Charm and Character on a Rare Third Acre in Sherwood Forest!

Don't miss this classic gem with limitless potential, a truly unique Sherwood Forest treasure located on a double-wide 100'x146' foot lot -- over a third of an acre! Check with the City of Highland Park for potential to sub-divide.

A covered porch greets you, opening to an inviting center entry foyer with an expansive and surprisingly sunny view through the entire house from front to back! On the east/street side you'll find the large gracious living room with its wood burning fireplace and an adjoining office/sunroom with windows on three sides. The separate dining with its direct kitchen access and a large adjacent family room are on the west side of the foyer.

Stairs from the foyer lead to the second floor with its wide upper hallway and two-bedroom wings separated by a relaxing library/study. The hallway leads to the master bedroom suite featuring wide base and crown moldings, a walk-in closet and full bath, and a family bath, second bedroom with built-in desk, and library/study with access to a second bedroom wing including two more large bedrooms.

Additional highlights include a large unfinished basement, 2.5-car garage with a separate garden/workroom providing space to expand to three-car garage parking, majestic mature trees/landscaping and lush perennial plants, ground cover and flowers.

With an ultra-convenient location close to nearby park, shopping, highway access, two equidistant Metra train lines and the choice of Deerfield or Highland Park High Schools, this is truly a unique opportunity not to miss. Estate Sale -- Property to be sold as is.

To view the full description and collection of photos for this home please visit www.1260Sherwood.com!

Contact Allyson Hoffman for more information or to schedule a showing.  Visit www.RealEstateNorthernIllinois.com or email [email protected]!

2019 Komen Chicago Race for the Cure®

by Allyson Hoffman

The 2019 Susan G. Komen Chicago Race for the Cure is this Sunday, May 12th at Montrose Harbor. Register today and support Susan G. Komen’s mission to “save lives by meeting the most critical needs in our communities and investing in breakthrough research to prevent and cure breast cancer.”

Day of registration will open at 7:30 AM with the race beginning at 9 AM. Bring your friends and family, and race to donate and impact the fight against breast cancer.

Visit the official Susan G. Komen event website for additional race day information. Can’t attend the race? Susan G. Komen has other ways to donate and volunteer. Visit the website for more information on how you can get involved.

Step up, join in and support this valiant effort!

 

Allyson Hoffman, ABR, ACRE, CDPE, CRS, e-PRO, GRI, SFR, SRES
RE
/MAX Villager
Serving Chicago's North Shore, North and Northwest Suburbs
847-310-5300
[email protected]

Get your latest Home Value
Receive Your Personalized Listing Alerts

Let’s Connect, Socially!

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Allyson Hoffman is your ultimate real estate resource for Chicago's North Shore, North and Northwest Suburbs and surrounding areas. Visit my website for detailed information regarding today’s real estate markets.  

Photo by sydney Rae on Unsplash

Sellers: Cut Your Exposure with A Pre-Listing Home Inspection

by Allyson Hoffman

If you are planning to sell your home now or in the future, one thing you should strongly consider is doing a pre-listing home inspection. Issues revealed during a buyer’s home inspection are among the most common reasons for buyers to cancel their purchase contract. By assessing the current condition of your home prior to listing it, you will have the option to remedy issues discovered in advance of showing your home or, alternately, share them with potential buyers upfront so they are fully aware.

Follow these suggested steps to use a pre-listing inspection to your advantage. First get references and hire an experienced professional home inspector. Following your home inspection, carefully review the report and associated photos to determine which issues should be managed. Then contract with qualified repair contractors to correct the problems. When this process is handled as a pre-listing preparation project, you won’t be “under the gun” to make decisions with little time and forethought unlike the common situation that occurs during a contract inspection contingency period. When buyers have access to detailed reports including the associated annotated measures taken to correct problems, many confidently move forward with less stress or trepidation in the path to a success closing.

Therefore, once any necessary repairs are completed, you’ll be able to confidently list your home knowing that unexpected items are unlikely to surface during any future home inspection.  Be sure to share with buyers that your home was pre-inspected and provide a copy of the home inspection to interested parties with documentation of any repairs made in response to the  report or, alternately, have your report updated after work has concluded. Moreover, don’t be surprised if your report and repair documents lead to a buyer waiving their home inspection entirely.

Should conditions surface that you choose not to repair, disclose these items to prospective buyers despite the possibility that this could deter them. Then use the realistic assessment of the property’s condition to your benefit by pricing your home appropriately to reflect its condition. Additionally, by providing this information to potential buyers, surprises will be minimized increasing the odds of a trouble-free contract phase without a buyer request for repair cost reimbursement or a price adjustment to compensate them for these issues.

Typically, home inspections are significant source of anxiety for many home sellers … but they don’t have to be. A pre-listing home inspection increases seller control of this aspect of the sale and neutralizes many issues that can cause contract failures. So consider a pre-listing home inspection to sell at top dollar with less stress and in a shorter period of time. For additional ideas regarding preparing your home for sale, the selling process or moving tips, please contact me today for a consultation. I will be happy to answer any questions you may have, and/or help you determine the value of your home.

 

 

Allyson Hoffman, ABR, ACRE, CDPE, CRS, e-PRO, GRI, SFR, SRES
RE/MAX Villager
Serving Chicago's North Shore, North and Northwest Suburbs
847-310-5300
[email protected]

Get your latest Home Value
Receive Your Personalized Listing Alerts

Let’s Connect, Socially!

Facebook
Twitter
LinkedIn
Google +1
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Allyson Hoffman is your ultimate real estate resource for Chicago's North Shore, North and Northwest Suburbs and surrounding areas. Visit my website for detailed information regarding today’s real estate markets.    

Image courtesy of ArtisticOperations/pixabay.com

Displaying blog entries 11-20 of 1072

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Allyson Hoffman
RE/MAX Villager
1245 Waukegan Road
Glenview IL 60025
847-310-5300
Fax: 847-400-0881

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Glenview, IL, 60025

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