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Real Estate Update from Allyson Hoffman

More Listings and Contracts but Less Sales As the Second Quarter Ends

 


 

 

Still a Buyer's Market as the Third Quarter Starts

Northbrook, IL – July 17, 2019 – The average sale price continues its downward trend as the second quarter ends continuing last month’s trend.  Housing data for June shows the number of new listings increased compared to the same period in 2018.  New listings and homes under contract continue to rise for single-family home sales according to the North-Shore Barrington Association of REALTORS® (NSBAR) in a confusing market.

NSBAR’S latest data shows new listings increased 0.1 percent to 1,275 up from 1,263 a year ago. The number of closed sales decreased 13.7 percent to 585 for June 2019 compared to 678 in June 2018.  The number of homes under contract (contingent and pending) increased 2.0 percent. The average sales price is down 2.1 percent in 2018 at $685,984 in homes sold in June compared to $701,151 for the same period last year.

The median sales price was down 2.6 percent in June, down to $555,000 compared to $570,000 during the same period in June 2018, and the average listing price increased 6.4 percent with the percentage of the original list price to sale price ratio decreasing to 92.0 compared to 93.7 in June 2018.

The inventory of homes in the North Shore and Barrington area increased by 5.6 percent in June, compared to a year ago, going to 4,202 from 3,978. The month’s supply for sale is up 5.7 percent compared to 6.1 months in June 2018.

Across the area region, year-to-date 2019 housing market highlights include:

- Year-to-date2,378 detached single-family homes sold in the North Shore-Barrington market.  The number of communities in the region reporting an increase in home sales for June was less than in June 2018.  The median sales price decreased 2.8 percent on sales in the North Shore and Barrington areas.                                    

-  Barrington area – 265 detached single-family homes sold year-to-date, down 5.4 percent compared to 280 detached single-family homes sold in June 2018.  The median sale price in June 2019 was $490,000, up 4.4 percent compared to $469,500 a year ago.

-  Deerfield – 172 detached single-family homes sold year-to-date, down 2.8 percent compared to 177 detached single-family homes sold in June 2018.  The median sales price in June 2019 was $528,000, down 0.8 percent compared to $532,500 a year ago.

 -  Evanston – 218 detached single-family homes sold year-to-date, down 4.4% as compared to 228 detached single-family homes sold in June 2018.  The median sale price in June 2019 was $487,500, down 12.9 percent compared to $559,000 a year ago.

-  Golf-Glenview – 255 detached single-family homes sold year-to-date, down 6.6 percent compared to 273 detached single-family homes sold in June 2018.  The median sale price in June 2019 was $555,000, down 1.8 percent compared to $565,000 a year ago.

-  Lake Forest – 141 detached single-family homes sold year-to-date, up 0.7%, compared to 140 detached single-family homes sold in June 2018.  The median sale price in June 2019 was $785,000, down 5.7% compared to $832,500 a year ago.

-  Northbrook – 211 detached single-family homes sold year-to-date, up 3.9 percent compared to 203 detached single-family homes sold in June 2018.  The median sale price in June 2019 was $600,000, up 5.6 percent compared to $568,000 a year ago.

-  Skokie – 219 detached single-family homes sold year-to-date, down 4.4% compared to 229 detached single-family homes sold in June 2018.  The median sale price in June 2019 was $343,000, down 0.6 percent compared to $345,000 a year ago.

-  Winnetka – 111 detached single-family homes sold year-to-date, is down 9.0% compared to 122 detached single-family homes sold in June 2018.  The median sale price in June 2019 was $1,310,000 up 10.8 percent compared to $1,182,000 a year ago.

Sales and price information is generated by NSBAR with Midwest Real Estate Data (MRED).

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The North Shore-Barrington Association of REALTORS® (NSBAR) represents more than 3,800 practitioners in residential and commercial real estate. Since 1919 it has been the area’s leading advocate for private property rights and a healthy real estate environment. Visit NSBAR online at www.NSBAR.org.

Based on Census Tract data, MRED defines the North Shore as including Bannockburn, Deerfield, Evanston, Glencoe, Glenview, Golf, Highland Park, Highwood, Kenilworth, Lake Bluff, Lake Forest, Lincolnshire, Lincolnwood, Mettawa, Morton Grove, Northbrook, Northfield, Prairie View, Riverwoods, Skokie, Wilmette and Winnetka.

 

Please note that the numbers noted in the aforementioned links to Lake and Cook County Market Reports apply to all properties of all types and sizes throughout Cook and Lake Counties and that numbers may change when looking at a specific town, neighborhood, property type or even the type of sale.  Should you desire an overview designed for your home or area or even a home in an area you are considering, this information is available.  If I can assist you with information to help you to determine if now is the time for you to consider buying a new home or selling your current residence in Chicago’s North Shore, North or Northwest suburban areas, please let me know and I would be delighted to arrange a time to review your situation and recommend a plan tailored to your personal circumstances.

Additionally, if you are considering buying or selling or, alternately, if you are just interested in the property value of your home or a home that interests you, please feel free to send an email request to me at [email protected] and I will gladly arrange to meet with you and/or set up a personalized webpage with data generated for your home, any home that interests you or for a personalized new home search profile that matches your unique criteria.

 

Click here to see what others have to say about how Allyson was able to help her clients achieve their real estate goals.

Four Easy Staging Strategies for Your Home

When you hear advice about how staging can help to sell your home faster, it’s often the same pointers … keep the house clean, mow the lawn, and reduce clutter. While these are undoubtedly important, if you want to make your home truly impress prospect buyers, try these additional four unique staging tips.

Tip 1 – Invite buyers in with a spectacular porch

Even if you have a tiny front entry, make the most of it. Put out a few colorful plants, a nice outdoor rug and even a table and a couple of chairs if you have the space. For anyone who drives by at night checking out homes for sale, light up the area. Additionally, add a few holiday or seasonal decorations when appropriate. This helps to create a great first impression and a warm welcome even before buyers step inside.

Tip 2 – Add style to your dining room table

When the table isn’t set for meals, it can look rather bare. Create interest by decorating this feature. If you don’t want to set it with plates and silverware, at a minimum decorate with a centerpiece of flowers or candles. Put on linen tablecloth and add a few elements to draw attention. You can also put a runner along the length of a table with small items lining it.

Tip 3 – Focus on the walls

While you may have been told to paint your walls a neutral color to appeal to more buyers, you don’t want your home to appear bland. So bring back some color with tasteful artwork by hanging paintings or artistic framed photos. Mirrors and sconces can also add a decorative touch that appeals to many buyers. If your walls and furniture are neutral, try paintings and other wall decorations with a bold color to create interest.

Tip 4 – Accessorize

Accessorize your home to make it feel lived-in, but avoid using too many personal items.  Without this softening touch, your home might appear cold or uninviting to buyers. Try displaying pillows on the couch or bed, rugs on the floor and flowers in vases. This is also a great way to introduce a bold color without being overwhelming.

Regardless, it is always critical to keep your home squeaky clean and clutter-free. When combined with these additional four tips, staging should clearly boost the odds that buyers will fall in love with your home, and increase the likelihood that it will sell faster. For additional information and helpful ideas to assist in the sale of your home, feel free to 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.

Image courtesy Gatsby/flickr.com

 

Preventing Failed Contracts

Failed contracts pose real concerns for both buyers and sellers, but the two parties can work together to prevent this situation.

Why Contracts Fail

A home sale can fail for many reasons. Sometimes it is due to the buyer failing to obtain a loan. Other times, it is due to an issue with the house itself. Sellers can take steps to protect themselves in both cases.

When it comes to accepting an offer, sellers should consider choosing only a buyer who has been reliably preapproved. While this isn’t a guarantee that the transaction will close without a hitch, it definitely can help to minimize the likelihood of a problem relating to financing. Also, try to close the sale as quickly as possible because a buyer’s status can change. A delayed closing for one reason or another can increase the risk that it will fall through.

To prevent house-related issues from causing a real estate transaction to fail, consider performing a pre-listing home inspection and address problems that surface prior to putting your home on the market. Sellers will not want to find out unpleasant news after having contracted with a buyer. Also sellers should be certain to disclose to the buyer any known problems with the home. This way, when an offer is tendered, it’s from an informed buyer who knows what they are considering.

There are numerous types of inspections for a home.  To understand which inspections are needed based upon the age of the home, the geographical area and other factors, consult with an experienced real estate agent. If something adverse surfaces, it could impact future salability or the ability to obtain a loan on the property.

Working with knowledgeable professionals including a real estate agent and lender should reduce the risk of having a failed contract. By following these suggestions to do things right, a “For Sale” sign should soon say “Sold.”  For additional information regarding how to assure a smooth and trouble-free real estate transaction, feel free to 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.

Image courtesy paulbr75/Pixabay.com

 

 

 

 

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

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Allyson Hoffman
RE/MAX Villager
1245 Waukegan Road
Glenview, IL, 60025

(847) 310-5300
[email protected]

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