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Real Estate Update from Allyson Hoffman

Economy Aids North Shore and Barrington Housing Markets

 


 

 

Inventory Low, But Demand Still Strong 

Northbrook, IL – November 27, 2017 – Heading into the fourth quarter of 2017, our country has the lowest jobless rate since 2000 and mortgage rates are steady and low. Because of the economy, there is no lack of potential buyers interested in the North Shore and Barrington markets. Housing data for October shows the average sales price slightly increased, while the number of new listings and median sales prices decreased.  The largest increase was in closed sales, according to the North Shore-Barrington Association of REALTORS® (NSBAR).  

NSBAR’S latest data shows new listings decreased 9.6 percent to 905, down from 1,001 a year ago. The number of closed sales increased 5.7 percent to 578 for October 2017 compared to 547 in October 2016. The number of homes under contract (contingent and pending), is down 1.1 percent with 562 homes going under contract in October compared to 568 for the same period last year.

“The continuance of low inventory in the entry and move up price ranges in many North Shore and Barrington areas continues holding back our market,” said Ian Robinson, President of NSBAR. “We generally lack inventory in the lower price ranges while many areas have a glut of high end homes. For many this could be the perfect opportunity to move up to that dream home at a great price. Real estate valuation is very local so check with your REALTOR® to find out how market conditions are for your specific home.”

The median sales price decreased 7.6 percent in October, down to $388,250, compared to $420,000 during the same period in October 2016, and the average listing price decreased to 0.8 percent with the percentage of the original list price increasing to 92.8 percent compared to 92.2 percent in October 2016.

The inventory of homes in the North Shore and Barrington area decreased by 8.6 percent in October, compared to a year ago, going from 3,990 to 3,646.  The months’ supply of homes for sale fell 11.1 percent from 6.3 months in October 2016 to 5.6 months last month. 

Across the area region, year-to-date 2017 housing market highlights include:

- Year-to-date, 4,619 detached single-family homes sold in the North Shore-Barrington market.  The number of communities in the region reporting an increase in the number of home sales for October was triple those reporting a decrease, compared to October 2016.  The median sales price increased in slightly more than half of the communities.  Communities reporting an increase (or no change) in the number of sales compared to October 2016 include Barrington, Deerfield, Glencoe, Golf-Glenview, Highland Park, Kenilworth, Lake Bluff, Lake Forest, Lincolnshire, Lincolnwood, Mettawa, Morton Grove, Northbrook, Prairie View, and Winnetka.           

-  Barrington area – 576 detached single-family homes sold year-to-date, up 13.2 percent compared to 509 detached single-family homes sold in October 2016.  The median sale price in October 2017 was $525,000, up 8.2 percent compared to $485,000 a year ago.

-  Deerfield – 261 detached single-family homes sold year-to-date, up 0.4 percent compared to 260 detached single-family homes sold in October 2016.  The median sales price in October 2017 was $549,000, up 3.3 percent compared to $531,500 a year ago. 

-  Evanston – 394 detached single-family homes sold year-to-date, down 6.9 percent compared to 423 detached single-family homes sold in October 2016.  The median sale price in October 2017 was $540,000, up 3.8 percent compared to $520,000 a year ago.

-  Golf-Glenview – 510 detached single-family homes sold year-to-date, up 5.8 percent compared to 482 detached single-family homes sold in October 2016.  The median sale price in October 2017 was $537,700, up 0.7 percent compared to $533,750 a year ago.

-  Lake Forest – 244 detached single-family homes sold year-to-date, up 6.6 percent compared to 229 detached single-family homes sold in October 2016.  The median sale price in October 2017 was $844,500, up 5.6 percent compared to $800,000 a year ago.

-  Northbrook – 425 detached single-family homes sold year-to-date, up 9.8 percent compared to 387 detached single-family homes sold in October 2016.  The median sale price in October 2017 was $545,000, down 0.9 percent compared to $550,000 a year ago.

-  Skokie – 398 detached single-family homes sold year-to-date, down 11.4 percent compared to 449 detached single-family homes sold in October 2016.  The median sale price in October 2017 was $325,000, up 2.4 percent compared to $317,500 a year ago.

-  Winnetka – 233 detached single-family homes sold year-to-date, up 9.4 percent compared to 213 detached single-family homes sold in October 2016.  The median sale price in October 2017 was $1,105,000, up down 9.8 percent compared to $1,225,000 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 3,700 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 allyson@allyson.com 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.

What You Need to Know When Making an Offer

Are you thinking about buying a home? When the time comes for you to purchase a home, you’ll want to be ready to move quickly, if needed. Here are some recommendations to make sure you are ready when a perfect house surfaces.

1. Be prepared to act fast. If you see a home that you like, there is a good chance that someone else also recently viewed the same house. Be prepared with all of the necessary information you’ll need to make an offer and don’t delay in doing so. Thinking too long before you make your offer may allow another buyer to cut in ahead of you.

2. Find a knowledgeable and professional real estate agent to help you identify and purchase your dream home. An experienced agent will provide invaluable local and market knowledge, and the “how-to” best course of action designed to realize your real estate goals.

3. Make a strong offer. Naturally, everyone wants a great deal on their house, but making an offer for significantly less than the property’s worth is not a good idea. It can be frustrating to the seller or suggest that you aren’t realistic. When you make a legitimate offer, sellers are more likely to take negotiations seriously. Rely on your agent to guide you by using recent sold comparable area properties to assist in determining the value of any home you want to purchase.

4. Get preapproved for your mortgage so you know how much home you can comfortably afford and prevent wasting your time looking at homes that are out of reach. A good lender will help you determine the right price home for your financial situation.  Ask your Realtor® for a reference to a trusted mortgage professional in your area.

5. Don’t expect your initial offer to be accepted.* Negotiations of real estate purchase offers frequently, and commonly, require the buyer and seller to respond back and forth. A strong offer can minimize that process, to a degree, but it is still unlikely that your initial proposal will be accepted exactly as it is written and that’s okay. Your Realtor® should be able to assist you in preparing an offer, negotiating the results, and finalizing the paperwork. *If you are in a multiple-offer scenario when making your offer, sellers then frequently require that offers be your highest, best and final offer – essentially a one-time shot at purchasing with other buyers competing at the same time.

Remember, the ultimate goal is to get you the home you desire at a price that fits your budget. Being prepared ahead of time and working with a skilled agent are the two best things you can do to assure that you achieve your dreams.

When you are ready to begin the home buying process or if you have questions about things you can do now to start preparing for when you are ready to buy, feel free to contact me today for a consultation. I will be happy to answer any questions you may have, and help you find that ideal property.

Image provided by paulbr75/pixabay.com

Preparing at Home for a Winter Storm

A winter storm may only last a day or two but can also drag on for an extended period of time depending on the circumstances. Being prepared will ensure you are safe if you are unable to leave your home for an extended period of time.

  • Stay Informed! Follow reputable news sources once a storm forms to keep up-to-date about its track. No storm is completely predictable and changes in their course can happen at any time. There are many sources that will send you storm updates for your area as they happen.
  • Assemble a disaster kit to ensure you have necessities available in case you are unable to leave your home for an extended period of time. Some of the items that are most critical include: bottled water, batteries, a battery-powered radio, non-perishable food items, medicines and a flashlight. 
  • Have wood for the fireplace, if you have one, easily accessible.
  • Make sure all vehicles have a full tank of gas. Fuel supplies may be interrupted by a storm.
  • Add snow tires or chains to vehicles, if needed.
  • As the storm nears, make sure your cell phones and tablets have a full charge should there be a power outage.
  • Have extra fuel available for a generator if you have one.
  • Make sure to have necessary supplies on hand for pets if you have them.
  • This is also a good time to check your property for trees with any dead branches that could cause damage during a storm. Removing them in advance is suggested, if possible.
  • Have extra blankets and pillows available should you need them.
  • Take precautions to avoid frozen pipes.
  • Don’t leave home once the storm begins unless it is an emergency. Travel can be both difficult and dangerous.

Winter storms can vary greatly in strength and change quickly. So, plan ahead with supplies and simple preparations to ensure you have what you need in case you are stuck at home for an extended period of time. For additional ideas or resources to ready your home for winter weather, feel free to contact me today for a consultation. I will be happy to answer any questions you may have, help you to find your dream home or determine the value of your existing property.

Image provided by free-photos/pixabay.com

 

 

 

 

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

(847) 310-5300
Allyson@Allyson.com

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