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Real Estate Update from Allyson Hoffman

New Listings Up in North Shore and Barrington

 


 

 

Number of New Listings Rise as the Summer Ends

Northbrook, IL – October 26, 2018 – Listings rose as the summer selling season begins to close, reversing last month’s trend.  Housing data for September shows the number of new listings rose slightly while closed sales declined slightly compared to the same period in 2017, as well as houses under contract.  The largest increase was in the number of new listings, according to the North-Shore Barrington Association of REALTORS® (NSBAR).

NSBAR’S latest data shows new listings increased 7.0 percent to 1,116 up from 1,043 a year ago. The number of closed sales decreased 11.5 percent to 461 for September 2018 compared to 521 in September 2017.  The number of homes under contract (contingent and pending) decreased 4.1 percent. The average sales price is down 4.1 percent in 2018 at $557,578 in homes sold in September compared to $530,579 for the same period last year.

The median sales price was down 4.8 percent in September, up to $400,000 compared to $420,500 during the same period in September 2017, and the average listing price decreased 6.2 percent with the percentage of the original list price to sale price ratio dipping to 90.2 compared to 91.8 in September 2017.

The inventory of homes in the North Shore and Barrington area increased by 2.0 percent in September, compared to a year ago, going from 3,633 to 3,563. The month’s supply for sale is the up at 7.0 percent compared to 6.9 months in September 2017.

Across the area region, year-to-date 2018 housing market highlights include:

- Year-to-date, 3,936 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 September was somewhat less than in September 2017.  The median sales price increased 0.1 percent on sales in the North Shore and Barrington areas.  Nearly all the communities have either minor gains or losses in their median price compared to September 2017.                                         

-  Barrington area – 416 detached single-family homes sold year-to-date, down 21.2 percent compared to 528 detached single-family homes sold in September 2017.  The median sale price in September 2018 was $479,500, down 9.3 percent compared to $528,750 a year ago.

-  Deerfield – 253 detached single-family homes sold year-to-date, up 5.9 percent compared to 239 detached single-family homes sold in September 2017.  The median sales price in September 2018 was $529,500, down 4.6 percent compared to $555,000 a year ago.

 -  Evanston – 354 detached single-family homes sold year-to-date, down 3.5% as compared to 367 detached single-family homes sold in September 2017.  The median sale price in September 2018 was $551,000, up 1.2 percent compared to $545,000 a year ago.

-  Golf-Glenview – 423 detached single-family homes sold year-to-date, down 10.4 percent compared to 472 detached single-family homes sold in September 2017.  The median sale price in September 2018 was $550,000, down 1.3 percent compared to $557,500 a year ago.

-  Lake Forest – 226 detached single-family homes sold year-to-date, no change, compared to 226 detached single-family homes sold in September 2017.  The median sale price in September 2018 was $845,000, up 0.3 percent compared to $845,500 a year ago.

-  Northbrook – 341 detached single-family homes sold year-to-date, down 11.4 percent compared to 385 detached single-family homes sold in September 2017.  The median sale price in September 2018 was $585,000, up 6.4 percent compared to $550,000 a year ago.

-  Skokie – 349 detached single-family homes sold year-to-date, down 4.4 percent compared to 365 detached single-family homes sold in September 2017.  The median sale price in September 2018 was $342,500, up 5.4 percent compared to $325,000 a year ago.

-  Winnetka – 201 detached single-family homes sold year-to-date, down 6.1 percent compared to 214 detached single-family homes sold in September 2017.  The median sale price in September 2018 was $1,175,000, up 2.2 percent compared to $1,150,000 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.

 

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

How to Price Your Home to Sell

One of the biggest challenges in selling your home is pricing it right. A fair price typically goes hand-in-hand with homes that sell quickly.  So here are some pricing tips to help assure that you price your home to sell.

The most reliable method of arriving at value is to review the recent sales of similar homes in your neighborhood.  These homes, known as “comps” will give you the best information about where to start your pricing. You can also visit similar houses that are currently for sale to see how they compare to yours.  But keep in mind that their prices are asking prices and may or may not be realistic.  Take a look at how long those homes have been marketed to get a feeling for the accuracy of those asking prices.  Long market times are typically tied to overpriced homes.

To get an accurate idea of price, don’t strictly rely on square footage when you look at the comps. You’ll want to obtain some details about how those homes are laid out, what features they offer and if there are any upgrades.

In most cases, homebuyers will need to obtain a mortgage. Mortgage approvals hinge on many things, but one of the most critical factors is an acceptable appraisal of the home’s value which must be no less than the contract sales price. It’s important to keep this in mind when you are setting your price, so you don’t price your home too high. Even if you were, theoretically, able to obtain a contract at a higher price, if the appraisal comes in lower than the sales price, the buyer will be unable to secure a loan for the amount needed to close the sale.

It’s important to keep emotions out of the pricing process. The price of your home shouldn’t be based upon what you paid for the house, how much you’ve enjoyed living there, what you need to buy your next home or the fact that your kids grew up there.  Instead, base your price strictly on what your house is worth today in your neighborhood.

Don’t overprice your home – overpricing only gets you more of one thing and it is not money.  Overpricing gives you longer market time and that, statistically, leads to lower sale prices. Unless you are in a really hot market with very low inventory, you will likely just end up lowering the price on your house, a signal to buyers that it was overpriced. Likewise, pricing your home under market value to encourage multiple bids can work well in low-inventory seller’s markets but easily can backfire, if your market has ample inventory of homes for sale or if homes in your area are not selling quickly.

The most important step in pricing your home is to talk to your Realtor®. A qualified real estate professional knows what’s going on in your neighborhood and can advise you on the best pricing strategy for your home.

Are you ready to sell your home? If so, contact me today. I’ll prepare a customized market analysis to determine the value your home so you can be sure to price it right for your neighborhood and offer you suggestions designed to help you enhance its value.

Photo courtesy ponsulak, FreeDigitalPhotos.net.

Understanding Contingencies When Making a Sales Offer

The decision to purchase a home is one of the most important you will likely make during your lifetime. For this reason, it is completely understandable that you might desire some type of safety net in the event something should go wrong. For instance, what if you are not able to obtain financing? What if you are trying to sell one home while attempting to purchase another? This is where contingencies come into play. Contingencies are designed to allow you to cancel the purchase contract without being subject to penalty. A variety of different contingencies can apply to protect you as a buyer.

One of the most common contingencies is based on financing. To be better prepared and to streamline their home search, most buyers today opt to be pre-approved for financing before they even begin shopping for a home. Regardless, the lender must still provide final loan approval before the closing. Although it is infrequent, a variety of circumstances could arise that might prevent the lender from providing that all-important final approval. By making the sales contract contingent upon unconditional financing, you can protect yourself from liability if you are unable to actually secure clear-to-close financing.

Some buyers negotiate the purchase of a new home before actually selling their current home. This is a perfect situation when a contingency might be beneficial. By making the closing of the new home contingent upon the closing of your current home, you can prevent the possibility of owning two properties and facing the responsibility for paying two mortgages at the same time.

A number of other contingencies can also be considered protect you. For instance, many sales contracts include a contingency stipulating that the property must appraise for a minimum of the contract purchase price. Many buyers may also require a contingency stating that the property must pass inspections. Should the property not appraise for the purchase amount or pass the buyer’s inspections, that situation will then need to be satisfactorily addressed, the contract renegotiated or the contract could be nullified and voided without penalty to the buyer.

In the end, most contingencies are designed to provide protection to the buyer. Without these typical contingencies built into the sales contract, earnest money deposits could be forfeited to the seller.  Having your trusted real estate professional assist you in preparing a purchase offer will ensure that these issues are properly structured to protect your interests.

If you are considering a move, 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.

Image courtesy of Danilo Rizzuti at FreeDigitalPhotos.net.

 

 

 

 

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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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