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Real Estate Update from Allyson Hoffman

Sale Prices Continue to Rise in North Shore and Barrington

 


 

 

Average Sales Price Rise as the Year Ends in Stagnant Market

Northbrook, IL – January 28, 2019 – The average sale prices rose as we ended the year breaking last month’s trend.  Housing data for December shows the number of new listings and closed sales decreased slightly compared to the same period in 2017, as well as houses under contract.  The largest increase was in the increase of the average sold price, according to the North-Shore Barrington Association of REALTORS® (NSBAR).

NSBAR’S latest data shows new listings increased 13.1 percent to 647 up from 572 a year ago. The number of closed sales decreased 1.3 percent to 411 for December 2018 compared to 497 in December 2017.  The number of homes under contract (contingent and pending) decreased 0.7 percent. The average sales price is up 1.2 percent in 2018 at $656,341 in homes sold in December compared to $648,153 for the same period last year.

The median sales price was down 4.0 percent in December, up to $470,000 compared to $495,000 during the same period in December 2017, and the average listing price decreased 12.1 percent with the percentage of the original list price to sale price ratio remaining the same to 91.6 compared to 91.6 in December 2017.

The inventory of homes in the North Shore and Barrington area decreased by 1.3 percent in December, compared to a year ago, going from 1,986 to 2,013. The month’s supply for sale is the down at 1.3 percent compared to 7.1 months in December 2017.

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

- Year-to-date, 4,990 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 December was somewhat less than in December 2017.  The median sales price increased 0.2 percent on sales in the North Shore and Barrington areas.                                                                                         

-  Barrington area – 535 detached single-family homes sold year-to-date, down 18.6 percent compared to 657 detached single-family homes sold in December 2017.  The median sale price in December 2018 was $480,000, down 7.7 percent compared to $520,000 a year ago.

-  Deerfield – 322 detached single-family homes sold year-to-date, up 5.6 percent compared to 305 detached single-family homes sold in December 2017.  The median sales price in December 2018 was $530,000, down 1.9 percent compared to $540,000 a year ago.

 -  Evanston – 422 detached single-family homes sold year-to-date, down 9.2% as compared to 465 detached single-family homes sold in December 2017.  The median sale price in December 2018 was $550,000, up 2.8 percent compared to $535,000 a year ago.

-  Golf-Glenview – 539 detached single-family homes sold year-to-date, down 5.6 percent compared to 571 detached single-family homes sold in December 2017.  The median sale price in December 2018 was $550,000, up 0.9 percent compared to $545,000 a year ago.

-  Lake Forest – 277 detached single-family homes sold year-to-date, down 1.1%, compared to 280 detached single-family homes sold in December 2017.  The median sale price in December 2018 was $845,000, no change compared to $845,000 a year ago.

-  Northbrook – 448 detached single-family homes sold year-to-date, down 9.7 percent compared to 496 detached single-family homes sold in December 2017.  The median sale price in December 2018 was $569,000, up 5.4 percent compared to $540,000 a year ago.

-  Skokie – 444 detached single-family homes sold year-to-date, down 5.9 percent compared to 472 detached single-family homes sold in December 2017.  The median sale price in December 2018 was $338,750, up 3.4 percent compared to $327,750 a year ago.

-  Winnetka – 247 detached single-family homes sold year-to-date, down 3.1 percent compared to 255 detached single-family homes sold in December 2017.  The median sale price in December 2018 was $1,165,000, up 3.8 percent compared to $1,122,500 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 Display Your Home at Its Best

When you put your house on the market, you're inviting people to visit and consider what living in your home might be like for them. That experience must be as positive as possible. To get the highest value from your home, it’s imperative to do everything you can to display your home at its best. Here are some tips designed to do just that:

  • If possible, visit other competing homes of similar value in your neighborhood to see how those homes show and are staged. You may find ideas of value to use in presenting your own home. 
  • Check your landscaping – it should look its best, even if it means hiring a landscaping crew to mow, cut, trim, edge and weed. Whether you do it yourself or retain professionals, make sure your yard appears as beautiful as possible. If the season permits, consider planting colorful annuals in strategic locations to enhance and enliven an otherwise drab landscape.
  • If the house will remain furnished, make sure all furniture is immaculately clean, neatly arranged and not overcrowded. Store all questionable items out of sight or remove them before visitors arrive.
  • Clean or replace worn and dated carpets; refinish or polish wood flooring; consider a fresh coat of paint in today’s appealing colors; and be sure to replace broken or missing fixtures and fittings to make sure that kitchens and bathrooms are bright, shiny and appealing.
  • Make sure the air in the house is clean and fresh.  If the weather cooperates, open windows to air out the house. Should you use any sort of air freshener, use it lightly -- too much is just as bad as not enough.
  • Let the sunshine in!  Open the shades, pull back the curtains and pull up the blinds.
  • Pets can be problematic. For example, some people may be afraid of dogs, while others may be allergic to cats. If possible, remove pets and as much evidence of their presence before prospective buyers arrive.
  • Children can be a distraction as well. If possible, take children out while buyers are viewing your home.  You want the buyers focusing on what their lives would be like in your home, not what your kids are doing in the kitchen or den.

Every home and every family is different with varied needs and constraints.  So working together, we can arrive at a unique strategy for maximizing your visual impact to position your home in front of the competition while minimizing your family’s inconvenience. Contact me today for a consultation. I will be a happy to answer any questions you may have, and/or help you determine the value of your home.

Image courtesy of wolfields/Pixabay.com

Buying a Home? Here’s How to Get the Best Deal

The more people bidding on a dream property, the smaller the chance you will secure a great deal. While competition is generally considered a healthy, natural happenstance in life, for buyers trying to purchase real estate it is typically an unfortunate scenario.

Many economists believe that the rise and fall of the real estate market correlates to the rise and fall of employment rates. So tuning in to the job market in your area may give you important insight that will impact your ability to get the best deal in a home purchase. Here are some tips buyers should know to help negotiate the best real estate contract:

  • Determine whether you want a well-maintained home or a fixer-upper. Houses sometimes will be comparably priced despite one needing significantly more work than another. So understanding property values in your area and engaging the assistance of a quality real estate professional can give you an edge.
  • Do your research before presenting a seller with an offer.  Look for the houses that provide the best comparable sales data in the area. Good sellers know what houses sell for in their market. Don’t set yourself up for failure by submitting a lowball offer with a price that cannot be supported by real facts. Solid information provides you the basis for arguing a reasonable position or exposing an unrealistic seller.  
  • To save on the bottom line, work toward including concessions into your agreement.  These “discounts” may contain property being conveyed with the sale, closing cost credits or improvements that you'd like to see done before closing.  Frequent examples include appliances, window coverings, patio furniture, or occasionally replacing something that is truly worn or needing repair.  If you planned to purchase these items or replace them yourself, adding them to your agreement enhances the overall value of your contract.
  • If you are bidding on your dream home, consider  that an additional few thousand dollars over the life a 30-year loan may be worth it when the alternative to standing your ground for a good deal could cost you the home you really love by holding out for too many things or a price that someone else may exceed.  No deal is definitely not the best deal if you really want that house.
  • If possible, find out why the seller is moving. Moves resulting from job relocation, financial distress, divorce, retirement or any number of other factors can provide you important information needed to better understand the sellers’ motivation and reach a more favorable result.

Use these guidelines to improve your chances of securing the best deal on your next home. For information on how to effectively negotiate that purchase, contact me today for a consultation. I will be happy to answer any questions you may have, and/or help you start the home buying process.

Photo courtesy Flickr.com/kteegarden

 

 

 

 

The Northern Suburbs of Chicago Blog discusses new items of interest regularly. Topics range from those related to real estate and community highlights to local events of interest or anything personal or business related that might be perceived as worthwhile information for public knowledge, discussion and/or use. Feel free to subscribe and receive textual updates on your iPhone, iPod and/or iPad! You can always check out the latest updates for the Northern Chicago Suburbs at:

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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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