Real Estate Market

Featured Listing

Featured Listing

For Sale: $229,900

More Information

Real Estate Update from Allyson Hoffman

New Listings Up in North Shore and Barrington

 


 

 

More Homes Listed as Mortgage Rates Settle Down 

Northbrook, IL – July 19, 2018 – Housing prices are down as the second quarter ends and demand for homes drops off, following last year’s trend.  Housing data for June shows the number of new listings fell slightly while closed sales dipped 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 1.2 percent to 1,459, up from 1,441 a year ago. The number of closed sales decreased 3.7 percent to 605 for June 2018 compared to 628 in June 2017.  The number of homes under contract (contingent and pending) decreased 3.8 percent. The average sales price is down 4.3 percent in 2018 at $717,899 in homes sold in June compared to $750,522 for the same period last year.

The median sales price fell to 8.1 percent in June, up to $580,000, compared to $631,000 during the same period in June 2017, and the average listing price increased 4.4 percent with the percentage of the original list price to sale price ratio increasing to 93.7 compared to 93.0 in June 2017.

The inventory of homes in the North Shore and Barrington area decreased by 2.5 percent in June, compared to a year ago, going from 4,093 to 3,978. The month’s supply for sale is down at 7.5 percent compared to 7.6 months in June 2017.

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

- Year-to-date2,553 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 slightly less than in June 2017.  The median sales price increased 2.67 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 June 2017.

-  Barrington area – 280 detached single-family homes sold year-to-date, down 18.3 percent compared to 343 detached single-family homes sold in June 2017.  The median sale price in June 2018 was $469,500, down 8.9 percent compared to $515,000 a year ago.

-  Deerfield – 178 detached single-family homes sold year-to-date, up 11.2 percent compared to 160 detached single-family homes sold in June 2017.  The median sales price in June 2018 was $531,250, down 8.4 percent compared to $565,500 a year ago.

 -  Evanston – 228 detached single-family homes sold year-to-date, the same as compared to 228 detached single-family homes sold in June 2017.  The median sale price in June 2018 was $559,500, up 5.3 percent compared to $531,250 a year ago.

-  Golf-Glenview – 273 detached single-family homes sold year-to-date, down 10.8 percent compared to 306 detached single-family homes sold in June 2017.  The median sale price in June 2018 was $565,000, up 3.4 percent compared to $546,250 a year ago.

-  Lake Forest – 140 detached single-family homes sold year-to-date, up 13.8 percent compared to 123 detached single-family homes sold in June 2017.  The median sale price in June 2018 was $832,500, down 3.2 percent compared to $860,000 a year ago.

-  Northbrook – 203 detached single-family homes sold year-to-date, down 18.5 percent compared to 249 detached single-family homes sold in June 2017.  The median sale price in June 2018 was $568,000, up 3.3 percent compared to $550,000 a year ago.

-  Skokie – 229 detached single-family homes sold year-to-date, down 3.8 percent compared to 238 detached single-family homes sold in June 2017.  The median sale price in June 2018 was $345,000, up 6.5 percent compared to $324,000 a year ago.

-  Winnetka – 122 detached single-family homes sold year-to-date, down 13.5 percent compared to 141 detached single-family homes sold in June 2017.  The median sale price in June 2018 was $1,182,000, up 5.3 percent compared to $1,122,500 a year ago.

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

###

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.

The Difference Between a Real Estate Agent, a Broker and a REALTOR® … and Does It Matter?

In the real estate world, people use a lot of terms that may be unfamiliar to buyers and sellers. Some of the most common include real estate agent, REALTOR® and broker. Many people think these terms are interchangeable, all meaning the exact same thing. While all three may be involved in real estate transactions, they are not identical.

Brokers

In the State of Illinois, there are two classes of brokers. The first is a standard broker who upon the completion of the required training and passage of the licensing exam is permitted to list property for sale and/or represent buyers in their home purchase. However, brokers must work in an office under the supervision of a second class of brokers, the managing broker.

Managing brokers have additional training, pass a special exam and are required to have twice the numbers of hours of continuing education in each license renewal period. These licensees can open a brokerage office, manage a brokerage office for the company owner and/or engage standard brokers to work under them.

Real Estate Agent or REALTOR®

Two other similar, but different terms, are real estate agent and REALTOR®. A real estate agent is anyone who has completed the required State real estate licensure training, passed the exam and received their license to list and sell real estate. They can be either standard brokers, as previously described, or managing brokers who can open or run an office.  They can also be REALTORS®, but they do not have to be REALTORS®.

Not all real estate agents are REALTORS® but all REALTORS® will be real estate agents.  The major difference distinguishing them from each other is that all REALTORS® are members of the National Association of REALTORS®.  As such they agree to abide by the association’s Code of Ethics and receive ongoing required ethics training from their local or state REALTOR® associations.

Does It Matter?

Yes, it does matter. While all three – brokers, agents and/or REALTORS® – may be licensed by their State to list and sell real estate, not all of them belong to the National Association of REALTORS®. Those who have joined as members of this organization are held to a high standard of conduct. Their Code of Ethic outlines REALTOR® duties to clients and customers, the public and other REALTORS®. The Code ensures that by “Accepting this standard as their own, Realtors® pledge to observe its spirit in all of their activities whether conducted personally, through associates or others, or via technological means, and to conduct their business in accordance with the tenets set forth” in the Codes’ Articles and Standards of Practice.

So, if you are considering a home sale or new purchase, hiring a REALTOR® provides you assurances regarding that agent’s commitment to the ethical and professional practice of the real estate sales. For additional information regarding the pledges detailed in the REALTORS® Code of Ethics or the buying and selling process, please 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.

Contingency Clauses in Real Estate Contracts

Whether you are buying or selling a home, it’s important to understand each contingency clause in the contract. Buying a home is a big commitment, and it is important that you do everything possible to protect yourself when making this investment.

Contingency clauses are one way that buyers can build additional protections into the sales contract. They allow a buyer to cancel a sales contract with no penalty or loss of earnest money if certain conditions are not met prior to closing.

Contingencies clauses can alter the terms of a contract significantly, so don’t forget to read each contingency carefully. Here are the five common contingency clauses you may find in a real estate sales contract.

Attorney View Contingency

In the Chicago metro area, contracts are typically subject to a five-day period where attorneys for both the buyer and the seller can review and suggest modifications to the legal aspects of the contract.  Modifications to critical components of the agreed terms, such as the price to be paid, are not included in the scope of the attorney view.

Appraisal Contingency

If a home does not appraise at or above the sale price, the prospective lender will generally not proceed with the loan unless the buyer raises their down payment to make the numbers comply with lender expectations. An appraisal contingency often permits the buyer to back out of the contract with no penalty if the house does not appraise at or above the sale price. Alternately, the appraisal contingency can state that if the appraisal is below the sale price, the seller has the option to lower the sale price of the home to the appraised price. Terms of the appraisal contingency and what is acceptable to the parties is typically negotiated to arrive at mutually acceptable result.

Mortgage Contingency

The mortgage or financing contingency specifies that the buyer has the right to back out of the contract with no penalty if he or she is unable to obtain financing as specified in the contract.  These terms often include the date the buyer must secure financing, the amount of the loan, and the type and the interest rate of the loan.

Home Sale or Home Close Contingency

This contingency allows a buyer to back out of a contract with no penalty if he or she cannot sell and/or close on their current home before a set date. This prevents buyers from potentially owning two homes at the same time with the obligation to pay two mortgages simultaneously.  Sellers are much less likely to accept these conditions unless there is an abundance of inventory with longer market times when this highly competitive environment is characterized as a buyers’ markets rather than sellers’.

Inspection Contingency

The inspection contingency allows the buyer to perform many inspections as deemed necessary during a set period of time.  In the Chicago metro area, this is typically five business days. If the property does not pass inspection and major issues are revealed, the buyer has several options which include cancelling the contract without penalty.  More frequently, sellers and buyers resolve the concerns revealed in an inspection by sellers performing repairs or crediting buyers for the defects to allow them to address those post-closing.

Contingency clauses in a contract should not be glossed over amidst the legalese and boilerplate language. Doing so could be a costly mistake.  For additional information, please feel free to contact me today for a consultation.  I will be happy to answer any questions you may have about selling your home or finding your next home.

 

 

 

 

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:

http://www.realestatenorthernillinois.com/blog.asp

Thanks for reading my newsletter, and please feel free to forward this email in it's entirety to anyone you feel would benefit from it.

Click here to UNSUBSCRIBE. You will be removed automatically and immediately. Please also ignore this newsletter if your home is listed with another broker. It's not our intent to solicit other broker's listings.

Contact Information

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

Listing Alerts

Be the first to know what's coming up for sale in the Chicago Illinois real estate market with our New Property Listing Alerts!

Just tell us what you're looking for and we'll email a daily update of all homes listed for sale since your last update. You can unsubscribe at any time.

Get Notifications

Quick Search

Contact Us

There are several ways to reach me. Call me at the number below for the quickest response or click the Contact us Online button. Thank you.

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

(847) 310-5300
Allyson@Allyson.com

Contact Us Online