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How's the Market?

Real Estate News of Chicago's North Shore   

November, 2013  
Happy Thanksgiving!

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Best of my Blog 
3rd time is the charm

August, 2013

There's a saying amongst real estate brokers, that goes something like this:

"If you could have your way in this world, you would be the first born child, the second wife and the third real estate agent."

Maybe you need to be a realtor to fully appreciate....
In the news...

"...It seems that whenever something happens in the housing market, a flock of articles pop up explaining why the signs are ominous and housing is destined to flounder. To me, the oddest one has to do with existing home sales this year. Prices have..."

Forget Affordability -- Housing's Trends Signal A Bright Future

- Forbes

  

"Rising home prices, higher mortgage rates and stagnant wages are a toxic cocktail for homebuyers, pushing affordability down dramatically..." 

Home affordability sinks as housing slows

- CNBC

 

"Home purchases by institutional buyers reached a record high in September and all-cash buyers accounted for almost half of sales as investors responded to rising demand from renters...."

Bloomberg News

"... while it's common for homebuyers to purchase houses with minimum downpayment loans of 3% to 5%, saving for longer and putting 20% down offers a host of financial benefits, including..."
Business Insider 
    
Step of the Month
#3 Don't Think You can Fool the Home Inspector
  
Best and Worst Buys in November
Best and Worst image
You'll find cookware, computers, TVs and more on sale, but wait a little longer to buy toys and winter apparel...

"Thanksgiving Day comes, by statute, once a year; to the honest man it comes as frequently as the heart of gratitude will allow."
~Edward Sandford Martin


Welcome back to "How's the Market?"   

As I look out my window, I see a rainy and dreary day; after such a beautiful autumn, I'm feeling the winds of winter moving in... not sure
yet, if I'm really ready for it.  November always seems like the beginning of a whirlwind of activity that doesn't end until the Christmas tree is put is away in January.  

By contrast, the real estate market is starting to slow down.  I was looking at the MLS this week and a lot of listings have either expired or have been canceled. I guess that's not terribly unusual since many sellers don't want to deal with the disruption of showings during the holidays.   I always find that the buyers out looking this time of year are pretty serious buyers, so it's actually a good time to have your home listed.  I came across an article that talks about this: Top 10 Tips for Selling Your Home During the Holidays.

For those of you home for Thanksgiving, you might want to check out the Garden Market at Elawa Farm in Lake Forest.  Once again this year, they are selling local, organic turkeys and fresh homemade pies. Yum!
 
Just the facts...

Now that Halloween is over, I tend to think that the Fall market has officially ended.  While we'll see some buyers and sellers during the next few months, things generally slow down for the holidays as people are more invested in being home and celebrating the season.
 
 
The North Shore's Highest Sales in October

  Crain's Chicago Business
  Wilmette - 1006 Michigan Avenue

  Sold 8/29/13 for $7,000,000

 

 

 

 

Winnetka - 36 Woodley Road

Original List Price - $6,899,000

List - $5,900,000 

Sale - $5,300,000 (94%)

Total Days on Market - 890

Total Days on Market at Final List Price - 250

         

Kenilworth - 207 Cumberland Road

Original List Price - $4,450,000

List - $4,245,000

Sale - $4,175,000 (95%)

Total Days on Market - 115

Total Days on Market at Final List Price - 61

  

Total of 11 homes closed for over $2,000,000 during the month of October:

Evanston - 1

Highland Park - 1 

Kenilworth - 1

Northfield -1

Lake Forest - 3

Winnetka - 4

  

(There are currently 206 homes for sale over $2,000,000.)

       
4 Next-Gen Home Buyer & Seller Neuroses

...Client mindsets, unmanaged, kill deals. And you can't manage what you don't first understand. Even worse than glitching up your close rate, some of these anxieties can actually cause panic, paralysis and poor decisions. Let's take a little trip inside the minds of our post-recession, constantly-connected home buyers and sellers, to get a better understanding for their freak-out moments and sticking points....   

 

Neurosis #1: Interest Rate Fixation....  

 
Home design trends that will win over buyers

Just as fashion changes the way we dress, new trends in design captivate builders and buyers and alter the way we live.


But unlike bell bottoms or thick-rimmed glasses, these trends take much longer to develop. Some design elements in a home, such as a captive kitchen, become less popular over decades, while others, such as air conditioning, become necessities....

  
Fridge it Forward
 
Old refrigerators and freezers can consume as much as three times more energy than newer models and could be costing you up to $150 a year in electricity.
 

ComEd will pick up your old, working fridge or freezer for free, recycle it in an environmentally responsible way, plus send you $35.


Learn more at Com Ed.

   
 

Ordinarily, a serious buyer would pay to have a home formally inspected. The goal is to uncover any potential problems before signing on the dotted line, while there's still time to negotiate.

 

But sometimes, sellers will have their homes inspected before they even put them on the market. Here are three good reasons....

     
1065 Cahill
Featured Listing - Currently Exempt

1065 Cahill Lane, Lake Forest 

 

WOW -  What a magnificent home set in beautiful Middlefork Farms.   This home complements its beautiful setting with lovely exterior spaces: a side porch, a stunning patio with a full outdoor kitchen and beautiful gardens.  Inside is just as special with a fabulous gourmet kitchen, spacious and gracious rooms with higher ceilings, finished basements...so many special features!
 
For the details go to  1065 Cahill Lane, Lake Forest IL

4BR+1Basement/4.1 Baths
Contact me for more information
    
As the holiday season approaches, I want to share with you a sustainability website that I recently discovered.  Check out in the Sites to Be Seen Laurie and JP Furber's Elsie Green for special and unique holiday gifts for the home.  

And please don't forgot the Northwestern Lake Forest Hospital Boutique on November 21 - 23... I'll be there again this year working at either the Harbor Sweets or Caspari booths.   Hope to see you there!

  

Wishing you a wonderful Thanksgiving.

 

Ann 

 

R. Ann Jones,

Broker Associate 

Prudential Rubloff Properties

 

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Sites To Be Seen

Details Make the Difference!

 

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If your property is currently listed for sale with an agent or broker, this is not intended to be a solicitation of that listing.