How's the Market?

Real Estate News of Chicago's North Shore September, 2014

I can't believe summer is over -- went so quickly this year. There is something about September that always makes me feel like it's a new year.... maybe because I have a September birthday. In any case, it feels good to know that our gorgeous fall weather will be coming soon.

I've been busy this month dealing with another move -- my dad is now leaving his apartment to move to assisted living at Lake Forest Place. These moves are really something -- it's great to have a new home and new surroundings, but the process of getting there requires a million little details and so much effort! I'm always impressed when my clients go through this process.

This month I continue my "Rocking the Ages" series from the Best of My Blog. I'm sharing some thoughts about marketing to the Baby Boomers. As a boomer, I can attest --- first floor master seems to be the most desirable feature for most of us.

Also, I was pleasantly surprised to see my profile in Chicago Agent Magazine in August!

Hope you enjoyed your August -- hopefully we'll be experiencing a memorable autumn!

In This Issue...

Just the Facts

North Shore's Highest Sales

Cash Home Sales Fall

5 ways to save on home remodeling

How Green is Your Household

Home features for which buyers will sacrifice location

Is Your Home a Ticking Time Bomb?

For the Garden

Featured Listing

Marketing you home to the Baby Boomers

In the News

Step of the Month

Just the Facts...

During the last month, I have begun providing Weekly Market Snapshots of various North Shore Communities on my blog. These snapshots provide a point in time review of the inventory levels in each community.

Attached is the US Housing Market Outlook for Fall 2014 from the parent company HomeServices of America. This insightful piece talks about what we can expect to see nationally and in the Chicago area market in the second half of the year.

Also attached is an interesting article from Crain's Chicago Business, 'Sustained slowdown' in home price increases.

My How's the Market summarizes the activity for August.

439 Sheridan Road, Kenilworth

Highest August Sales on the North Shore

Kenilworth - 439 Sheridan Road

(see the details)

Original List Price - $7,695,000

List Price - $6,475,000

Sales Price - $6,200,000 (98% of asking)

Days on Market - 389 days

Days on Market at the Final List Price - 41

619 Sheridan Road, Winnetka

Winnetka - 619 Sheridan Road

(see the details)

List Price - $5,995,000

Sales Price - $6,100,000 (102% of asking)

Days on Market - 3 days

443 Sheridan Road, Glencoe

Glencoe - 443 Sheridan Road

(see the details)

Original List Price - $6,950,000

List Price - $4,950,000

Sales Price - $4,807,500 (97% of asking)

Days on Market - 509 days
Days on Market at Final List Price - 19

* * * * *

There are currently 252 houses for sale on the North Shore that are priced greater than $2M. During the month of August, 12 houses closed in this price range:

Winnetka - 6

Glencoe - 2

Highland Park - 1

Evanston - 1

Lake Forest - 1

Kenilworth - 1

Percentage of all-cash home sales falls

Fewer Americans are paying for their homes in cash.

All-cash purchases accounted for almost 38% of residential property sales in the second quarter of 2014, down from a 3-year high of 42% in the previous quarter, and up slightly from 36% in the second quarter of 2013....

Fewer cash buyers will help loosen up the inventory of available homes on the market and reduce competition for those who are desperate to get their foot on the property ladder...

5 Ways To Save On Home Remodeling

One of the hardest truths a homeowner faces is just how expensive remodeling is, and how important it is to save on home remodeling...

What's the Best Way to Finance My Home Improvement Projects?

Home improvement projects-whether you hire a pro or DIY-do cost a pretty penny, so most of us have to take out some sort of loan to pay for them. You've probably received "you've been approved for a personal loan!" letters in the mail or have been told you can refinance your mortgage and take money out for whatever you want. As with other major financial decisions, however, it's really worth the time to understand your different choices ...

5 Ways To Boost Home Value Without Remodeling

Google "ways to boost home value" and you'll quickly find millions of articles about remodeling projects that should increase your home's value.

But what if you don't need-or simply don't want-to do any remodeling, but still want to boost your home's value?

How Green Is Your Household?

Your home doesn't have to have a solar farm in the backyard in order to start operating a little greener. Take this quiz to get easy ideas for making your piece of earth more friendly to the world.

Home features for which buyers will sacrifice location

The golden rule in real estate has always been "location, location, location."

Apparently, you can add "and a bathtub" to that.

Buyers are willing to sacrifice a few key location characteristics -- important ones like proximity to work and better quality schools -- in order to buy a home with certain features, such as landscaping, his-and-hers closets, an open kitchen and at least one bathtub....

Is Your Home a Ticking Time Bomb?

There are some maintenance and repair issues that homeowners just hate to deal with - either because they take time, cost money or just don't seem, well, urgent. But, some of these problems can become ticking time bombs, poised to explode if they're not defused early, when they are more like firecrackers than bombs.

Here are some of the top structural and mechanical time bombs in your home that experts say have the potential to blow up and are worth squelching now - before the big boom....

For the Garden...

"Gardeners tend to get excited about spring, looking forward to trying out new plants and maybe even making a big move and changing their landscapes. And in summer there's the joy of the garden in full bloom, and most fruit trees and vegetable gardens produce abundantly. By September, though, even the most avid gardener can start to feel worn out, and the best-tended garden can start to look a little tired..."

20 Favorite Flowers for the Fall Landscape

Events this month at the Chicago Botanic Gardens

For the full September Calendar
September 8-10 - Roadside Flower Sale Workshops

September 13 - Grand Opening of the North Branch Trail

September 27,28 - Central States Dahlia Society Show

And so the final quarter of the year begins. I find there are often a lot of buyers out looking in the fall. One can hope that that trend continues.

As always, if there is any way that I can help you with your real estate needs, please call or email and I am happy to help!

Ann

Broker Associate,

Berkshire Hathaway HomeServices KoenigRubloff Realty Group

Featured Listing

1065 Cahill Lane

Lake Forest

Located in beautiful Middlefork Farms, 1065 Cahill Lane is an elegant brick and cedar residence. Fabulous architectural details, superb millwork and finishes combine to create a both luxurious and comfortable home.
And WOW - what an outdoor living arrangement!! There's a gorgeous patio, exterior fireplace and kitchen.

Best Value in Desirable Middlefork Farms

List Price: $1,589,000

4BR/4.1 Baths

See the details at:

1065Cahill.com

Best of My Blog

Rocking the Ages Part 4 - Marketing your home to the Baby Boomers

"... Above all, Boomers didn't want to be hemmed in by the conformity the rules demanded. Boomers were "individuals," so individuality was lionized while conformity was eschewed.... They have always done it differently than the way it was done before, and as they get older, they will continue to demand products that fit their individuality...."

In the news...

"Americans have never hesitated to pack up the U-Haul in search of the big time, a better job or just warmer weather. But these days, domestic migrants are increasingly driven by the quest for cheaper housing...."

Affordable Housing Draws Middle Class to Inland Cities

- New York Times

"The baby boomer who's itching to ditch the responsibility of a single-family home and move into an apartment - now, there's a relatively rare bird...."

Time to downsize? Not for baby boomers

- Chicago Tribune

"As baby boomers - the generation born between 1946 and 1964 - reach retirement age, and the last of their adult children moves away from home, will they decide to stay in the suburban home or flock to a smaller place near the city..."

Will Boomers Leave Their Single-Family Nests?

-Realtor Magazine

"3 reasons why they are staying put..."

Where are Baby Boomers moving? Absolutely nowhere

-Housing Wire

"Someone said to me recently, "Sixty-five is the new forty-five." We chuckled, but the more I thought about it, the more I found myself in full agreement. With more and more people working beyond traditional retirement age ..."

Rethinking the 55+ Market

- Keeping Matters Current