How's the Market?

Real Estate News of Chicago's North Shore October 2015

I took a walk this morning with my dogs. What a glorious fall day. It reminded me why I love this time of year. The air is clear and crisp; the trees are beautiful. I'm savoring the last few weeks before winter descends!

Interesting things happening this month in the world of mortgages and real estate. TRID is coming.

So what is TRID? The Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into federal law on July 21, 2010. Passed as a response to the so called "Great Recession," it brought the most significant changes to financial regulation in the United States since the regulatory reform of the 1930s. It made changes in the American financial regulatory environment that affect all federal financial regulatory agencies and almost every part of the nation's financial services industry.

In November 2013, the Consumer Financial Protection Bureau (CFPB) integrated the Real Estate Settlement Procedures Act (RESPA) and Truth in Lending Act (TILA) disclosures and regulations. Any transaction involving a mortgage will use new CFPB disclosure forms. While the new TRID forms were to be implemented on August 1, 2015, CFPB officially announced that the effective date of the implementation of the rule was delayed until October 3, 2015.

None of us are completely sure how this new process will shake out. Personally, I tend to think that sellers will favor cash deals more and more, given the complexity of the review cycles associated with these new procedures. One thing is for sure, it's going to be increasingly important to work with knowledgeable lenders, attorneys and real estate professionals that thoroughly understand these new regulations.

Time will tell how this is going to work...

In This Issue...

Just the Facts

North Shore's Highest Sales in September

October is Energy Action Month

Color Wheel of Popular Paints

Kitchen Back-splashes

Pocket Listings

TRID Comes this month

Featured Listing

Best of My Blog: Selling your home quickly

In the News

Step of the Month

Just the Facts...

So How is the Market? Read on....

Chicago-area home prices move up, but gains cooling, Chicago Tribune

North Shore's Highest Sales in September

Lake Forest - 855 E. Westminster

Original List Price - $5,890,000

List Price - $4,825,000

Sales Price - $4,000,000 (83% of asking)

Days on Market - 1005

Days on Market at Final List Price - 72

To see pictures and detailed information go to 855 E Westminster, Lake Forest

Winnetka - 150 Woodley Road

Original List Price - $3,299,000

List Price - $2,799,000

Sales Price - $2,500,000 (89% of asking)

Days on Market - 456 days

Days on Market at Final List Price - 106

To see pictures and detailed information go to 150 Woodley Road, Winnetka

Northfield - 2208 Drury Lane

List Price - $2,490,000

Sales Price - $2,460,000 (99% of asking)

Days on Market - 11

To see pictures and detailed information go to 2208 Drury Lane, Northfield

* * * * *

There are currently 247 houses for sale on the North Shore that are priced greater than $2M. During the month of September, 7 houses closed in this price range:

Community	Sold this Month	# for Sale
Evanston	0	7
Wilmette	0	10
Kenilworth	0	27
Winnetka	2	51
Northfield	2	4
Glencoe	2	24
Highland Park	0	25
Lake Forest	1	89
Lake Bluff	0	10

Source: MRED (Midwest Real Estate Data) Multiple Listing Service

10 most outrageously expensive cities on earth - Chicago ranks 7th

October is Energy Action Month

Get Ready For Winter With These Energy-Saving Ideas.

National Energy Action Month is a perfect time to start implementing ways to save energy now - and all winter long...

What's Up Next on the Color Wheel of Popular Paints

Homeowners today have a mind-boggling variety of color choices for their home, and the options just keep getting more and more colorful. Last week alone, "global color authority" Pantone, a company that develops and markets color solutions for corporations, introduced 210 new shades, bringing the total number in its portfolio to 2,310. The expanded selection includes several new tones of...

What Kind of Kitchen Backsplash Will Appeal to Buyers?

... "The backsplash in a kitchen is an opportunity to make a statement, whether it's a statement of refined luxury or an accent piece...

Real-Estate 'Pocket Listings' Go Mainstream

Selling a home without advertising to the public, long popular with celebrities, is gaining credence in major U.S. cities, data show...

TRID Comes this Month

The TILA RESPA Integrated Disclosure (TRID) rule's October 3rd implementation deadline is looming. This massive rule weighs in at nearly 2,000 pages and impacts all businesses that touch a residential mortgage, as well as homebuyers. The Consumer Financial Protection Bureau (CFPB) is ready to enforce this rule. Compliance presents a challenge, as it requires large-scale operational changes for lenders, title companies and many more.

What to Know About the New Mortgage Forms

New Mortgage Rules May Spark Delays, Frustration

- Wall Street Journal

As the days grow shorter, so our real estate seasons seems to slow down for the year. People often ask, should I take my house off the market? I have mixed feelings about that. Yes, there are usually less buyers out there -- BUT -- so many people are taking their houses off the market, that supply usually becomes less. The supply/demand equation often favors the sellers in these slower months. January is a big month for people relocating. Winter buyers are real and motivated. It's actually a decent time to have your home listed.

If there is anything I can do to help you with your real estate needs, please don't hesitate to call!

Ann

Broker Associate,

Berkshire Hathaway HomeServices KoenigRubloff Realty Group

Featured Listing

1179 Grandview Lane

Lake Forest

Sophisticated and stylish, this Whispering Oaks home has a wonderful flow with a high-end gourmet kitchen opening to family room; first floor laundry/mud room.

Upstairs a newer addition includes a stunning master suite with large walk-in closet, luxury bath and vaulted ceilings. The second floor is complete with a study, two more bedrooms, hall bath and a fourth en-suite bedroom.

The professional landscaping is gorgeous and the house is situated with a fenced and private back yard and brick patio. Finished basement with full bath. Move right in and enjoy!

List Price: $899,000

4BR/4.2 Baths

See the details at:

1179 Grandview Lane

Best of My Blog:

How important is a home inspection?

Should a buyer have the property inspected for a home they are buying? Should a seller order a home inspection prior to putting the property on the market? In our market, it's pretty standard that buyers have an inspector come in to inspect the house - not so common for the sellers...

In the news...

"The Chicago housing market is recovering from a brutal crash, but more than a third of local homes are worth less than they were a year ago, according to a new report..."

More than a third of local homes have lost value, report says

- Crains Chicago Real Estate Daily

"The season has officially changed to fall, and it looks like would-be home buyers can benefit from a wide selection of homes that are becoming more affordable, according to an early read of our exclusive September data here at realtor.com�. Even better news: This year's market looks substantially better than it did last year at this time..."

The 20 Hottest Markets in September 2015

- National Association of Realtors

"Private equity and hedge fund firms have bought more than 100,000 troubled mortgages at a discount from banks and federal housing agencies, emerging as aggressive liquidators for the remains of the mortgage crisis that erupted nearly a decade ago..."

As Banks Retreat, Private Equity Rushes to Buy Troubled Home Mortgages

- New York Times