Chicago's North Shore of Illinois Real Estate Blog

Lake Forest IL Real Estate Market Action Report February 2010

art.wilson@cbexchange.com (North Shore Homes) — Wed, 17 Mar 2010 15:24:00 GMT

Now posted on http://www.NorthShoreHomesOnline.com the latest statistics on the real estate market in Lake Forest Illinois for the month of February 2010. This is useful information is free for both buyers an sellers. Reports are also available here for other communities on Chicago's North Shore.

Home Buyers, Time is running out!

art.wilson@cbexchange.com (North Shore Homes) — Tue, 16 Mar 2010 19:43:00 GMT

Over the next 45 days, two key government programs that have kept home ownership more affordable than ever, wind down to their completion.

First, the Federal Reserve's Mortgage Backed Securities (MBS) purchase program will come to an end on March 31, just two weeks away! Without this program home loan rates could have been at least 1.00% higher...and potentially even higher...over the last year. Throughout 2009, the Federal Reserve was the primary buyer for MBS, purchasing as much as 80% of the supply in a given month. When this program ends, a lack of willing buyers will likely cause MBS prices to drop and rates to rise as a result.

Then, on April 30th, which is the deadline for purchasers to get under contract to qualify for the Home Buyer Tax Credit program, which has been providing a tax credit of up to $8,000 to first time homebuyers and up to $6,500 to repeat purchasers.

While no one knows for certain what the future holds, two things are clear, home loan rates will likely be higher in the future, and free money from the government will be long gone. These deadlines will affect both affordability to purchase and the opportunity to refinance.

For prospective homebuyers, any increase in interest rates erodes your purchasing power. In other words, a 1% increase in rate represents an approximate decline in purchasing power by 10%. For example, if rates increase by 1%, people who qualify for a $300,000 purchase price today may only qualify for a purchase price of $270,000 afterwards.

If you or anyone you know is looking to purchase or refinance a home, waiting could be costly! Act now...so you can save money!

Coldwell Banker's New Mobile Website

art.wilson@cbexchange.com (North Shore Homes) — Mon, 15 Mar 2010 21:49:00 GMT

Recently, Coldwell Banker Residential Brokerage unveiled a new mobile website ColdwellBankerOnline.com. Now, visitors can access the site via any phone or mobile device that has Internet capabilities. There is no need for visitors to download an app; instead visitors can type in ColdwellBankerOnline.com on their mobile device’s web browser.

"We are very excited about the launch of the new mobile site,” said Fran Broude, president and COO of Coldwell Banker Residential Brokerage. “Increases in mobile technology have allowed the Internet to be everywhere, and providing information when buyers or sellers are ready to receive it, is crucial to success.”

Benefits of the new mobile site include:

Scaled back design and images that allow visitors to view on web-enabled mobile devices quickly and easily
Eliminates long load times or the failure to load pages
Easier access to Coldwell Banker listing information and agent profiles at any time i.e. standing in front of a listing and wanting more information
Allows for direct contact to the listing agent at the time of interest
A mobile site, unlike downloadable applications, reaches out and is accessible to anyone who has a mobile device that has web surfing capabilities

Tips for Chicago's North Shore Home Sellers

art.wilson@cbexchange.com (North Shore Homes) — Sat, 13 Mar 2010 20:38:00 GMT

If you’ve turned on the news recently, you may have heard the words “real estate” and “buyer’s market.” Have the sellers been forgotten? While today’s housing market is attractive for buyers, many sellers are unaware of the opportunities and incentives available, such as $6,500 for homeowners selling their primary residence.

“The real estate market today may feel very different from what it was several years ago, but the reasons for moving haven’t change,” said Fran Broude, president and COO of Coldwell Banker Residential Brokerage. “Families continue to expand and shrink, and a new job can demand a new home. Sellers just need to consider how their property can appeal to today’s breed of buyer and their housing expectations.”

Here are some real estate absolutes for home sellers today.

• Price it right. According to recent housing reports, the playing field is leveling for buyers and sellers in terms of availability and price. Your Realtor has knowledge of your community, other sellers in the area, prospective buyers, and the market rates, to offer a realistic picture of where your home needs to be priced to sell.

• Clean it up. In an HGTV-world with brilliant flat-screen televisions, finished basements, and bathrooms that look as if they’ve never been used; your home must be in show-ready condition to compete. Keep your home picture perfect for buyers who need to be “wowed.”

• Try transparency. Even fashionistas are becoming more frugal, so provide prospective buyers with loads of information, such as details about utilities, home improvements, repair work, and recent cleanings. Also tout any green trimmings your home has to offer including energy efficient appliances, insulation or windows. Being transparent about how your home is budget-conscious can set your property apart from the rest.

Evanston IL Real Estate Update January 2010

art.wilson@cbexchange.com (North Shore Homes) — Tue, 16 Feb 2010 01:42:00 GMT

The following statistics show January 2010 year over year changes in detached housing for the Evanston IL real estate market. All data is from MRED MLS system.

Prices- Median list price is +5%, the median under contract price is -40% and the sold price is +4%.

Unit sales- There is a -16% decrease in the number of homes for sale, a +14% increase in homes under contract and the number of homes sold was +55%.

Inventory- Months supply of inventory declined -29% to 13 months supply.

Winnetka IL Real Estate Update January 2010

art.wilson@cbexchange.com (North Shore Homes) — Tue, 16 Feb 2010 01:38:00 GMT

The following statistics show January 2010 year over year changes in detached housing for the Winnetka IL real estate market. All data is from MRED MLS system.

Prices- Median list price is -6%, the median under contract price is -11% and the sold price is +66%.

Unit sales- There is a -12% decrease in the number of homes for sale, a +117% increase in homes under contract and the number of homes sold was -18%.

Inventory- Months supply of inventory declined -61% to 12 months supply.

Wilmette IL Real Estate Update January 2010

art.wilson@cbexchange.com (North Shore Homes) — Tue, 16 Feb 2010 01:32:00 GMT

The following statistics show January 2010 year over year changes in detached housing for the Wilmette IL real estate market. All data is from MRED MLS system.

Prices- Median list price is -6%, the median under contract price is +6% and the sold price is -47%.

Unit sales- There is a -27% decrease in the number of homes for sale, a +27% increase in homes under contract and the number of homes sold was +18%.

Inventory- Months supply of inventory declined -44% to 8 months supply.

Glenview IL Real Estate Update January 2010

art.wilson@cbexchange.com (North Shore Homes) — Tue, 16 Feb 2010 01:26:00 GMT

The following statistics show January 2010 year over year changes in detached housing for the Glenview IL real estate market. All data is from MRED MLS system.

Prices- Median list price is -8%, the median under contract price is +8% and the sold price is -3%.

Unit sales- There is a -8% decrease in the number of homes for sale, a +78% increase in homes under contract and the number of homes sold was +127%.

Inventory- Months supply of inventory declined -51% to 10 months supply.

Northbrook IL Real Estae Market Update January 2010

art.wilson@cbexchange.com (North Shore Homes) — Tue, 16 Feb 2010 00:18:00 GMT

The following statistics show January 2010 year over year changes in detached housing for the Northbrook IL real estate market. All data is from MRED MLS system.

Prices- Median list price is -8%, the median under contract price is -2% and the sold price is -1%.

Unit sales- There is a -14% decrease in the number of homes for sale, a +13% increase in homes under contract and the number of homes sold was +267%.

Inventory- Months supply of inventory declined -26% to 15 months supply.

Glencoe IL Real Estate Update January 2010

art.wilson@cbexchange.com (North Shore Homes) — Tue, 16 Feb 2010 00:13:00 GMT

The following statistics show January 2010 year over year changes in detached housing for the Glencoe IL real estate market. All data is from MRED MLS system.

Prices- Median list price is -2%, the median under contract price is +39% and the sold price is -38%.

Unit sales- There is a -20% decrease in the number of homes for sale, a +12% increase in homes under contract and the number of homes sold was +80%.

Inventory- Months supply of inventory declined -25% to 11 months supply.

Highland Park IL Real Estate Update January 2010

art.wilson@cbexchange.com (North Shore Homes) — Tue, 16 Feb 2010 00:08:00 GMT

The following statistics show January 2010 year over year changes in detached housing for the Highland Park IL real estate market. All data is from MRED MLS system.

Prices- Median list price is -7%, the median under contract price is -22% and the sold price is +17%

Unit sales- There is a +3% increase in the number of homes for sale, a +243% increase in homes under contract and the number of homes sold was +375%.

Inventory- Months supply of inventory declined -72% to 12 months supply.

Lincolnshire IL Real Estate Market Update January 2010

art.wilson@cbexchange.com (North Shore Homes) — Mon, 15 Feb 2010 23:11:00 GMT

The following statistics show January 2010 year over year changes in detached housing for the Lincolnshire IL real estate market. All data is from MRED MLS system.

Prices- Median list price is -13%, the median under contract price is +82% and the sold price is +21%.

Unit sales- There is a -5% decrease in the number of homes for sale, a -50% decrease in homes under contract and the number of homes sold was +300%.

Inventory- Months supply of inventory declined -102% to 43 months supply.

Deerfield IL Real Estate Market Update January 2010

art.wilson@cbexchange.com (North Shore Homes) — Mon, 15 Feb 2010 23:06:00 GMT

The following statistics show January 2010 year over year changes in detached housing for the Deerfield IL real estate market. All data is from MRED MLS system.

Prices- Median list price is -12%, the median under contract price is -13% and the sold price is+83%.

Unit sales- There is a -31% decrease in the number of homes for sale, a +17% increase in homes under contract and the number of homes sold was +40%.

Inventory- Months supply of inventory declined -41% to 17 months supply.

Lake Forest IL Real Estate Market Update January 2010

art.wilson@cbexchange.com (North Shore Homes) — Mon, 15 Feb 2010 23:02:00 GMT

The following statistics show January 2010 year over year changes in detached housing for the Lake Forest IL real estate market. All data is from MRED MLS system.

Prices- Median list price is +2%, the median under contract price is +19% and the sold price is +28%.

Unit sales- There is a +2% increase in the number of homes for sale, a +171% increase in homes under contract and the number of homes sold was unchanged.

Inventory- Months supply of inventory declined -64% to 15 months supply.

Lake Bluff IL Real Estate Market Update January 2010

art.wilson@cbexchange.com (North Shore Homes) — Mon, 15 Feb 2010 22:55:00 GMT

The following statistics show January 2010 year over year changes in detached housing for the Lake Bluff IL real estate market. All data is from MRED MLS system.

Prices- Median list price is -4%, the median under contract price is -47% and the sold price is -34%.

Unit sales- There is a -1% increase in the number of homes for sale, a +100% increase in homes under contract and the number of homes sold was +300%.

Inventory- Months supply of inventory declined -55% to 12 months supply.

Evanston IL Real Estate Update December 2009

art.wilson@cbexchange.com (North Shore Homes) — Sun, 17 Jan 2010 19:10:00 GMT

The following statistics show December 2009 year over year changes in detached housing for the Evanston IL
real estate market. All data is from MRED MLS system.

Prices- Median list price is +9%, the median under contract price is -13% and the sold price is-13%

Unit sales- There is a -10% decrease in the number of homes for sale, a +117% increase in homes under contract and
the number of homes sold was +211%.

Inventory- Months supply of inventory declined -62% to 7 months supply.

Winnetka IL Real Estate Update December 2009

art.wilson@cbexchange.com (North Shore Homes) — Sun, 17 Jan 2010 19:06:00 GMT

The following statistics show December 2009 year over year changes in detached housing for the Winnetka IL
real estate market. All data is from MRED MLS system.

Prices- Median list price is -1%, the median under contract price is no change and the sold price is+32%

Unit sales- There is a -13% decrease in the number of homes for sale, a +86% increase in homes under contract and
the number of homes sold was +138%.

Inventory- Months supply of inventory declined -54% to 11 months supply.

Wilmette Il Real Estate Market Update December 2009

art.wilson@cbexchange.com (North Shore Homes) — Sun, 17 Jan 2010 19:01:00 GMT

The following statistics show December 2009 year over year changes in detached housing for the Wilmette IL
real estate market. All data is from MRED MLS system.

Prices- Median list price is -7%, the median under contract price is 20% and the sold price is+21%

Unit sales- There is a -27% decrease in the number of homes for sale, a +143% increase in homes under contract and
the number of homes sold was +22%.

Inventory- Months supply of inventory declined -75% to 7 months supply.

Kenilworht IL Real Estate Market Report December 2009

art.wilson@cbexchange.com (North Shore Homes) — Fri, 15 Jan 2010 04:40:00 GMT

The following statistics show December 2009 year over year changes in detached housing for the Kenilworth IL
real estate market. All data is from MRED MLS system.

Prices- Median list price is -3%, the median under contract price is +16% and the sold price is unchanged.

Unit sales- There is ano change in the number of homes for sale, a +200% increase in homes under contract and
the number of homes sold was unchanged.

Inventory- Months supply of inventory had no change.

Glenview IL Real Estate Market Update December 2009

art.wilson@cbexchange.com (North Shore Homes) — Fri, 15 Jan 2010 04:34:00 GMT

The following statistics show December 2009 year over year changes in detached housing for the Glenview IL
real estate market. All data is from MRED MLS system.

Prices- Median list price is -8%, the median under contract price is +5% and the sold price is +5%

Unit sales- There is a -6% decrease in the number of homes for sale, a +164% increase in homes under contract and
the number of homes sold was +30%.

Inventory- Months supply of inventory declined -68% to 11 months supply.