North Shore Homes - Winnetka, Wilmette, Glencoe, and Kenilworth

Tuesday mornings mean real estate broker tours for new homes on the market in Winnetka, Wilmette, Glencoe and Kenilworth (Wednesdays for Northfield.)  This past Tuesday was depressing for the simple reason that I saw too many new overpriced homes in a saturated market of overpriced homes.  Month after month I write posts and present statistics that show the ratio between the list price, sell price, and days on market.  

Overpriced listings will almost always sell for a large discount (check my posts  - some for as much as 60% for non-distressed properties) and take a very long time to sell. The homes that are priced to sell (perhaps even underpriced to draw volume) sell quickly and for around 95% of list price.  

Why would a seller overprice their home?  Did they talk to several agents and choose the one with the highest suggested price?  Are they certain that their house is the best on the block and should sell for considerably more than the comparable home down the street?  Because they don't want to "give it away.?"  

Whatever the reason, Even if it seems counterintuitive, overpricing your home will cause you to lose money.  If it's too high, buyers won't even make an offer because it won't stand up against comparable homes. 

Current stats:  (under contract homes still have contingencies; pending homes have cleared the contingencies)

Winnetka
154 homes for sale
26 under contract
20 pending

Wilmette
148 homes for sale
21 under contract
14 pending

Kenilworth
50 homes for sale
4 under contract
2 pending

Glencoe
97 homes for sale
12 under contract
14 pending

Northfield
51 homes for sale
8 under contract
1 pending

The North Shore still has a burden of inventory that is growing weekly.

If you are thinking of selling your North Shore home, call me for help on setting and getting the best price possible.

If you are planning to move here, call me for help on navigating the maze we call Real Estate!