north shore: Seller’s Market...But Are Sellers Able To Maintain The Upper Hand? - 03/17/14 08:38 AM
Seller’s Market...But Are Sellers Able To Maintain The Upper Hand?
 
Let’s face it.  In most price categories in Winnetka, Glencoe, Wilmette and Kenilworth, it seems to be a seller’s market.  What that means is that for well priced listings, the market times are very short and sellers have some power on pricing and other terms in the sale of their properties.
Frequently, we are seeing multiple offers for desirable properties.

 
This has been further compounded by the extremely small inventories of home for sale.  
 
However, there is an interesting phenomena that is taking place all … (4 comments)

north shore: The Seller's Best Friend.........Buyer Competition! - 05/14/13 12:21 PM
The Seller's Best Friend.........Buyer Competition!
 
 
 
According to Wikipedia, the definition of a multiple listing service (MLS)  is a suite of services that enables real estate brokers to establish contractual offers of compensation (among brokers), facilitates cooperatio
n with other broker participa
nts,accumulates and disseminates information to en
able appraisals, and is a facility for the orderly correlation and dissemination of listing information to better serve broker's clients, customers and the public.

Most of the local (all of the major) residential real estate firms on the North Shore are members of the local MLS.
 
We are now … (2 comments)

north shore: The Incredible Shrinking Inventory - 12/03/12 11:03 AM
The Incredible Shrinking InventoryThere are many home buyers out there today.  The know what they want...and they’re not finding it.In the North Shore market, there has been a reduction in inventory of single family homes since Labor Day of 2011.  Of course, we have seen the seasonal increases, particularly in the spring market, but the number of properties coming to market has dropped significantly.  Currently in Winnetka and Wilmette, the inventory of homes for sale is at levels that have not been seen in years.  Interestingly, the inventory of condos and townhouses, which the market had been flooded with, is also … (0 comments)

north shore: Is Now the Time To Sell? - 10/26/12 05:36 AM
Is Now the Time To Sell?As we move into the historically quiet holiday period, many homeowners who are contemplating selling their homes now are holding off until the traditionally stronger spring market.  While the number of potential buyers will in all likelihood be greater in the spring, there are some startling events occurring in the current market on the North Shore that may make you want to re-think your plan. This chart reflects the number of active listings of single family homes (not including properties that are under contract) exactly one year ago compared to today:
Village                        October 25 2011               … (4 comments)

north shore: I’m Just trying to Make an Appointment - 10/16/12 10:57 AM
I’m Just trying to Make an AppointmentMost of the real estate firms in Winnetka and across the North Shore market utilize a centralized showing service to set up appointments. Up until a few years ago, if I wanted to make an appointment to show a property, all I had to do was either call the listing office or the listing agent for approval and directions.  If the showing required approval from the homeowner, I usually received a prompt response.  If it was taking a while and I wasn’t updated by the person who took the call, it was easy for me … (10 comments)

north shore: The Low Hanging Fruit Has Been Picked From The Vine - 04/22/12 03:12 AM
The Low Hanging Fruit Has Been Picked From The Vine
As is the case in much of the country, the Winnetka, Wilmette, Glencoe and Kenilworth markets are experiencing a very small inventory of fresh, well-priced, new listings.  We are seeing competitively priced properties in move-in condition, selling in a matter of a few days, often with multiple offers.  The best barometer of changes in true market value is looking at resales of recently sold homes.  For many of those few homes that sold in the last year or two and are returning to the market this spring, we are commonly seeing … (0 comments)

north shore: A House of Cards? - 02/16/12 01:23 AM
Yes, the U.S. economic recovery is quite fragile at the moment.  There are still major concerns regarding the debt restructuring in Europe.  The war in Afghanistan continues to rage...as well as drain our economy of much needed resources both in dollars and in human capital. The Iranian nuclear threat is sending shivers throughout the world.  The partisan activities of Congress are an anchor on economic progress. All of these factors are clearly placing a level of uncertainty in the minds of Americans.However, the employment situation is clearly improving.  The stock market, which is often a reflection of confidence in the economy...or … (8 comments)

north shore: For What It's Worth - 02/07/12 02:11 PM
Something’s happening here...What it is, ain’t exactly clear...For what it’s worth, something is happening in the North Shore real estate market.Since Labor day, there had been an unusually small number of new listings hitting the market on the North Shore, particularly in Winnetka and Wilmette.  Sure, there is always a seasonal slowdown, but it was much more pronounced this year.  Since then, some properties have been sold...some that were “for sale” were rented and some listings expired and did not return to the market.  Others were taken off the market for the holidays.  2012 began with the fewest active properties for … (8 comments)

north shore: The Shadow Knows - 01/22/12 03:05 PM
The Shadow Knows...                                        I’m getting older, but not old enough to remember radio mysteries.  However, as a trivia fan, I am familiar with some of the tag lines from those shows.  Probably none is more noted than the refrain of a deep, creepy voice stating:“Who knows what evil lurks in the hearts of man? The SHADOW  knows”....followed by an     ominous laugh.                                                        
                                                                                        (photo courtesy of Raindog's photostream via Flickr)In today’s real estate market, the most mysterious and elusive element is the “Shadow Inventory”.According to the financial website “Investopedia” the shadow inventory is:“A term that refers to real estate properties that … (2 comments)

north shore: WE Can Lead A Horse To Water.... - 01/10/12 10:44 AM
We Can Lead a Horse To Water.....A few times in the past year or so, we have had North Shore listings that didn’t sell and eventually, the sellers withdrew them from the market.  In each of these situations, we had recommended a lower initial asking price or price reductions and the seller either delayed them until they were way behind the market or didn’t agree to them at all.  Most of the time, the sellers asked us what we could do to bring THE buyer to the property.  We discussed all of our marketing efforts. 
                                                             (photo courtesy of aboutmattlaw  via … (2 comments)

north shore: The Economy and The North Shore Housing Market...A Total Disconnect? - 12/09/11 07:57 AM
The Economy and The North Shore Housing Market...
A Total Disconnect?
Historically, the housing market has been driven by the economy.  It only makes sense.  When times are good, people are confident about their financial situation and are interested in buying a house...or a bigger house.  It’s the American dream.  Right?Well, that has always been the case.  In times of economic downturns, the desire to make a commitment to a new house generally subsides somewhat.  This can be observed by looking at a chart of housing trends vs. economic cycles.  While demand may decrease, the desire for home ownership generally stays … (2 comments)

north shore: Price Compellingly Only If You Want To Sell - 12/07/11 10:56 AM
Price Compellingly Only If You Want To Sell
It took a while, but it seems that just about everyone in the North Shore real estate community now understands the concept that if a property is offered at a compelling price, it will sell quickly and relatively close to that price.  Many homeowners on the North Shore are still a little slow to accept this concept.  We would go as far as to say that if you don’t price it well to begin with, it is highly probable that it will eventually sell at a lower price....and the market time will be … (2 comments)

north shore: Some Interesting Market Statistics for Winnetka - 12/06/11 07:45 AM
Some Interesting Market Statistics for Winnetka     The fall and early winter is generally a slow period in the North Shore real estate market.  Inventories general dip due to the holidays and showings also drop as both buyers and sellers retrench with holiday shopping and decorating.  This year is no exception, but the velocity of the drop in units on the market has increased dramatically. An example is the Winnetka market as shown in the following chart:
This bodes well for the properties that are currently on the market.  As the number of showings has slowed down, it appears that the buyers … (2 comments)

north shore: Do Home Sale Contingencies Work For Anyone? - 12/01/11 02:09 PM
Do Home Sale Contingencies Work For Anyone?
While “Home Sale Contingencies” (HSC) were never a common practice in the North Shore market, we began to see a growing number of them during the first years that the market began to fall.  Typically, they would be in effect for 90 to 120 days after contract signing.
There would generally be a “kick out” clause that would allow a seller, who received another offer, to force the HSC buyer to either drop the contingency or walk.  This is the long and the short of it....but who benefits from it?         Let’s look at the … (0 comments)

north shore: We’d Like to “Add Value” in Certain Areas...But We Can’t - 11/30/11 03:24 AM
We’d Like to “Add Value” in Certain Areas...But We Can’t
The way that we try to differentiate ourselves from other agents to our buying clients is to provide “added value” to their total transaction process. We do this is many ways including but not limited to:
 
Our knowledge of the current inventory in the Winnetka, Wilmette, Northfield, Glencoe,  Kenilworth and other North Shore markets; The history of transaction in these areas; Our ability to assist you in negotiating the best possible price and other terms for your purchase;  Our ability to “flush out” properties that are not currently on the … (6 comments)

north shore: The Statistic That Concerns Us Most - 11/21/11 09:30 AM
The Statistic that Concerns us Most Yes, we’re numbers people.  We like to use statistics to tell a story.  Of course they’re open to interpretation and misrepresentation, but they sure beat “seat of the pants” analysis.  As real estate professionals on the North Shore, we try to pay close attention to the macro-stats as well as the micro-statistics.  We all know that all real estate is “local”, but certainly no man...or place...is an island (ok, some places are islands) and the tide lifts and lowers all boats to varying degrees.  With this in mind, we look at a wide range of … (7 comments)

north shore: Renter’s Dilemma...Why Buy The Cow....? - 11/17/11 03:05 AM
Renter’s Dilemma...Why Buy The Cow....?
Many of the people considering renting in today’s market are taking the old cliche to heart...why buy the cow when the milk is free?  
On the North Shore, from a short term cash flow perspective, they are right.  When you evaluate the total out-of-pocket expense of renting vs.ownership, you can often save substantially.
 You can actually rent much more for comparable dollars vs. what you can purchase.  

(photo by Neil D'Cruze on Flickr)
A “perfect storm” of circumstances have created this current situation.
The  biggest factors which have allowed for this is that … (9 comments)

north shore: Have Fun Before It's Too Late - 11/14/11 12:21 AM
The inventory of homes for sale on the North Shore has shrunk
 
There are fewer showings for each listing, but the buyers who are looking at homes are SERIOUS buyers
 
North Shore home prices have fallen much more in line with reality
 
Interest rates continue to be at/or near record lows


(photo courtesy of Jeff Zimmer)

Well priced properties are going under contract  quickly

This is a great time to list your home...if you are serious about selling
 
 
Less competition

serious buyers

record low rates....

what are you waiting … (4 comments)

north shore: Be Wary of BLACK FRIDAY Deals in North Shore Real Estate - 11/09/11 11:25 PM
We have read a few blogs recently which discussed the concept of “the best values in the North Shore market” being the homes that have been reduced the greatest from the original listing price.  We think this is “hogwash”.Many buyers are viewing these as the “real” bargains in the market.   There are properties that are currently being offered at prices that are 30-40% below their original asking price. Some “value” buyers will only consider properties that have been reduced and reduced and then reduced more.  On the surface, these seem as though they are practically being given away.  They seem to … (26 comments)

 
Howard and Susan Meyers (The Hudson Company Winnetka and North Shore)

Howard and Susan Meyers

Winnetka, IL

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The Hudson Company Winnetka and North Shore

Address: 851 Spruce, Winnetka, Il., 60093

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