Keeping up with Chicago's North Shore Real Estate Market!



Monday, January 30, 2012

Time to Buy!

"Many Americans say now is a good time to buy a home, thanks to record-low mortgage interest rates and bargain home prices that are boosting affordability. But is it a good time to sell a house? That’s a different story."
Read more in Market Watch
It may be a good time to buy, but not to sell

"If you plan to sell a home this year, get the house in the best possible condition and price it to sell before it hits the market...

An appealing online listing, complete with quality photographs, is also crucial to bring traffic to your home.

“The buyer has the opportunity to prescreen all the homes online and see only the few that really shine online..., so a seller should do everything he or she can to get on a buyer’s short list of homes to physically visit."


Sunday, January 29, 2012

Staged to sell

Staging can help you highlight selling features that may otherwise be overlooked by buyers.
 
Good article in Realtor Magazine:

Friday, January 27, 2012

One builder is doing well....

The heart of the home

"A kitchen is the heart of a home. This is true all across the globe. The old saying that the 'stomach is the way to the heart' carries a lot of truth. Kitchens are where we spend much of our time and most of that is with our families. It's the room where we nourish our bodies and our spirits. 

Kitchens are integral to entertaining and in today's age of open floor plans, they're a focal piece of many family rooms. It's because of this that kitchens play such an important role in the buying and selling process.  


Read Kitchens Sell a House in Realty Times.

Read This Before You Remodel a Kitchen from This Old House

Thursday, January 26, 2012

Pending Home Sales in U.S. Fell Back in December

"The number of Americans who signed contracts to buy homes fell in December after hitting the highest level in a year and a half.

The National Association of Realtors said its index of sales agreements fell 3.5 percent last month to a reading of 96.6 points. That’s down from November’s reading of 100.1 points.

But the reading is still the second highest since April 2010, the last month that buyers could qualify for a federal home-buying tax credit.

A reading of 100 is considered healthy.
"

Read more in the New York Times

Tuesday, January 24, 2012

How's the Market -- some more opinions

In the last couple of days, I received opinions about our local market.  I thought would share them.  This is from Chris Eigel and Michael Pierson, owners and executives of Prudential Rubloff.  
How’s the Market?
We hear this question all the time, and we’re sure you do too. We thought you might like to know how we look at our current market conditions. People generally welcome a new year with a sense of optimism, and recent news headlines noting increases in existing home sales, pending sales, and job growth have been a welcome change. Consumer confidence too appears to be on the upswing as holiday spending exceeded expectations.
The National Association of REALTORS® forecasts a rise in both the GDP and job creation in 2012. Nationally, they anticipate a rise in existing home sales of 5 percent and a rise in new home sales of 16 percent. Locally, much as we want to be positive, we are anticipating another year of slight price declines, primarily due to the mix of sales, and relatively flat unit sales.
PRICES
While sellers are pricing more realistically, we expect to see only slight price decreases in 2012 for a total of 2 percent.
INTEREST RATES
Though it’s impossible to predict with any certainty, the Federal Reserve intends to hold interest rates for the foreseeable future. Interest rates for both 30-year and 15-year fixed rate mortgages are still at historically lows levels. While qualification standards must still be met, we are finding that the majority of those who apply do qualify for some type of financing. The combination of low prices and low interest rates makes it a great time for qualified buyers...
OUTLOOK FOR SELLERS
Sellers would still be well advised to price conservatively. Inventories and absorption times...

Lecture on architect Benjamin Marshall

The Wilmette Historical Museum welcomes Steven Monz from the Benjamin Marshall Society as the guest speaker at their Annual Meeting, which will be held on Sunday, January 29, 2012, from 2:00 p.m. to 3:30 p.m. 

The Benjamin Marshall Society's mission is to educate the public on Benjamin Marshall, his life and works. The society strives to revive Benjamin Marshall's dialogue on the civic responsibility of the urban architect and the role of architecture, planning and design in the urban environment and in society as a whole.  
More information about the Benjamin Marshall Society

Monday, January 23, 2012

It's the year of the dragon...

Happy New Year -- Today begins the Chinese New Year which starts with the New Moon on the first day of the new year and ends on the full moon 15 days later.

Year 2012 is the Year of the DragonLegend has it that in ancient times, Buddha asked all the animals to meet him on Chinese New Year. Twelve came, and Buddha named a year after each one. He announced that the people born in each animal's year would have some of that animal's personality. Those born in dragon years are innovative, brave, and passionate.
Happy Chinese New Year!   

This fun site, will help you to catch the spirit!

Sunday, January 22, 2012

What to do with a distressed home

Q. I’ve inherited a rundown home. Is it better to sell as is or invest in repairs and upgrades?


Market Ready

Spruce up your kitchen!

"Kitchens are more than just where you prepare your meals. Nowadays, the kitchen is a command center, dining area, and the one room in the home where families spend the most time together. If you're looking for a way to spruce up the space, and an overhaul isn't in the budget, try one of these easy kitchen cabinet upgrades. "


Nine ways to spruce up kitchen cabinets from This Old House

Is this the year of the turnaround?

"It's only January, but already the latest real estate news indicate that the housing market is looking up."
CBS News:
Housing market picks up speed for 2012

Predictions for 2012

“I’m more bullish today than I have been in the last five years..”
from the Wall Street Journal
10 Predictions for the Housing Market

Scamper Night

Growing up in Kenilworth in the 1950-60's was pretty uncomplicated.  We walked or rode our bikes everywhere -- our parents wouldn't dream of driving us anywhere. There were 5 TV channels  - 2, 5, 7, 9 and 11.  Most families had one phone line and one TV.   We rarely had scheduled activities -- we just played with our friends. 

Oh, for a few years I took ballet lessons at the Community Center in Winnetka and had piano lessons once a week and swimming lessons over at New Trier on Saturday mornings.  But our lives much revolved pretty much around school, home and church.  Uncomplicated.

Everyone was in Scouts.  My "Uncle" Charlie (Barnes) was the troop leader for the Boy Scouts.  Our Girl Scout leaders changed every two years -- my mom was eventually one of the leaders of my troop. Even being in Scouting revolved around the school.  I think it was Mondays that were Scout days and all the girls would wear their Brownie/Girl Scout uniforms to school.  They even assigned our troops in the third grade based on our teachers:  Miss Huck's 3rd grade class became Troop 5 and Mrs. Johnson's 3rd grade class became Troop 6.  I was in Miss Huck's class. 

From what I can tell, things have changed and things seem to be a lot more complicated in Kenilworth.  Given that Abbotsford Road is now a one way street to accommodate the traffic, kids no longer seem to get to school on their power.   I know there are other changes that have come with technology and modern parenting, but one thing remains the same: Scamper Night.

On Friday, January 27th at 7:15 p.m. the Girl Scouts will perform at the Annual Girl Scout Scamper Night at Joseph Sears School as they have since 1943.  Scamper Night includes 3rd through 8th grade Kenilworth Girl Scout Troops putting on skits, singing songs and dancing their way across the stage.

I asked my mother's friend, Kayi Hummel, for her memories of Scamper Night and this is what she shared with me.  Her dates are little different, but I thought it was fun to hear what she remembers.  
"I was in the first Scamper Night in 1945 when I was in sixth grade, the first year we moved to Kenilworth. It was started by Mrs. Wayne King and Mrs. Stevenson. Their girls Penny and Sally were in my grade.  They felt that children needed to develop stage presence and one eighth grade play didn't do that for the majority. Therefore, they started the Scout program of Scamper Night. It was probably a badge project."
 
Like all of the other Kenilworth Girl Scouts I performed in Scamper Night every year for six years.  Every year, Mrs. Wells would create, direct and produce our show.  Because her daughter was in our class, she would take charge of the performances for Troops 5 and 6.  I don't remember all the shows -- there was one where we sang "By the Sea" and were dressed up with bloomers as 1920's bathers at the ocean.  There was one that was arranged to the tunes of Flower Drum Song.  I can't remember all the others. 

After the dress rehearsal every class would line up on the stage and get our pictures taken with Violet Wild -- an interesting Kenilworth character.  I would imagine these pictures are somewhere available at the Kenilworth Historical Society
 
If you are in Kenilworth or nearby, I encourage you to attend Scamper Night.  I think it's fun to see something that has been a North Shore tradition.  (A dress rehearsal, also open to the community, is scheduled for Thursday, January 26th at 3:30 p.m.)

Tuesday, January 17, 2012

Why Has Home Ownership Fallen Among the Young?

Young People in U.S. Buying Fewer Homes

"A declining marriage rate and uncertainty about incomes have fed a decline in young people's home ownership in the U.S., according to Jonas D. M. Fisher of the Federal Reserve Bank of Chicago and Martin Gervais of the University of Southampton in the UK and the University of Iowa. While the nation's overall home-ownership rate grew from about 62% in 1960 to an estimated 67% in 2007, for people 25-44 the proportion sank from about 58% to an estimated 57%. Married people are more likely than singles to own homes, and the marriage rate in that age group fell 15 percentage points between 1980 and 2000."


From the HBR Daily Stat.

Monday, January 16, 2012

Fix the housing market!!!

"Laurie Goodman is an apolitical number cruncher who has spent most of her 28-year career out of the public view, studying the minutiae of mortgage-backed securities (MBS) for big investment banks. She's long been a star among Wall Street insiders, however. She holds the record for the most top rankings for fixed-in-come research from the trade bible Institutional Investor...."

Continue reading CNN Money:
Housing: The one bailout America could really use