Ann Jones

Can You Finally Sell Your House This Year?

2012-02-02T11:02:00.000-06:00

Keys to renting your home

2012-02-02T10:46:00.000-06:00

Visit msnbc.com for breaking news, world news, and news about the economy

New mortage relief plan

2012-02-02T08:37:00.000-06:00

"...For those with privately held loans, the president will ask Congress to allow the Federal Housing Administration to refinance their mortgages in a program to be financed by a fee charged to large banks based on their size and the riskiness of their portfolios. The estimated cost of the program would be $5 billion to $10 billion, depending on the number of participants. Only houses whose values fall within F.H.A. guidelines, from about $270,000 to $730,000 depending on location, would qualify...."

Are we there yet?

2012-02-01T12:55:00.000-06:00

"If you’re watching the real estate markets, the good news is that the Federal Reserve has pledged to keep interest rates low through 2014. The bad news is that the market is going to need it. The November Case-Shiller housing numbers... indicate that prices tumbled 3.7% from the year before. That’s below expectations of a 3.2% drop."

Read more in Time
No Bottoming Out for Real Estate Market as Home Values Keep Falling

Buyers are their own worst enemies

2012-02-01T10:37:00.000-06:00

Read a good article today... here's the summary:

Here are three ways homebuyers are defeating their own deals in today’s market:

1. House hunting too long.
2. Making lowball offers way too low.
3. Freak-outs, stress, drama and mayhem.

The whole article is worth reading....
3 ways homebuyers kill their own real estate deals

Warren Buffett's advice

2012-02-01T06:58:00.000-06:00

"Emerging from the political muck over how much Warren Buffett’s secretary is paid and what she pays in taxes, is some good financial advice for boomers: If you want to retire to a warm clime in the future, consider swooping up your future home now, at a bargain price and a low mortgage rate."

Chicago-area home prices plunge in November

2012-02-01T06:53:00.000-06:00

"A closely watched index of local home prices fell in November for the third straight month, with no signs of a turnaround on the horizon..."
Read more in Crains

Raise the downpayment level?

2012-01-31T14:14:00.000-06:00

"Requiring a minimum down payment of 20 percent, or even 10 percent, on home loans would push many creditworthy borrowers into higher-cost loans or out of the mortgage market entirely, a new study says.

Possible down-payment requirements are part of a debate in Congress and among a cluster of federal regulatory agencies, as they develop new rules for mortgage lenders following the housing crash."

Interesting read in the New York Times:
Big Down Payments Could Bar Creditworthy Borrowers From Market

A Bike Ride Down Memory Lane

2012-01-31T11:06:00.001-06:00

I loved seeing this on the Today Show!!! The Wilmette Bike Shop is where I bought my very first bicycle! Memories...

Visit msnbc.com for breaking news, world news, and news about the economy

Case Shiller Index released

2012-01-31T08:40:00.003-06:00

"Home prices in the Chicago area fell in November for the third consecutive month, putting them back at May 2001 levels, according to a widely watched index released Tuesday.

The S&P/Case-Shiller home price index found that in November, housing prices in the Chicago area fell 3.4 percent from October and were down 5.9 percent from a year ago. Other than Atlanta, Seattle and Las Vegas, Chicago had the greatest year-over year price decline."

Source: Chicago Tribune

A conversation with Robert Shiller

2012-01-31T08:39:00.000-06:00

"A lot of people have just called the bottom in the housing market in the United States, and there's been some okay data recently. Is that your take? That finally housing prices are bottoming?"

Time to Buy!

2012-01-30T15:08:00.001-06:00

"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."

Staged to sell

2012-01-29T14:44:00.000-06:00

Staging can help you highlight selling features that may otherwise be overlooked by buyers.

Good article in Realtor Magazine:

Put Your Best Features Forward

One builder is doing well....

2012-01-27T11:09:00.000-06:00

The heart of the home

2012-01-27T11:01:00.000-06:00

"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

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

2012-01-26T07:23:00.000-06:00

"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

How's the Market -- some more opinions

2012-01-24T09:53:00.002-06:00

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...

increase significantly as the price point increases. Of those properties that go under contract, 75% do so in the first 90 days on the market. Short sales, foreclosures, and “rebound rentals” will continue to increase supply and depress prices for the next couple of years, and they are also negative factors that appraisers have to take into account. Concerns about the economy in the United States and abroad continue to be a factor.

THE GENERAL OUTLOOK
We think we have seen the worst of the market correction and that the market is on the road to recovery, and we expect continued gradual improvement. As we have noted before, studies have shown that it takes about as much time to recover from a recession as it took to bottom out. That being the case, complete recovery could take several years. While this sounds negative, in fact it is positive, as it implies continued improvement over the next several years as we work our way through a very challenging market. It is an election year, and while that causes pain for even occasional TV viewers, it typically bodes well for the economy.

IN SUMMARY: Gradual, improving market with essentially flat sales activity, which is not so bad. General feeling of optimism among real estate professionals Improving consumer confidence, though there is still concern over jobs Extremely favorable interest rates continue at historically low levels While definitely improving, inventory levels are still high and absorption rates are low, particularly at higher price points. A great time for qualified buyers, perhaps as good a time as we have ever seen Sellers should price conservatively and do everything they can to make their homes outshine the competition. We’ve said it before and it still holds true. “We’re in a price war and a beauty contest.”

...

- Michael Pierson and Chris Eigel
January, 2012

The second opinion came from a local appraiser, Robert Headrick. I have always found his information interesting and helpful. The following are excerpts from his letter:

"I ran across an email this morning from 2008 that referenced a “List of Declining Market”. This was about the same time that I had been asked to speak at a realtor sponsored community evening event in a north shore community of Chicago. One of the questions was “how long do you think this (decline) will last?” I sure wish I had my response back. Those of us in the industry for any length of time have certainly seen some ups and down, most notably the early ‘80’s when rates were in the high double digits. But the creativity that existed with financing (assumptions, land contracts) seemed to at least kept things moving (not necessarily appreciating but moving) and by the time interest rates came tumbling down to an incredible 8% (can you imagine), there were lines of buyers waiting to buy-almost seemed like California.

So what will 2012 bring? The downward trends in this market have certainly outlived my inaccurate (and I suspect most others) forecast from 2008. Issues that will drive the recovery are much deeper than the early 1980’s. Of course there are the headline issues we see every day in the news like unemployment rates, national debt, the price of oil….the list goes on.

But what about the intrinsic issues that we don’t often discuss?

Prior to the “Bubble”, I often talked about increases in taxes…specifically real estate taxes. Even now with falling values, they generally continue to increase. Not hard to figure out why…the services they pay for with schools being the largest piece have budgets that seldom go down. And these tax bills are not cheap in this Chicago Metro Market. So income levels couldn’t fall to keep pace with those expenses or homeowners would need to find other sources of income.

But what else is keeping the housing market from the recovery we need? No doubt there has been improvement. Just going back and looking at where the Supply of housing was a few short years ago compared to today shows obvious improvement. Deals are abundant and if you have cash, “what a great time to buy”. Yet that is a big if! Many owners are still making payments on their home to stay out of the REO category and would love to take advantage of those deals…unfortunately with little or no equity in their existing home and therefore inadequate or no down payment not only can they not afford the taxes that go along with that “step-up” home (remember, values have gone down but taxes have not), they can’t qualify for financing. And that is not to mention that some who still have jobs may have taken a cut in pay-they might not even qualify to buy the home they are in today based on the more stringent guidelines that lenders seem to implement…especially on condos. And let’s not even talk about the unreasonable appraisal requirements that are handcuffing appraisers resulting in many developing….well let’s not go there this month.

…..the silver lining. And no doubt there are some markets that will see more of that than others. Chicago is a huge market and lumping any condition to the entire market can be a huge mistake. Hence we need to ... not use macro data like Case-Schiller or NAR publishes as gospel for each of our own micro markets. Yet we cannot also be oblivious to what affects that move-up buyers in area like Kane County can have to a closer to Chicago market (let’s face it, the cost to commute is not cheap these days) and know that ultimately the better the worse markets get, the more the stronger markets will benefit.

So as we all hope that the worse is behind us and as we continue to see bits and pieces of positive indications for what will eventually blossom to a full recovery, understanding the issues that are affecting the market that go beyond the head-line news is critical to recognizing the reality of the housing market. And I continue to stress that using all of the graphs and National statistics ARE NOT reality in where prices have been or where they are going. They weren’t in the appreciating markets and they are not in declining markets. The mentality of sellers and buyers may well be affected by this kind of data, but those numbers do not represent the Market Change rates in any of our markets.

I was brought up in this industry on the old adage the “Appraising is an Art…Not a Science”. That remains true today. Real Estate is emotional. Understanding the key issues that drive any given market goes far beyond graphs and statistics. There are NO formulas that can accurately report what value a property will bring, at least not in a market like Chicago where the years of the “cookie-cutter” homes are far behind. Any tool that attempt to measure value by simply imputing numbers is worth what you pay for it...."

Lecture on architect Benjamin Marshall

2012-01-24T09:34:00.001-06:00

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

It's the year of the dragon...

2012-01-23T00:01:00.004-06:00

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 Dragon. Legend 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!

What to do with a distressed home

2012-01-22T09:57:00.000-06:00

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!

2012-01-22T09:45:00.000-06:00

"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?

2012-01-22T09:36:00.002-06:00

"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

2012-01-22T09:28:00.001-06:00

“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

2012-01-22T07:24:00.000-06:00

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.)

Why Has Home Ownership Fallen Among the Young?

2012-01-17T05:16:00.000-06:00

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.

Fix the housing market!!!

2012-01-16T16:21:00.000-06:00

"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

Northfield Winter Carnival

2012-01-16T10:37:00.000-06:00

Winter Carnival January 21 - Clarkson Park

Northfield residents are invited to experience the thrill of ice skating, saucer races, a family snow sculpture contest (bring your own decorating materials) from 2:30 -3:00 p.m. and other activities at Northfield Park District's Winter Carnival, to be held Saturday, Jan. 21 from 1:00 to 3:00 p.m. at Clarkson Park. There will also be craft projects, bingo with prizes and smores! Concession will be open for food and drink purchases. Contact the Park District for more information, 847-446-4653 or visit their website.

Cooking with Gale

2012-01-15T09:09:00.000-06:00

Gale Gand, Elawa Farm’s chef-in-residence is offering a series of cooking classes this year for aspiring young chefs, age 8 to 13. The ‘Kids in the Kitchen’ cooking series will begin on Saturday, February 11th from 1:00 to 2:30 p.m. ‘Chocolate for Valentine’s Day’ is the theme. Each class will offers children the opportunity to cook and bake with Chef Gale, taste what they make, and bring home a sample along with recipes to share with the whole family.

Learn more at Elawa Farm.

Replacing bathroom tiles???

2012-01-12T11:44:00.000-06:00

Q. The tile in my bathroom is in good shape, but it’s brightly colored and may not appeal to everyone. Should I replace it before selling?

Read more in the New York Times - Market Ready

Low appraisal -- what to do...

2012-01-12T09:40:00.000-06:00

"When you’re selling your home and the closing date is looming, the last phone call you want to take is the one from your buyer informing you that the appraisal for his or her loan has come in below the sale price—and asking if you would consider taking less money."

Good article by Steve Cook in Equifax

Strategic Default?

2012-01-11T10:02:00.000-06:00

I like my friend, Mark's blog posting ... I guess I'm old school, too.

Strategic Default – What Are Your Thoughts?

Consumer Attitudes Improve in December

2012-01-11T09:47:00.000-06:00

"Americans' attitudes on a variety of issues are marginally better than one month ago, according to results from Fannie Mae’s December National Housing Survey...."

Fannie Mae

Consumer Attitudes Improve in December

Let there be light!

2012-01-10T16:49:00.002-06:00

Visit msnbc.com for breaking news, world news, and news about the economy

Keeping up with the Joneses?

2012-01-10T14:12:00.000-06:00

The Fed is fed up

2012-01-10T10:53:00.002-06:00

"For an institution that jealously guards its independence, the Federal Reserve is wading into treacherous political waters.

With the economic rebound still mediocre at best, the Fed is charging into the housing debate. But in doing so, it runs the risk of politicizing itself, while also sending mixed signals to banks still trying to find their post-crisis feet."

Interesting read in the Wall Street Journal
Fed Up With the Depressed State of Housing

Self employed?

2012-01-09T08:42:00.000-06:00

"It’s tougher for just about all mortgage borrowers to get a loan for a home purchase or refinance these days, but many self-employed business owners are really feeling the pinch."

Read more in MarketWatch
How to get a mortgage if you’re self-employed

Renters -- something to know

2012-01-08T10:26:00.000-06:00

"If you’re planning to buy a home for the first time later this year, your chances of qualifying for a mortgage might be better if you’ve had a history of paying the rent on time."

Read on in the New York Times:
A Good Rental History Can Help Borrowers

Can Construction Help Build The Recovery?

2012-01-06T11:44:00.000-06:00

"Of all the good news in the December unemployment report, perhaps the most encouraging sign for the 2012 labor market was the increase in construction jobs. That sector has lost more than 2 million jobs as the housing market imploded 5 years ago, but increases in construction hiring and spending could be cautious signs of a turnaround, analysts say."

Interesting read in NPR

How's the Market? End of Year Recap for 2011

2012-01-05T11:52:00.000-06:00

Happy New Year – and let’s hope it is a happy new year for the real estate market! I have studied last year's numbers for real estate on the North Shore, and I think there is both encouraging news and a new reality of sorts.

I think the big winners for 2011 were single-family detached housing in Kenilworth, Glencoe, and Winnetka.

Winnetka appears to be back to 2007 levels in terms of the number of sales. That said, the median price was down almost 9% from 2010. BUT, getting back the basics of supply and demand, the inventory levels have dropped significantly in Winnetka, which should theoretically drive prices back up again – in fact, it looks like a seller’s market in Winnetka.

I found the number of sales in Lake Forest compared to Winnetka very interesting. While there were the same number of units sold, Lake Forest has over 2,500 more households than Winnetka. As such, one would expect absolute number of units sold to be much higher in Lake Forest. While the median sales price did not decline, the inventory level remains very high with over a year’s supply. We have seen a number of very high-end sales in Lake Forest, so perhaps that is driving the median up. Or perhaps, Lake Forest sellers are not accepting lower offers. It’s information that can be interpreted in many ways.

The loser for 2011 was attached housing in just about every community. There appears be an oversupply of condos and townhouses along the North Shore. And while we saw some improvements in Glencoe and Lake Bluff, the inventory levels remain high... Winnetka has over two years of supply.

There are a couple of numbers that I like to study, when determining how the market is performing. Are we selling more or less properties than last year and what is happening to the median prices? The attached charts present the relevant information.

The numbers that most Realtors like to follow are the inventory levels. Inventory is measured in months. What "month's inventory" means is this: if sales were keeping pace with new properties coming on the market, how many months would it take to sell the outstanding inventory? It's a better way of interpreting the unit count, because it reflects how quickly certain price points are moving or stagnating.

A healthy balanced market is around 6-10 months of inventory. An unbalanced seller’s market is about 0-8 months of inventory. And a buyers’ market is considered anything over 8 months of inventory. I have highlighted in green the numbers that are great and encouraging. Red is a continued issue.

Overall, the trend is great in Wilmette, Winnetka and Evanston for detached homes. Glencoe is also improving. Lake Forest, Lake Bluff and Northfield are still lagging. Attached housing continues to show an oversupply, which often means that prices will probably continue to decline.

These charts only present the numbers in aggregate. Various price points have higher or lower levels of inventory.

To track the market in much more detail, I encourage you to sign up for the Prudential Rubloff, Premier Market Watch reports. These reports provide an excellent analysis within a price range and by property type and zip code.

In summary, 2011 showed some positive gains on the North Shore. While it's not moving in either direction dramatically, it is stabilizing. And Winnetka and Wilmette are looking very good.

That said, it continues to be buyer's market on most of the North Shore -- thus some wonderful opportunities for buying a new home or investment property. The mortgage rates continue to be at unbelievably low levels. Even if one is not considering buying a new home, it certainly is worth considering refinancing.

So what are the predictions for 2012? I’ve been reading and listening to various commentators and economists. The predictions are all over the place:

POSTIVE

…this is the year that we turn around; it’s an election year so the full resources of the Federal government are going to be thrown at the problem; that banks are starting to consider principle reductions, etc.

NEGATIVE

… the overhang of shadow inventory hasn’t hit the real estate market yet and prices are going to continue to drop; Unemployment is still too high; the number of households is shrinking so people don't have enough money to live separately. Buyers can’t come to terms with sales: buyers don't want to pay what sellers want.

Personally, I don't want to predict what's going to happen in 2012 – there are just so many variables that will determine how the housing market will play out on the North Shore this year. However, I do know this. Real estate is local and I continue to believe the major indicator to follow is the unemployment levels in Cook/Lake County. If people are insecure about their employment or don’t have jobs, they aren’t going to buy houses.

The latest release from the Illinois Department of Employment Security indicates that we still have a ways to go in our market.

Unemployment levels:

Chicago Metro Nov 2011 - 9.8%

Nov 2010 - 8.9%

Lake County Nov 2011 - 8.6%

Nov 2010 - 9.3%

My hope for 2012 is that people move and change homes based on what is in the best interest of their family. If getting a bigger house or if downsizing are the right answers, then I think it’s best to move forward and live your life. I’m a big believer that decisions should not be driven by fears or uncertainty. We are creating our own reality; and that includes the perceptions around the housing market.

Wishing you the best for 2012! And let’s hope it is a great year in real estate!

source of data for the charts: Midwest Real Estate Data

Don’t Count on Housing Market to Lead Recovery

2012-01-05T09:24:00.000-06:00

"...When it comes to housing prices, it hasn’t just been a lost decade: Many metropolitan areas have had two lost decades. In nine out of the 19 Case-Shiller cities with data going back to 1991, real prices are lower today than they were 20 years ago...

Interesting read in Bloomberg News

Let there be light!

2012-01-05T08:36:00.000-06:00

Light is truly one of the most important features within a home that buyers look for when they enter a property. Some homes have great light just because they have the Southern/Western exposure... others need help. The New York Times addresses the issue...

Q. My apartment doesn’t get much natural light. What can I do to improve the way it looks to buyers?

In Mortgage Crisis, Some Banks Agree To Cut Losses

2012-01-04T22:37:00.002-06:00

Good news in housing?

2012-01-04T07:38:00.000-06:00

"A few positive readings in home sales and housing starts recently, topped off by today's 7.4 percent monthly jump in contracts to buy existing homes, are fueling what I dare say is a spark."

Real Estate Forecast for 2012

2012-01-03T22:59:00.000-06:00

Visit msnbc.com for breaking news, world news, and news about the economy

New Year's Resolutions

2012-01-02T11:41:00.001-06:00

I read this on the web -- the original source was ActiveRain.com....

Thought it was worth sharing!

"NEW YEAR'S RESOLUTIONS FOR YOUR HOME

By Bob Billimack

5… 4… 3… 2… 1: Happy New Year! January is the perfect time for a fresh start. But with beginnings also comes reflection on the year that just passed. For homeowners, it's a fitting occasion to take stock of the improvements on or repairs to your home or condo you made last year, and the things that were on your to-do list that never got done.

Here are a list of resolutions for homeowners to keep their place running smoothly and their home value up in the New Year:

I resolve to keep my paperwork organized

Of course you got a new roof two years ago last fall… or maybe it was three? Without having a central system to keep track of what was done, by whom, and when, it can be downright impossible to make sure all the yearly maintenance and big-ticket improvements that need to be done on the house actually get accomplished. Your organization method doesn't need to be fancy. You could create a folder on your desktop computer or buy file folders to keep track of your receipts for improvements or repairs throughout the year. It's not only for your peace of mind to know your go to guy for bathroom repairs, or when the last time was you got the furnace repaired. You'll need to know the value of home improvements over your entire ownership when the time eventually comes to sell.

I resolve to do regular maintenance

To keep your home in working order, every year you should you have your furnace cleaned and serviced, have the chimney cleaned, have the roofs cleaned, check decks, porches or balconies to ensure they are not rotting and check the crawl space underneath your home to make sure there are no major pest infestations or water. If you live in a condo, it's important to ask at condo association meetings the schedule for common area building maintenance issues, such as cleaning the roofs and chimney. To drive the pricing on some of these services down, try to organize the entire association to have these yearly maintenance services done at the same time. Every few months homeowners should clean the gutter and inspect weather stripping around doors and windows to determine if air is getting in and you need to re-caulk those areas. Every month you should change your furnace filters to prevent fire hazards.

I resolve to restore harmony to my home

Yes, no one can see the inside of your drawers, but you know the frustration you feel when you're hunting for your favorite shirt in the morning, and it's seemingly nowhere to be found. So clean out your drawers and closets to bring order to your bedroom. Organize your pantry and your refrigerator so that food is both within reach and no one in your family tempts fate by eating an item that has passed its expiration date.

I resolve to be safe

Make sure smoke detectors and carbon monoxide detectors are in working condition. An easy way to remember to change the batteries is to do it twice a year, during the spring forward and fall back time changes. Check electrical systems for worn or exposed wires, and check heating systems and appliances for gas leaks and adequate ventilation. You can't put a price on your family's safety.

I resolve to keep minor repairs just that

Despite the time and money involved, roof repairs, functioning doors and windows, safe plumbing and safe electrical fixtures are all non-negotiable home repairs. Ignoring the problem or putting it off until later might not only be costly, but also dangerous.

I resolve to beautify my home

In the chaos of daily life, keeping up with keeping your home clean may seem both impossible and a drag, but remember the feeling you get when you survey a sparkling room and feel fortunate to live there. Dirty windows, for example, can make the entire place look filthy. It may not be an ideal way to spend a Saturday, but the end result of your cleaning will make you feel great when you see how much brighter and larger the entire room looks. And by maintaining the cleanliness of your home on a regular basis, straightening up will feel like a much more manageable task than if you don't clean at all for a few weeks, and have to spend hours and days picking up and putting things away."

Happy New Year!

2012-01-01T00:01:00.003-06:00

What mattered for real estate in 2011?

2011-12-30T16:40:00.000-06:00

"Government, the mortgage industry and forces of nature all shook the housing market in 2011. They had both an immediate impact and slow-burning effects, setting the stage for a bumpy 2012 with more foreclosures, political battles and local market risks."

Time Magazine
5 Events that Really Mattered for Housing in 2011 – and Beyond

Effective January 1, 2012 - New Way to Dispose of Electronics!

2011-12-30T10:22:00.001-06:00

Effective January 1, 2012, Public Act 97-0287, the Electronic Products Recycling and Reuse Act, bans the disposal of electronics at landfills and establishes a statewide system for recycling and/or reusing computers, monitors, televisions and printers discarded from residences. This means that residents can no longer dispose of old electronics by putting them out for collection with their regular waste.

Check with your own municipality to see how this regulation is going to be addressed.

Residents can bring their electronics to one of the registered Residential E-Waste Collection Sites listed on the Illinois Environmental Protection Agency website, www.epa.state.il.us/land/electronic-waste-recycling/index.html. After you are on the EPA website, under the page title, Electronic Waste Recycling, click on "collectors/recyclers/refurbishers" and then on "Registered Residential E-Waste Collection Sites." Call the number listed for the location selected to find out the dates and times when the site is open and what items they recycle.

Looking good for 2012?

2011-12-29T16:14:00.000-06:00

"Sale contracts increased in November, and lenders are accepting more short sales. Meanwhile, prices slipped between September and October. Will this bode well for buyers in 2012?"

MSNBC
Year closes with some positive housing-market data

Moving on Up? Check out the stats on the North Shore...

2011-12-29T10:40:00.000-06:00

Have you thought about owning one of those stately older North Shore homes? Or maybe you’re looking for the latest in high tech luxury for new construction homes. If you’re a qualified buyer, what a great time to shop! It continues to be a buyers’ market within all the North Shore communities – but it is an amazing buyers’ market when it comes to the high-end North Shore homes!!!

With that said, it's important to highlight that 2011 was definitely a better year for sales of the high end homes. We saw a number of impressive sales in all the communities. And we're seeing improvement since 2010. Since January 1, 2011 34 North Shore houses over $3M have sold and closed; same period last year, there were 28 sales; and 13 (8 in 2010) for over $4M have sold. But as of today, there are about 79 houses for sale that are priced over $3M and 41 houses for sale over $4M.

So you do the math – it’s still a plethora of amazing houses currently available, which can present amazing opportunities for some fortunate buyers. Sellers appear willing to negotiate as well. Homes are selling for as little as 40% of their original list price. Savvy buyers are able to obtain amazing homes at significantly lower prices than just a few years ago.

The largest single house sale this year was a beautiful 1895 restored home at 1145 Green Bay Road in Lake Forest which sold for $5,625,000. There were a number of sales in Lake Forest over $5M this year.   The highest selling more contemporary home was the stunning home overlooking the lake at 1133 Taylorsport in Winnetka which sold for $5,375,000.

So you want to shop?

The most expensive newer house is the 2007 Legacy Builders' house for sale at 471 Hastings in Lake Forest at $6,850,000 - with over 13,000 sq ft and located on 1.75 acres.

The most expensive “grand estate” is Lake Forest’s Schweppe Estate on the lake. With 27 rooms and over 5 acres of land it is in the Lake Bluff/Lake Forest school districts. It is priced at $12,000,000.

By town, the inventory is substantial:

Glencoe
9 over $3M (1 under contract)
6 over $4M (1 under contract - priced at $5,700,000)
$5,700,000 is the price of the highest priced home
Highest closed sale in 2011:

Original List Price $7,750,000 List Price $5,600,000 Sale Price $4,600,000 82% of list

        Total Days on Market: 584

Highland Park
9 over $3M
6 over $4M
$8,500,000 is the price of the highest priced home
Highest closed sale in 2011:
Original List Price $8,500,000    List Price $7,439,000 Sale Price $5,100,000 69% of list
        Total Days on Market: 317

Kenilworth
5 over $3M
1 over $4M
$6,500,000 is the price of the highest priced home
Highest closed sale in 2011:
Original List Price $6,500,000    List Price $4,837,500 Sale Price $3,915,000 81% of list
        Total Days on Market: 767

Northfield
0 over $3M
Highest closed sale in 2011:
Original List Price $5,500,000    List Price $3,985,000 Sale Price $3,300,000 83% of list
        Total Days on Market: 323

Lake Bluff
4 over $3M
4 over $4M
$9,995,000 is the price of the highest priced home
Highest closed sale in 2011:
Original List Price $7,400,000    List Price $6,390,000 Sale Price $5,500,000 86% of list
        Total Days on Market: 355

Lake Forest
32 over $3M (three under contract)
21 over $4M (one under contract - priced at $5,590,000)
$12,000,000 is the price of the highest priced home
Highest closed sale in 2011:
Original List Price $11,995,000    List Price $6,495,000 Sale Price $5,625,000 87% of list
        Total Days on Market: 1179

Wilmette
4 over $3M (one under contract - priced at $3,145,000)
1 over $4M
$4,375,000 is the highest price home
Highest closed sale in 2011:
Original List Price $2,450,000    List Price $2,450,000 Sale Price $2,150,000 88% of list
         Total Days on Market: 301

Winnetka
27 over $3M (3 under contract)
8 over $4M
$6,899,000 is the highest price home
Highest closed sale in 2011:
Original List Price $6,400,000    List Price $5,950,000 Sale Price $5,375,000 90% of list
        Total Days on Market: 299

So if you’re thinking about moving up, so to speak, this is a great time to make the move. Interest rates remain favorable and there is a lot to choose from! Clearly every high end buyer is treated like royalty when they appear on the scene and it’s a lovely time to be negotiating for that luxury home. FYI, as you might suspect, to see one these homes, the buyers will need to provide documentation of financial capability.

Happy shopping!

One can dream....

2011-12-29T09:07:00.000-06:00

Interesting story on NPR about Fannie Mae and Freddie Mac

2011-12-29T08:54:00.002-06:00

Confidence Rises!

2011-12-28T16:42:00.000-06:00

"A monthly survey released Tuesday shows consumers' confidence in the economy in December surged to the highest level since April and was near a post-recession peak."

New York Times
Confidence Rises Sharply, but Home Prices Fall

Ideas for Celebrating

2011-12-28T09:59:00.000-06:00

"With a few money-saving tricks up your sleeve, you can host a great New Year’s party on a budget that people will be talking about for a long time to come."

Money Crashers: 11 Fun New Year’s Eve Party Ideas for Food, Games & Decorations

Staying warm economically

2011-12-28T09:33:00.000-06:00

"Take charge of your home’s energy use and you can save money on your heating bills this winter. You’ll also be making your home more comfortable, and you will be helping to protect the environment too."

Top Ten Tips to Manage Your Heating Bill
from Edison Electric Institute

Attitudes of Young Americans Bode Ill for Housing Recovery

2011-12-28T08:14:00.000-06:00

"Homeownership? No Thanks, That Was Your Dream."

Interesting read in Forbes: Attitudes of Young Americans Bode Ill for Housing Recovery

Case Shiller Index released

2011-12-27T09:39:00.002-06:00

"U.S. home prices fell in most major cities for the second straight month, further evidence that the housing recovery will be bumpy and weigh on the broader economy in 2012.

The Standard & Poor's/Case-Shiller index released Tuesday showed prices dropped in October from September in 19 of the 20 cities tracked."

Huffington Post: S&P/Case-Shiller October 2011: Home Prices Down In 20 Major Cities

"A closely watched index of local home prices fell in October for the second straight month.

The Standard & Poor's Case-Shiller index of Chicago-area single-family home prices fell 1.8% from September to October and was down 4.8% from the year-earlier level, according to a report released Tuesday.

The index fell 0.8% in September after four consecutive increases.

Chicago was one of 19 of 20 cities tracked by Standard & Poor's where prices fell in October; a 20-city composite price index was down 1.2% from September and 3.4% from the year-earlier level, according to the report."

Crains' Chicago Business:Chicago-area home prices down again in October

Recycle those Holiday Lights!

2011-12-27T08:15:00.001-06:00

Kenilworth
Village residents can recycle all holiday lights and extension cords at the Kenilworth Public Works facility at 347 Ivy Court until February 24, 2012. Garland, live greens, and wreaths are NOT accepted. Other nearby locations are in Wilmette at 711 Laramie Avenue

Wilmette
Holiday Lights Recycling Program

Evanston
Holiday Lights Recycling Program

Winnetka
The Village of Winnetka (in partnership with Elgin Recycling) is accepting all types of holiday lights at Public Works, 1390 Willow Rd., during regular business hours. Accepted for recycling will be: Mini-lights (or Italian lights), C7 lights, C9 lights, rope lights, LED lights, extension cords, etc. All colors and lengths will be accepted. This program is free to residents and businesses of any town, and is drop-off only. The last day for Holiday Light Recycling drop off is Friday, February 3, 2012.

Holiday Light Recycling
Winnetka Public Works
1390 Willow Rd.
7:00am - 5:00pm (M-F)

Do real estate signs work?

2011-12-26T07:46:00.001-06:00

Do real estate signs work?

Yes, they do. Several years ago I answered the phone at the office. A neighbor had seen a sign for a property and he called our office to learn more about the house. He wanted to see it immediately -- so at 5:00 on a Sunday night, I drove over to the house and showed him the property. Within a day he made an offer and purchased the home. It was the fastest sale I had ever made! From then on, I was believer in the power of signs.

My friend and former business colleague, Mark Goebel, recently wrote about the power of real estate signs... Those Old-Fashioned Real Estate Signs Really Work!

I know some sellers don't like signs on their property. But don't underestimate the power of a sign!

Today is Boxing Day!

2011-12-26T04:39:00.002-06:00

I lived in the UK and learned quickly that Christmas tends to be a 3 day holiday - Christmas Eve, Christmas and Boxing Day (also known as St. Stephen's Day). Snopes gives us a good summary about the origins of Boxing Day.

Happy Boxing Day!

Merry Christmas!

2011-12-25T00:01:00.001-06:00

Merry Christmas

2011-12-24T08:05:00.004-06:00

Santa Claus (AKA Saint Nicholas, Father Christmas, Kris Kringle) is a folklore figure. The modern figure was derived from the Dutch figure of Sinterklaas, which, in turn, may have some basis in hagiographical tales concerning the historical figure of gift giver Saint Nicholas. A nearly identical story is attributed by Greek and Byzantine folklore to Basil of Caesarea.

Rituals surrounding Santa Claus are performed throughout the world. Years ago I spent Christmas in Europe. It was just so magical at the Christmas Market in the Marienplatz in Munich to see Sankt Nikolaus walking in the square in a long flowing red robe as the children came up to him and hugged him. Some rituals (such as visiting a department store Santa) occur in the weeks and days before Christmas while others, such as preparing snacks for Santa, are specific to Christmas Eve. Some rituals, such as setting out stockings to be filled with gifts, are age-old traditions while others, such as NORAD's tracking of Santa's sleigh through the night skies on Christmas Eve, are traditions that have come with the digital age.

As with so many others, I love the spirit of Santa Claus. I hope Santa treats you well and wish you and yours a peaceful and joyous Christmas!

Limbo until 2013?

2011-12-23T23:36:00.000-06:00

"This year was supposed to be the bottom for the housing market and 2012 was supposed to mark the turnaround. In reality, even the improvements sound like bad news, and some forecasters are saying we'll have another year of gloom before the clouds break.

"It's unlikely prices will rise next year in most markets," said Jed Kolko, chief economist at real estate information site Trulia. "By that measure most local markets will not recover next year, but prices are only one measure of how the housing market is doing."

The Bottom Line from MSNBC
Real estate recovery in limbo until 2013, experts say

Winnetka Holiday Sing!

2011-12-23T12:36:00.002-06:00

Join families, friends, and neighbors at the 16th annual Holiday Sing on the Village Green. Gather around the Village Green and sing favorite holiday songs. Please bring your singing voices and your own candles or flashlight. This event will last approximately 25 minutes. The Village Green is located on Maple Street, in between Elm and Oak Streets. Learn more

Winnetka, December 24, 6:00pm

Christmas 2011: Best holiday gifts for your home

2011-12-23T12:16:00.000-06:00

"Christmas is fun for many reasons: Holiday parties, festive decorations and, of course, gifts. You shower your friends and family with fruitcakes, sweaters and a plethora of other gifts, but what do you do for your house around the holidays?"

From CBS Money Watch

Christmas 2011: Best holiday gifts for your home

Mind-Blowing Home Sales That Happened In 2011

2011-12-23T12:09:00.000-06:00

"The U.S. housing market is still in the pits, closing another year marked by falling prices, lackluster sales volumes and a steady stream of foreclosures. For the rich and famous, though, it’s been a year of record-breaking purchases.

We sorted through the biggest, splashiest home sales of the year to bring you a recap of the 15 we deem the most outrageous."

from Forbes
Mind-Blowing Home Sales That Happened In 2011

What to do... what to do...

2011-12-22T14:55:00.000-06:00

"Before homes are listed for sale, most owners make improvements like painting, landscaping, refinishing floors or even remodeling kitchens and baths. Some cost hundreds, others thousands, but all have one thing in common. When they're done, soon-to-be sellers wish they'd made the improvements long ago."

Cash is King!

2011-12-22T12:29:00.000-06:00

"If money talks, cash speaks loud and clear in a downtrodden residential real estate market.

The share of Chicago-area homes bought with all cash climbed to 35% this year, up from 33% last year and 15% at the market’s peak in 2006, according to Hanley Wood Market Intelligence, a Costa Mesa, Calif.-based provider of residential real estate research."

Some great news!

2011-12-22T12:28:00.000-06:00

"Chicago-area home sales jumped nearly 21% in November compared with the same period last year, according to a report.

In the nine-county Chicago area, 5,453 single-family homes and condos sold last month, up 20.7% from 4,518 in November 2010, according to the Illinois Assn. of Realtors."

Good news?

2011-12-21T10:31:00.000-06:00

"The number of homes listed for sale in the U.S. fell for the sixth straight month in November to the lowest level since the housing bust began in 2006.

The 2.01 million homes listed for sale was down by 4.8% from October and by 21.3% from one year ago, according to data compiled by Realtor.com."

Even worse than we felt....

2011-12-21T10:28:00.000-06:00

"U.S. home sales from 2007 through 2010 were about 14% lower than first reported, a real estate trade group said Wednesday, a sharp revision showing the housing bust was far worse than initially thought.

The National Association of Realtors revised downward its sales figures since 2007, using annual Census survey data to recalculate how many homes were sold."

Distressed sales put downward pressure on prices.

2011-12-20T09:20:00.000-06:00

"Despite solid demand for home purchases overall, a glut of distressed properties is continuing to put downward pressure on home prices, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey.

"Distressed properties accounted for a hefty 46.1 percent of home purchase transactions in November as reported in the HousingPulse Distressed Property Index (DPI), using a three-month rolling average. Significantly, November marked the 23rd month in a row that the DPI has been above 40 percent."

Real Estate Economy Watch
Nearly Half of all November Sales Were Distressed

Greater confidence by US homebuilders

2011-12-20T09:16:00.000-06:00

"Rising interest from would-be buyers is leaving U.S. homebuilders less pessimistic about the housing market. But tighter lending standards are still keeping many potential buyers from purchasing new homes."

from NPR
Builders Less Pessimistic About Housing Market

Change in seller patterns

2011-12-20T09:12:00.000-06:00

"The method most used to sell a home has changed in recent years. A higher share of sellers are relying on the expertise of real estate agents and brokers to sell their home, rather than trying other methods.

From 1991 to 2011 the share of home sellers who used a real estate agent or broker to sell their home increased from 77 percent to 87 percent.
Over the same time period, the share of sellers who sold their home as a FSBO (For-Sale-By-Owner) decreased from 19 percent to 10 percent.
Sellers use real estate professionals to help them sell their home in a reasonable timeframe, to market their home to potential buyers, and to price the home competitively."

FSBO Sellers Decline as More Sellers Turn to Real Estate Agents to Sell the Home

Borrowing for the downpayment?

2011-12-18T09:06:00.000-06:00

"Coming up with a down payment is often a first-time home buyer's biggest challenge.
That's why many of them get a little help from relatives or friends."

Fine Print for 'Gifts' to Home Buyers

Still the American Dream...

2011-12-16T13:12:00.000-06:00

"Despite problems plaguing the U.S. housing market such as tumbling values, record foreclosures, and tight credit for buyers, 74% of Americans believe home buying is a good investment. And 81% said it's still part of the American dream according to a new survey from Yahoo! Real Estate, the #1 Real Estate site on the web. The survey, which polled 1,500 current and aspiring homeowners, plus renters, found that while few (13%) currently live in their dream home a majority (55%) feel it's attainable."

Read on in Market Watch
Americans Still Believe Their Dream Home is in Reach

HARP

2011-12-16T07:40:00.000-06:00

"With interest rates at historic lows, the expansion of a federal refinancing program could help more homeowners who owe more than their property is worth move out of higher-rate or adjustable loans into something more affordable and stable."

Read more in the New York Times

Helping Homeowners Dig Out

Where the 1% lives...

2011-12-15T08:37:00.001-06:00

Bloomberg Business Week released its report of the wealthiest places to live:
America’s Richest Zip Codes 2011

So, how did the North Shore stack up?
# 3 - 60043 Kenilworth
#13 - 60045 Lake Forest
#14 - 60093 Winnetka

This year, these were the only three Illinois communities that ranked in the top 50 communities.

Making life easier

2011-12-15T08:12:00.000-06:00

A friend sent me this -- thought it provided some great ideas...
25 clever ideas to make life easier

Why should I buy instead of rent?

2011-12-15T07:42:00.000-06:00

Q: Why should I buy instead of rent?
Ilyse Glink answers this and other questions in her column in Equifax.

Five years of home sales to be revised lower

2011-12-14T07:53:00.001-06:00

"Data on sales of previously owned homes from 2007 through October this year will be revised down next week because of double counting, indicating a much weaker housing market than previously thought."

Existing home sales to be revised down from 2007: NAR

Five years of home sales to be revised lower in 'meaningful' way
Chicago Tribune

NAR Over-Reports Home Sales for Four Years
Bryan Ellis Real Estate Letter

Housing Bust to Look Worse With Sales Revised
Wall Street Journal

December Checklist

2011-12-13T11:13:00.000-06:00

Of all the lists we make this time of year, don't forget your garden...

See what the Botanic Garden suggests...

December Checklist

How is Square Footage Measured? You’ll Be Surprised

2011-12-12T10:59:00.000-06:00

An inch is an inch is an inch. Or, so you’d think. But when it comes to measuring the square footage of a property, it’s not quite that simple.

Worth reading the Zillow article.

Winnetka tops the list!

2011-12-12T08:33:00.000-06:00

"Chicago is not only the economic hub of the Midwest, but it also sets the regional standard for quality of life.

On Numbers has analyzed 955 Midwestern communities, searching for the places offering the most favorable living conditions. Four Chicago suburbs have taken the top four slots.

Heading the list is Winnetka...."

Gourmet kitchens: At home on the range

2011-12-11T10:19:00.000-06:00

Gourmet kitchens: At home on the range

It's beginning to look a lot like Christmas

2011-12-11T09:48:00.002-06:00

We seem to be moving to more cyber celebrating... here are a few links to explore ....

Great Christmas Sites

The Free Site Christmas Links

Link Christmas

Annie's Christmas Music

Noel, Noel, Noel

Christmas Fun

Add your own links to the list!

And take a look at Top 5 Holiday Movie Houses

It’s the most wonderful time of the year...

2011-12-11T00:27:00.000-06:00

It’s the most wonderful time of the year... But what about homeowners who are trying to sell their homes during the holiday season?

Read Market Watch

You can sell a home during the holidays

HouseLogic Poll Finds Voters Driven by Jobs, Housing in 2012 Election

2011-12-11T00:21:00.000-06:00

"A recent survey by Houselogic.com, the consumer website from the National Association of Realtors®, finds that jobs and the housing market will be two of the most important issues for voters in the 2012 election. Nearly one-third of respondents said housing will be the top issue on their mind when they head to the polls next November."

Read on in NAR news.

5 tips to protect your assets and guests during holiday parties

2011-12-11T00:17:00.001-06:00

"As a host, you’re thinking of decorations, food and music when you plan a holiday party. But you might also want to give a moment’s thought to your home insurance."

from MarketWatch
Protect your home when hosting a bash

Three Quarters of Owners Continue to Overvalue

2011-12-06T08:06:00.000-06:00

Three Quarters of Owners Continue to Overvalue

Being tracked by a credit score

2011-12-05T14:16:00.002-06:00

Something new from CoreLogic

A Credit Score That Tracks You More Closely

Maintaining a castle

2011-12-05T14:09:00.000-06:00

I thought it was hard to keep a 3BR/2.1bath ranch home maintained... imagine a castle. Fun article in the Wall Street Journal.

"Few epigrams about maintaining a country estate ring as true as one uttered by a member of Hollywood royalty now living in the South of France. "It takes a lot of money to lead a simple life," remarked Johnny Depp. These days the simple life is perhaps priciest in Great Britain, where, unlike the sage actor, most owners of stately homes made their money the old-fashioned way: They inherited it. Moats, turrets and drawbridges can be splendid to behold, but if your home is truly your castle, the upkeep can be overwhelming. "

Upstairs, Downstairs and In Between

Dodging a home insurance trap

2011-12-05T12:38:00.000-06:00

"Home-insurance policies are pretty much the same, and carriers compete on the basis of price and service—right?

Believe those two myths and you might wind up paying dearly.

Homeowner policies have important differences that can affect whether claims are paid, according to a study scheduled to be published early next year in the University of Chicago Law Review. The problem is that those differences are poorly understood."

Read on in the Wall Street Journal

A Home Insurance Trap

Survey Data Reveals the Majority of Real Estate Professionals Recommend Clients List Their Homes During the Holidays | REALTOR.com® Blogs

2011-12-05T12:05:00.000-06:00

Survey Data Reveals the Majority of Real Estate Professionals Recommend Clients List Their Homes During the Holidays | REALTOR.com® Blogs

What caused the housing crisis?

2011-12-05T08:47:00.001-06:00

"There certainly are a lot of Monday morning quarterbacks now who are telling us that house prices won’t come back for at least so many more years....

And, you can also lay some blame on Fannie Mae and Freddie Mac, two governments sponsored agencies that encouraged lending, but failed to see the problems that lay ahead from loose lending guidelines. These companies became fixated on encouraging lending, increasing home ownership, producing higher profits for their companies, and pushing up their stock prices, while failing to see the structural problems that were developing in the housing industry."

I thought this article by Ilyse Glink was worth reading... she outlines some of the causes of our current housing market situation.

Housing Crisis Blame

in Think Glink

Winter Fest in Northfield

2011-12-05T08:23:00.001-06:00

Northfield Park District Offers Holiday Fun for all at Winter Fest Dec. 10. Bring the family with children ages 2 to 8 yrs. old to the Community Center for this free holiday event on Saturday, Dec. 10 from 11:00 a.m. to 1:00 p.m. Enjoy the holiday craft table, activities with inflatables, create sugar cookies, play holiday games and visit with Santa!

Think tiny

2011-12-03T08:32:00.000-06:00

"For many Americans who bought more home than they could really afford in the giddy days before the crash, the big-house dream has become a nightmare in the ashes of foreclosure and regret."

New York Times

Taking the Tiny House Movement Tinier

How's the market as of December, 2011

2011-12-02T16:22:00.000-06:00

Can you believe it’s already December? November seemed to just slip away and the holidays are upon us. This is generally a slower time for buying and selling homes on the North Shore. Although I have found that people who buy in December are generally very motivated buyers! There was a good article recently in Realty Times, Should I Take My Home Off The Market During The Holidays?, that makes the case for selling your house during this time of year.

So how was the market in November?

There were some great sales in November, although movement was pretty flat all in all. Inventory levels decreased. It’s hard to quantify whether this is a real drop in the inventory, or a seasonal adjustment. Often people take their house off the market during the winter months and then re-list in the Spring.

In summary: the inventory levels are dropping, while housing prices are either dropping slightly or remaining flat year on year.

There are a couple of numbers that I like to study, when determining how the market is performing. First, I consider the absolute number of units sold on a month-on-month and year-on-year. Are we selling more or less properties than last month? And are we selling more homes than last year this time?

Below are a series of charts that can help illustrate this. These charts list the absolute number of units sold. Presented is November of 2010, November of 2011 and October of 2011. In this way, one can tell both the month-to-month trend and also see what has been the most recent historic level for a particular month.

Lake Bluff seemed to have a few more closes this month, but it may be a reflection of when people chose to close on their homes... October was down.

But considering the number of units in isolation doesn’t provide the complete picture. Also needed is knowing how many new listings came on the market. Are the inventory levels dropping to a more balanced market?

This chart shows good news -- we're selling more than we're adding onto the inventory! Again it may be more a seasonal situation...fewer people list their homes on the market after Halloween. Regardless, it's good to see that we are having more sales than new listings ... the trend is in the right direction!

Overall, the trend is great in Wilmette, Winnetka and Evanston for detached homes. Kenilworth and Glencoe are also improving. We are very close to a balanced market in those communities. Lake Forest, Lake Bluff and Northfield are still lagging. There is a surplus of attached housing in every community.

These charts only present the numbers in aggregate. Various price points have higher or lower levels of inventory.

In summary, November showed some positive gains on the North Shore. While it's not moving in either direction dramatically, it is stabilizing.

That said, it continues to be buyer's market on the North Shore -- thus some wonderful opportunities for buying a new home or investment property. The mortgage rates are now at unbelievably low levels. Even if one is not considering buying a new home, it certainly is worth considering refinancing.

source of data for the charts: Midwest Real Estate Data

Annual Tree Lighting in Winnetka

2011-12-02T15:39:00.000-06:00

There truly is no place like Winnetka for the Holidays! Start the season by joining family, friends and neighbors for the Annual Winnetka Tree Lighting ceremony in Station Park on Green Bay Road across the street from Winnetka Village Hall. Carolers in Victorian costumes will lead carol singing. Hot cocoa will be served at Caribou Coffee after the lighting ceremony.
December 2nd at 6:00 pm - Station Park

Where Have All the Buyers Gone?

2011-12-02T11:57:00.000-06:00

Where Have All the Buyers Gone?