2010 has been a great year, and I have enjoyed living and working in the North Shore as a North Shore Real Estate agent. Although the national housing market has seen its share of highs and lows over the past year, the North Shore Real Estate market has held steady and will only continue its upward climb to full recovery!A recent article by Inman News gives insight into where the market is headed for 2011. While there is still room for improvement, you’ll see how the national market is slowing gaining its strength, and that this coming year offers a great opportunity to buy in Chicago’s North Shore!
1. Prices May Still Drop- With more foreclosures expected to come on the market in 2011, selling your North Shore home means being willing to price competitively. A report published by Standard & Poor’s notes that home prices may still drop another 7-10% throughout the coming year.
2. Smaller Homes- Gone are the days where people are buying large homes for the sake of having a large home. North Shore buyers are more conscious of smart investing and don’t feel the pull to buy beyond what they need. Many are also more aware of the environment and the additional costs related with heating and cooling a larger home.
3. Jobs Play a Major Role in Housing Recovery- The housing recovery for the next few years will rely heavily on the job market. With unemployment rates still projected to remain above 9% for 2011, full recovery for the housing market is not expected until 2012.
4. Mortgage Rates Remain Low- While mortgage rates may rise slightly; they are still expected to remain under 5% for 2011. This is great news for those looking to buy a North Shore home- 2011 will be a great year to do so!
5. Long term Goals- People are no longer just thinking of a house as an investment to turn around and sell to make money on; they’re beginning to think more long term. North Shore buyers are wanting to buy a “home” as a means to provide for needs of family and loved ones and are wanting to stay put for as long as possible.
If you have been considering a move to Chicago’s North Shore, but wanted to finish up the holiday season before starting a new endeavor; let me know! As the New Year rolls in, the market will begin to pick up, so you’ll want to start your North Shore home search early in the year. There are many beautiful homes to choose from in Winnetka, Glencoe, Northbrook, Highland Park, Deerfield and other North Shore communities! I would be happy to show you around and help you with each step in the home buying process. Please feel free to contact me anytime!
Happy New Year!
Janie Bress
Your North Shore Real Estate Expert
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