Wednesday, November 30, 2011

Buy a North Shore Home this Holiday Season!

With the holidays now in full swing, the next few months are sure to be filled with North Shore festivities and your own gatherings with loved ones. If you’re one who’s interesting in relocating to Chicago’s North Shore or have been hoping to buy your dream home in Northbrook, Winnetka, Deerfield, Highland Park or Glencoe you may be surprised to learn that buying a home during the holidays can be an ideal time to do so!


Last week we talked about the benefits of homeownership in the North Shore, but this week I wanted to point some of the highlights of buying a home during this festive season. As a North Shore Real Estate agent, I understand that buying a home is a large decision, but the process can be stress free and efficient when you have an experienced North Shore Real Estate agent to walk with you each step of the way!


1. Lower Prices- With the lack of people searching during the holidays for a home in the North Shore; prices soften a bit. You can view my website, www.JanieBress.com, to see a list of my current North Shore homes for sale. You’ll notice these homes are priced to sell and are a great deal for buyers.


2. Less Competition- Many buyers don’t think to take advantage of house hunting during the holidays, so you’re sure to avoid any bidding wars that would occur at a peak point on the North Shore Real Estate market. This will mean a less stressful home buying experience for you!


3. Motivated Sellers- Sellers dread not being able to sell their homes before the holidays get under way. They’re very aware that most are not in the market to buy a home until Spring rolls around, which means; they’re motivated. They know showings of their home will greatly decrease, so any activity on their home is good news. Oftentimes they’re willing to come down on the price or be flexible with closing dates, and other extras.


4. Favorable Mortgage Terms- Mortgage lenders may be willing to lower interest rates or let go of some of their fees in order to gain your business. With fewer people shopping for homes; they will be experiencing a slower time in their business as well. Be sure to shop around to get the best possible deal. Your North Shore Real Estate agent will help point you in the right direction.


5. Tax Deduction- Closing before the end of the year can mean you are eligible to deduct the interest component of your first monthly mortgage payment from your taxable income for this year. You may also be able to deduct any money you pay for points to reduce your interest rate. Of course you’ll want to consult with a North Shore tax advisor to talk over the full details.


As you can see, there are substantial reasons to take the next step towards buying a North Shore home this holiday season! There are many beautiful homes currently on the North Shore Real Estate market, so you’re sure to find one that fits your needs and lifestyle. I’d be happy to meet with you and help you find your next home!


Not interested in buying until next year? You’ll be happy to know that the Federal Housing Finance Agency (FHFA) just announced that conforming loan limits will remain unchanged for 2012! A conforming mortgage is one that, literally, conforms to the mortgage guidelines as set forth by Fannie Mae and Freddie Mac. While the conforming loan limits rose with the increasing home prices each year from 1980 to 2006, 2012 will mark the 7th year that the single family conforming mortgage loan limit will remain at $417,000.


If you have any questions about conforming loans or about buying a North Shore home this year, feel free to contact me today!



Janie Bress
Your North Shore Real Estate Expert


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Tuesday, November 22, 2011

5 Great Things About Owning a North Shore Home!

As a North Shore Real Estate agent, I’ve talked with those who are interested in buying a home in one of the North Shore communities such as Deerfield, Glencoe, Northbrook, Highland Park or Winnetka. While there are a wide variety of stunning homes on the North Shore Real Estate market, these interested buyers are reluctant to jump in to the market.


It could be that these buyers don’t want to deal with buying a home during the holiday season, or they’ve heard negative reports from the media and aren’t willing to take a risk. However, now is a great time to buy a North Shore home! Not only is there less competition during the holidays, but the current buyers market is an ideal backdrop for taking the plunge!


Recently, Carla Hill from Realty Times, pointed out five great things about homeownership that I feel are well worth sharing. Take a look!


1. Equity- When you pay rent, you never see that money again. Yes, buying a home can come with some initial costs, but you will make that money back over time in equity built in the home. Historically, homes appreciate by about 4% to 6% a year.


2. Relationships- Renters tend to see their neighbors come and go quickly. Neighbors stay put much longer with homeownership, which means you have more time to develop relationships within the community. Research has shown that people with healthy relationships have more happiness and less stress.


3. Predictability- Well, as long as you have a fixed-rate term on your mortgage; it’s predictable. Most people buying homes today know that a fixed-rate is the way to go. Homeownership generally also comes with a predictable table of expenditures, such as you’ll need to pay for the gutters to be cleaned, etc...


4. Ownership- Okay, this is a given. Homeownership means you “own” your home. That comes with some incredible perks! You can renovate, update, paint and decorate to your heart’s desire. The bottom line is this is your home and you can personalize it to your taste.


5. Great Deals- It’s a great time to buy! Interest rates are at historic lows such as 4% rather than 6% or higher. This means big savings for today’s buyers! Home prices have also taken a dip since the recession, which means homes are more affordable than ever.


I’m sure many of these reasons for homeownership you’re very aware of, but it’s always good to be reminded! Buying a North Shore home is a large financial investment and not one to be taken lightly. However, it’s also important to act when you have your financing in order and the market conditions are right.


The real estate market is currently primed for buyers, so if you are considering moving within the area or are relocating to Chicago’s North Shore; please let me know! I’d enjoy the opportunity to meet with you and discuss your real estate needs!


Have a Happy Thanksgiving!


Janie Bress
Your North Shore Real Estate Expert


North Shore Real Estate
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Wednesday, November 16, 2011

A Closer Look at Baby Boomers and the North Shore Real Estate Market

As a Chicago North Shore Real Estate agent, I enjoy keeping up on current real estate trends as it helps me stay in tune with what’s going on in my field! A recent survey was conducted by Coldwell Banker which polled their real estate agents on what they’re seeing in the day in day out market. It may come as a surprise, but the focus of the current real estate market does not lie with first time home buyers.


We often think that those who are purchasing a home for the first time are helping to drive the market because they’re entering the playing field and therefore expanding the numbers of those buying. Yet, the truth is that Baby Boomers are really responsible for much of where the market is going!


The range of ages 47-64 make up this group that’s 79 million strong who are actively buying and selling in today’s market. Although the younger boomers (47-55) and the older boomers (56-64) are buying and selling for various reasons, this generation plays a large role in where the market is headed.


Below are some of the key statistics gathered from the Coldwell Banker Survey that polled 1,300 Coldwell Banker Real Estate agents.


Not surprisingly, 87% of 1,300 agents and brokers polled agree that the economy is delaying baby boomers’ plans to sell their homes.


However, the desire to own one or more homes in this generation remains strong. 87% of the respondents have boomer-aged clients who already own or are looking to own and investment property.


80% of respondents said that older boomers (age 56-64) are more likely to want to downsize than younger boomers, but it’s not all about money: 49% said the primary reason boomers in general are downsizing is for a simpler lifestyle.


More than one-third (34 percent) of agents say younger baby boomers (ages 47-55) are interested in purchasing a second home, and 31% of respondents say they are working with younger boomers who are selling and looking for a larger home.


If you’re a baby boomer who is leery of buying or selling in today’s market; you’re not alone! However, now is actually a great time to buy and sell due to low mortgage rates and an increase in interested buyers.


Whether you’re desiring to downsize to simplify your life or are looking for an opportunity to buy up, your North Shore Real Estate agent can help! If you have any questions regarding the North Shore Real Estate market or would like to talk about your real estate needs; please feel free to contact me anytime!


I look forward to hearing from you!


Janie Bress
Your North Shore Real Estate Expert


North Shore Real Estate
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Wednesday, November 9, 2011

Highland Park Market Stats for October 2011


Highland Park Active Listings: There are a total of 357 properties actively on the market with the average price of $816,080 in Highland Park.

Highland Park Sold Listings: 34 properties closed last month in Highland Park with an average sales price of $545,997, the average time on market for these properties was 99 days.



To view the complete report including additional detailed data, charts ad graphs, please view the Highland Park market statistics!


Janie Bress
Your North Shore Real Estate Expert


North Shore Real Estate
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Glencoe Market Stats for October 2011


Glencoe Active Listings: There are a total of 105 properties actively on the market with the average price of $1,538,716 in Glencoe.

Glencoe Sold Listings: 12 properties closed last month in Glencoe with an average sales price of $1,012,053, the average time on market for these properties was 112 days.



To view the complete report including additional detailed data, charts ad graphs, please view the Glencoe market statistics!


Janie Bress
Your North Shore Real Estate Expert


North Shore Real Estate
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Northbrook Market Stats for October 2011


Northbrook Active Listings: There are a total of 343 properties actively on the market with the average price of $532,342 in Northbrook.

Northbrook Sold Listings: 31 properties closed last month in Northbrook with an average sales price of $331,578, the average time on market for these properties was 112 days.



To view the complete report including additional detailed data, charts ad graphs, please view the Northbrook market statistics!


Janie Bress
Your North Shore Real Estate Expert


North Shore Real Estate
View North Shore Listings
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Winnetka Market Stats for October 2011


Winnetka Active Listings: There are a total of 160 properties actively on the market with the average price of $2,056,049 in Winnetka.

Winnetka Sold Listings: 15 properties closed last month in Winnetka with an average sales price of $1,289,305, the average time on market for these properties was 87 days.



To view the complete report including additional detailed data, charts ad graphs, please view the Winnetka market statistics!


Janie Bress
Your North Shore Real Estate Expert


North Shore Real Estate
View North Shore Listings
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Deerfield Market Stats for October 2011


Deerfield Active Listings: There are a total of 186 properties actively on the market with the average price of $528,668 in Deerfield.

Deerfield Sold Listings: 18 properties closed last month in Deerfield with an average sales price of $411,581, the average time on market for these properties was 72 days.



To view the complete report including additional detailed data, charts ad graphs, please view the Deerfield market statistics!



Janie Bress
Your North Shore Real Estate Expert


North Shore Real Estate
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Wednesday, November 2, 2011

Avoid Mortgage Mistakes when Buying Your North Shore Home!

Buying a North Shore home is a large financial decision and one that you want to be sure you’re fully prepared to take on. Since there are many beautiful homes currently available on the North Shore Real Estate market, it can be easy to get swept up in finding your ideal home. However, it’s important to pay just as much attention to where you are with your finances and ensure those are in order prior to beginning your home search.


Lenders have tightened the reigns on who qualifies for a mortgage loan, and while you may have good credit; there are a few surprising factors that could delay your home purchase. Below are four tips that will help ensure a successful home purchase!


1. Avoid any major purchases before closing your mortgage loan- Just because you have your mortgage approved and lined up doesn’t mean the deal is done. Banks are not afraid to pull out of the deal if they see the homebuyer makes a significant purchase such as a car or another major buy. They see this as a sign of further debt for the homebuyer and are nervous about the potential risks if the buyer can’t come up with the money. To be safe, avoid any major purchases until after your signed the contract on your North Shore home. This goes for cash purchases as well since banks will look at your cash reserve before you get approved for a loan.

2. Don’t make any big career changes- While this may be the reason you’re searching for a North Shore home, it’s better to avoid any career changes during the home buying process. Banks want to know that your financials are stable. If there is a career change pending, try to delay it until after you’ve bought the home. Or, delay the home purchase if at all possible until you can show that your new job is given you the financial resources to pay on your new home.

3. Prepare for a last-minute credit check- This may come as a surprise to some, but with Fannie Mae’s loan quality initiative that came out in June of this year, lenders are likely to do a second credit check right before you close. Make sure that you keep up with your credit card payments and avoid applying for a new credit card during the home buying process as they may see this as a sign of desperation and can call for another credit score check, which could hurt your credit score.

4. Watch out for closing-cost surprises- Avoid putting all of your money into the down payment as you’ll need cash for closing costs. Don’t be caught off guard! At times, closing costs can be as much as 3% of the home price, so be sure to keep this in mind and set enough aside.

Of course your North Shore Real Estate agent will be able to help you throughout your home buying experience, but having these four tips in mind will help you avoid any mishaps along the way!

If you’re considering buying a North Shore home, but have questions about the North Shore Real Estate market or where to start; let me know! As an experienced North Shore Real Estate agent, I would be happy to meet with you and answer any questions you may have.

Contact me today to get started!


Janie Bress
Your North Shore Real Estate Expert


North Shore Real Estate
View North Shore Listings
Visit My Website