Wednesday, February 20, 2013

North Shore Market On the Rise & What this Means for Home Buyers

Each month I enjoy highlighting the market statistics for a few of the North Shore communities in which I serve.  The communities of Glencoe, Deerfield, Northbrook, Highland Park and Winnetka are seeing steady improvements in their real estate market along with the rest of the country.  As a North Shore Real Estate agent, it makes me even more excited about the upcoming spring market as buyers and new North Shore homes will flood the market.

According to a recent report from Coldwell Banker, the Improving Markets Index (IMI) shows that a net of 41 more markets were added in January from the 201 level in December.  The increase in home prices is a main contributor to the fact that 47 of the total market are in metro areas. 

In fact, chief economist for the National Association of Realtors, Lawrence Yun, notes that  “Home sales are on a sustained uptrend. Sales are being fueled by a pent-up demand and job creation, along with still-favorable affordability conditions and rents rising at faster rates.”  The 4th quarter shows that the price of single family homes has risen in 88% of US cities.

You may be wondering what this means for buyers as it appears the market is shifting from a heavy handed buyers market to more in favor of sellers.  The good news is that mortgage rates are still low and home prices are currently low.  However, acting sooner rather than later could save you thousands of dollars in the long run!

Here are a few suggestions for jumping ahead of the busy spring market and avoiding being outbid in the North Shore home of your dreams.

1. Beat the Crowd- Make it clear to your agent that you want to be made aware of new North Shore homes as soon as they come on the market. This will help ensure that you are on top of the competition in seeing new homes and being able to make the first offer. You’ll also want to keep your offer deadline as tight as possible so the listing agent has less of a chance to entertain other offers. 
2. Get Pre-Qualified- Many people are not able to pay all cash for a home. However, having a letter from your lender stating how much you’re qualified for will give you a boost!  If you are planning an all-cash offer, be sure to have everything in order and know what your top offer will be. This type of preparation will help set you apart from other bids.
3. Aim High- If you’re still worried about other buyers’ offers taking precedence over your bid; make sure your bid is the highest. Sellers want to get the most they can from their property and will almost always take the higher bid over an all cash one. Your North Shore Real Estate agent provide a Comparative Market Analysis (CMA) of homes on the North Shore. This will give you a good idea of what other homes like the one you’re bidding on are selling for and will help you come up with a reasonable offer. 
These tips should give you a good jumping off point for starting the North Shore home buying process!  I’m always available to answer your questions and would be glad to walk with you through the North Shore Real Estate market.
I look forward to hearing from you!

Janie Bress
Your North Shore Real Estate Expert

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