Wednesday, March 28, 2018

How to Tell If You're in a Seller's Market in Winnetka, Glencoe, Highland Park, Northbrook IL

It's no secret that the real estate market on Chicago's North Shore is always changing. Some years it leans in favor of buyers, others it's in favor of sellers— but how do you know which is which? What are the signs to watch for? There are specific factors to identify in the local real estate market to determine the best time to buy or sell and I'm happy to help you point them out!

As your local North Shore real estate expert, I'm sharing below three ways you can tell if you're in a seller's market:

Days on Market
The average days on market, sometimes referred to as DOM, shows the average age of the listing. If homes are selling quickly in your area—anywhere from 7 to 10 days—you are likely in a seller's market. This means sellers on the North Shore can expect their home to sell quickly and at a favorable price due to the number of buyers present in the market.

Home Prices
If you notice home prices on Chicago's North Shore are rising steadily over time, it is a good sign you're in a seller's market. I am always happy to share home prices in your area as well as what your property may be worth today— just give me a call!

Final Home Price vs. Asking Price
If the final sales prices of homes in you area are typically the seller's asking price or even more due to a bidding war, you can assume you're in a seller's market. It is when a property sells for below asking price that you are in a buyer's market as this would favor the buyer.

Ready to make a move in Glencoe, Winnetka, Deerfield, Highland Park, Evanston, Northbrook, or the surrounding areas? Give me a call today! No matter the type of market, I'm available to answer your questions, big or small!

I look forward to hearing from you!

Janie Bress
Your North Shore Real Estate Expert


North Shore Real Estate
View North Shore Listings
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Local Expert... with National Connections!

Locally or across the country, think of me as your national connection. I can help you with all your real estate needs anywhere in the United States. 

Wednesday, March 21, 2018

Winnetka Real Estate Market Stats for February 2018

City Active Listings: There are a total of 137 properties actively on the market with the average price of $1,897,577 in Winnetka.

City Sold Listings: 9 properties closed last month in Winnetka with an average sales price of $1,031,956. The average time on market for these properties was 117 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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Local Expert... with National Connections!

Northbrook Real Estate Market Stats for February 2018

City Active Listings: There are a total of 259 properties actively on the market with the average price of $720,169 in Northbrook.

City Sold Listings: 34 properties closed last month in Northbrook with an average sales price of $453,313. The average time on market for these properties was 54 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
Visit My Website


Local Expert... with National Connections!

Highland Park Real Estate Market Stats for February 2018

City Active Listings: There are a total of 301 properties actively on the market with the average price of $938,861 in Highland Park.

City Sold Listings: 36 properties closed last month in Highland Park with an average sales price of $526,511. The average time on market for these properties was 84 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
View North Shore Listings
Visit My Website


Local Expert... with National Connections!

Glencoe Real Estate Market Stats for February 2018

City Active Listings: There are a total of 83 properties actively on the market with the average price of $1,390,290 in Glencoe.

City Sold Listings: properties closed last month in Glencoe with an average sales price of $1,401,944. The average time on market for these properties was 90 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
View North Shore Listings
Visit My Website


Local Expert... with National Connections!

Deerfield Real Estate Market Stats for February 2018

City Active Listings: There are a total of 152 properties actively on the market with the average price of $647,281 in Deerfield.

City Sold Listings: 16 properties closed last month in Deerfield with an average sales price of $447,528. The average time on market for these properties was 77 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
View North Shore Listings
Visit My Website


Local Expert... with National Connections!

Wednesday, March 14, 2018

Tax Benefits of Owning a Home on Chicago's North Shore

There are many benefits to living on Chicago's North Shore— and even more if you're a homeowner! If you own a home in Glencoe, Winnetka, Highland Park, Northbrook, Deerfield, or the surrounding areas, you are entitled to a specific set of deductions on your tax return. But don't get too comfortable with them, not all will be returning next year!

Below are five tax benefits of owning a home on Chicago's North Shore:

Mortgage Interest
As of now, homeowners are able to deduct the interest on a mortgage loan of up to $1 million. Next year, those who closed on a home after December 15, 2017 will only be able to deduct their mortgage interest on a loan of up to $750,000— a new cap. Those who closed prior to that date can continue deducting interest up to $1 million as usual.

Property Taxes
If you own a home on the North Shore, your taxes are likely built into your mortgage payment each month and you will be able to deduct those on your tax return. Next year, this will no longer be a separate deduction. Homeowners can take one deduction that will encompass their property taxes, state, and local sales and income taxes.

Energy Efficient Upgrades
If you've made improvements to your home, you may be eligible for the energy efficiency upgrade credit. While many of these credits expired after December 2016, there are still credits available for solar electric and solar water heating equipment through December 31, 2021.

Home Office
Work from home? You can deduct your office expenses and your office space on your tax return! There are strict rules about what exactly makes an office space, but the deduction is typically $5 per square foot for up to 300 square feet of office. Next year, the deduction will be eliminated for those who have an office to go to, but only occasionally work from home.

HELOC Interest
For those North Shore homeowners who have a home equity line of credit (HELOC) taken out in 2017 or before, you can deduct the interest on that loan, no matter what you used it for— college, home repairs, you name it. Next year, however, you can only use this deduction if the loan was used specifically to "buy, build, or improve a property," says the IRS.

I've shared North Shore Tax Deduction Mistakes to Avoid and now the perks of owning a home in Glencoe, Winnetka, Highland Park, Northbrook, and Deerfield. Give me a call today for more information about buying a home this spring or how you can sell your North Shore property for top dollar!

I look forward to hearing from you!

Janie Bress
Your North Shore Real Estate Expert


North Shore Real Estate
View North Shore Listings
Visit My Website


Local Expert... with National Connections!

Locally or across the country, think of me as your national connection. I can help you with all your real estate needs anywhere in the United States. 

Friday, March 9, 2018

6 Hidden Costs of Owning a Home on Chicago's North Shore

Owning a home on Chicago's North Shore certainly has its perks— from tax benefits to design freedom and everything in between. But if you're making the transition from renter to homeowner this year, it's important to note that there may be a few home-related costs that you didn't plan for or even know about before you began house-hunting.

As your local real estate expert in Winnetka, Glencoe, Deerfield, Northbrook, Highland Park, and the surrounding areas, it is my job to make sure you are prepared for every aspect of homeownership— including the following hidden costs:

Property Taxes
When you use a mortgage calculator prior to buying a home on the North Shore, it is essential that you input estimated property taxes. You can typically find this amount on any listing, or ask your real estate agent to find it for you, so you can see how your monthly payment will change adding them in.

Insurance
Homeowner's insurance will vary depending on your home, your pets, your neighborhood, and a host of other different factors. Research average costs in your area and add them into your potential monthly mortgage payment to avoid any surprises down the road.

Yard Upkeep
If you've been a renter, you likely did not have to deal with the upkeep and maintenance that a yard requires. Once you become a homeowner, you will be responsible for buying all of your own tools, including snowblowers, lawn mowers, shovels, and rakes. Not to mention, the time you will need to free up to keep your yard looking well-manicured in every season!

HVAC
Furnaces and air conditioning units can be a major cost that homeowners do not account for when buying a property. For instance, if you don't have a home warranty, and your furnace breaks down, only you are responsible for covering the repairs or replacement which can cost you thousands! It's best to begin saving for a rainy day fund at the start of your homeowner journey to prepare for things like this, or even small expenses like replacing furnace filters every month or so.

Pest Control
Homes on the North Shore can look appealing to small pests like mice, raccoons, possum, birds, ants, you name it! As a homeowner, you may encounter a pest removal situation which can cost hundreds or more in damage repair and preventative maintenance.

Utilities
As a renter, you were likely use to much smaller utility bills than you will have as a homeowner on Chicago's North Shore. You can ask the previous homeowner—once you've found a home you're interested in—for the average utility costs in order to factor them into your overall budget and avoid surprises later.

Do not hesitate to contact me with any questions about buying a home in Winnetka, Glencoe, Deerfield, Northbrook, or Highland Park! I am here to help you find your dream home with as little stress and surprise as possible!

I look forward to hearing from you!

Janie Bress
Your North Shore Real Estate Expert


North Shore Real Estate
View North Shore Listings
Visit My Website


Local Expert... with National Connections!

Locally or across the country, think of me as your national connection. I can help you with all your real estate needs anywhere in the United States.