Archive for the ‘Evanston’ Category
A home for your car…
“How important is a garage for resale value?” “Should I even look at properties that do not have a garage or attached parking because it will adversely effect the resale of the property?” These are common questions that buyers as k me when searching for properties in Chicago and the North Shore.
The easy answers to these questions are;
1. “A garage is very important for resale value, especially if you are purchasing a condo because parking is often limited and the change in demographics imply that areas that are within walking distance to public transportation are going to witness a population growth. Thus, the long-term importance of a garage or, at the very least, an outdoor parking space, will increase as available street parking decreases.”
2. “Of course you should look at properties that do not have parking.”
Both of these questions can not be answered fully without considering the importance of LOCATION. Location is the most important factor in buying and reselling a home. The importance of location is also a key factor of the emotional response that a buyer has towards a property because it centers around the lifestyle that they envision themselves living. If a buyer is looking a two condos, one that is a short walk from retail and public transportation and the second is a similar condo with a parking space that is 2 miles from the nearest retail and transportation area, the buyer will most often choose to purchase the condo without parking because the location fits in perfectly with the lifestyle that he envisions himself living. If you are buying a property in Chicago or the North Shore, first choose where you want to live and then order the rest of your criteria as you see fit. Remember, that this is not only an investment, but also your home and the objective is for you to enjoy your time there.
I recently purchased a home in Evanston without garage parking, but in a great location, and the only time that I have had regrets is during the Blizzard of 2011 when I had to find and shovel my car out !
Please contact me if you are buying or selling your home in Chicago, Evanston, Wilmette, or anywhere on the North Shore.
Now that the tax credit is over, what is going to happen to the markets???
April 30th was the final day to place your property under contract to be eligible for the housing tax credits that the federal government instituted last year. Now that the deadline has passed, what is going to happen to home prices in Evanston and the North Shore?
One general theory that I adhere to is that the prices of houses and condos that were targeted by first-time homebuyers will continue to decline. The artificial deadline of the tax credit created inflated demand that helped to temporarily stabilize housing prices. I believe that these prices will remain stabilized for the short-term, 1 or 2 months, because the supply has been reduced. However, as the supply increases and the demand goes back to “normal” levels, the market will correct itself and prices will most likely decline.
I am more optimistic for single family houses that are priced from $450,000 to $850,000. These are homes that were affected by the $6500 “trade-up” tax credit, but they are also homes that are targeted by young families and empty-nesters that are looking to downsize. These are two demographically significant groups that will make up the lion’s share of the market’s future sales. For instance, single-family homes in Evanston that are priced within this price range continue to experience favorable sales and have seen relative price stabilization.
Please contact me with any questions regarding real estate in Chicago and the North Shore suburbs.
Tax Credit Applies to Chicago, Evanston, Wilmette, Skokie and Morton Grove Buyers
Once again, I would like to focus on the First Time Homebuyer Tax Credit. There are less than 60 days until a property has to be under contract to take advantage of this credit.
When I am showing perspective buyers properties in Chicago, Evanston, Wilmette, Skokie and Morton Grove, I am often asked for information on the tax credit. While perusing the web I found a wonderful site that was set up by Better Homes and Garden Realty that thoroughly explains the tax credit. The link is www.homebuyertaxcredit.com. I strongly urge first time homebuyers and current homeowners who are in the process of selling their homes to visit this site.
My Personal North Shore House Search
I fully understand and appreciate the stress involved in both selling and buying a house for your family. My wife and I just had our third child 3 weeks ago and we are currently searching for a new home. In October, I was fortunate enough to sell my house in Evanston in a very short time period. We are currently renting and searching for our next home.
The main issues that we have had with this process are:
1. Where do we want to live and where can we afford to live?
a. Unfortunately, like many young families, we can not necessarily afford where we want to live. We have broadened our search from neighborhoods to towns. We have settled on Evanston and Wilmette because of the outstanding reputation of their schools and our familiarity with the areas, having both grown up on the North Shore.
2. What size house do we want and can we afford?
a. Initially we thought that we needed a 4-bedroom house, however we have been leaning towards 3-bedroom houses in areas that are more conducive to our lifestyle. We would much rather be within walking distance to a commercial/retail area, as well as parks and possibly Lake Michigan. With this in mind we have decided that there is nothing wrong with our kids sharing bedrooms and have included 3-bedrooms in our search.
3. Everything else that drives you crazy when searching for a home in Chicago and the North Shore suburbs.
a. Schools
b. Transportation
c. Garage
d. Yard size
e. Remodel or buy remodeled?
f. What is going on with the market?
g. And on and on and on…
Please contact me with any questions regarding your house search in Chicago, Evanston, Wilmette, Skokie, Winnetka, or anywhere else on the North Shore.
New Homes Sales Market
Evanston, Wilmette, Winnetka existing home sales helped by new construction slump
In a recent article in Crain’s Chicagobusiness.com, the local new home sales market was reported as being “obliterated”. On the surface, this is more discouraging news for the local housing market. However, the silver lining, as we Realtors® are programmed to promote, is that existing homes will not have as much competition in their local markets. This is especially important in many of the North Shore markets where many of the homes were built around 100 years ago.
The reduction in the supply of new homes and the reduction of homeowners willing to put their homes on the market, in turn, has boosted the sales of homes in specific price ranges. Even though demand has been reduced overall in the past few years, it has managed to outpace or stay even with supply in some neighborhoods and price ranges for single family homes.
Please contact me for listings in these North Shore communities of Evanston, Wilmette and Winnetka.
