Spring Into Action

Spring Into Action

As we head into May, the spring real estate market is well underway. And with the peak season for housing in full swing, it’s an opportune time for buyers and sellers to make a move. 

  • Move in By Summer – From picturesque beaches and outdoor concerts to breweries and wineries, there are endless possibilities for relaxation, recreation, and fun. Buying a home this spring ensures you’ll be settled in for all the warm weather activities.
  • Spring Market Is Hot – Spring tends to be the busiest time of year for the housing market. That means we’re likely to see a strong transaction climate, which presents opportunities for buyers and sellers alike.
  • Interest Rates Are Still Low…For Now – Interest rates remain low by historical standards, but most experts agree that mortgage rates will increase this year. Buyers still have an opportunity to get a mortgage in the 4% range, which is phenomenal.

Whether you’re thinking about buying or selling this spring, or just looking for more information on your local market, contact Alison Wertheimer, your @properties broker.

*Sourced from our @properties blog post atproperties.com/blog/2017/03/30/spring-into-action/
If your property is currently listed with another broker, this mailer is not a solicitation for business. 

2017 Ravinia Concert Scheduled is out!

There are some AMAZING performances to catch this summer at Ravinia.  Click Here for the Full summer line-up.

Ravinia, North America's oldest music festival, stands today as its most musically diverse, presenting over 140 different events throughout the summer. These concerts run the gamut from Yo-Yo Ma to John Legend to the annual summer residency of the nation's finest orchestra, The Chicago Symphony Orchestra.

The 36-acre park is nestled in a gently wooded area that makes it an enchanting place to experience music. Guests can bring their own picnics or eat at one of the park restaurants. Children up to age 15, high school and college students are admitted free to the lawn for classical performances.

The (First) Price Is Right

When it comes to selling a home, the backbone of any successful marketing strategy is proper pricing. That’s because the highest volume of potential buyers sees your home within days of it hitting the market. So if your home is perceived as overpriced right off the bat, you’ve already missed a huge opportunity.

In fact, Chicago homes that required one or more price changes sold on average for 89% of asking price in 137 days last year, whereas homes that did not require a price change sold for 98% of asking price in just 61 days.

The same is true for luxury homes in the city. Among homes priced at $1 million and above, those with one or more price changes sold on average for 86% of asking price in 210 days, while those that were priced accurately sold for 96% of asking price in 119 days.

As the numbers indicate, setting the right listing price is paramount to a faster, more lucrative sale. At @properties, we consistently outperform the overall market on both of these important performance measures: Days on Market (63 days for @properties vs. 80 overall) and Selling-Price-to-Original-Listing-Price ratio (97.3% for @properties vs. 96% overall).

Of course, pricing is just the beginning. In order to achieve the best possible results for our clients, we leverage cutting-edge sales and marketing programs that give you a competitive advantage.

If you’re thinking about buying or selling, please contact me to discuss the perfect strategy for you.

New Year, New Company, Fresh Start....@Properties

Working with the best in the business is the only choice in real estate today. I have recently aligned with @properties, the #1 independent brokerage in Illinois and #1 real estate firm in Chicago.

@properties shares my commitment to offering the most comprehensive and professional marketing, sophisticated technology, and expert market knowledge, supporting the highest standards of service and representation you expect and deserve. With local leadership and national and international reach, I bring results to clients wherever their buying and selling goals take them. 

I appreciate and welcome your inquiry, real estate need, or referral!

If Nothing Else, Remember This....

Biggest Misconception – Millennials Only Want to Rent

Despite what you may have heard, millennials made up 50% of home transactions in 2016, and that number will likely grow in 2017 as they become older, enjoy more job security and experience life changes. In fact, a 2014 survey by Fannie Mae found 49% of millennials expected their next move would be buying a home – that was almost three years ago, hence why we're seeing them purchase now.

Hot 'Hoods

There's no denying city living is on the rise – this is a reversal of a trend over the last 15 years. But it's not just millennials drawn to the city's vibrancy; corporations like McDonald's and ConAgra are relocating closer to the urban core and its younger workforce. Most city neighborhoods, especially those near public transit, will do well next year. And look for first-time homebuyers in search of a lower house price to move out of more traditional communities to areas they might never have looked before – Pilsen, Logan Square, Ukrainian Village, South Loop, and West Loop should see healthy activity in 2017.

Suburban Countertrend

But not everyone is migrating to the city. Suburbs that offer a downtown core of restaurants and retail centered around a train station will continue to thrive. We're already seeing new-construction townhomes and condos pop up near suburban downtowns like Highland Park, Deerfield, Arlington Heights, Glen Ellyn, and Wheaton. In those areas, downsizing housing stock is in short supply, yet there is a strong demand from people who don't want to leave their community but want to be able to walk to everything.

Will New Technologies Change How I Buy or Sell a Home in 2017?

Most people will agree technology has revolutionized real estate, but almost to a point where it's an overload of information. There are so many apps available, but they only make sense if they make the transaction process easier for you. For example, using QR codes to market a home seems to have lost some of its effectiveness, while including floor plans in a listing is gaining in popularity, as are 3D views of a residence, so you can virtually “walk” through and experience the home as if you were actually there.

If Nothing Else, Remember This

On the whole, 2017 should be another solid year for real estate, similar to 2016. We'll continue to have more demand than we can meet for affordable housing, but as unemployment remains low, interest rates stay relatively unchanged and the general economy continues to do well, people will feel more confident about their life and their buying decisions – including homeownership.

So as we get ready to close the chapter on 2016 and embrace everything 2017 has in store for us, I have one last insight. When it comes to real estate, it all comes back to the fundamentals – if you price your property well, it will sell; if you don't, it won't sell no matter how much marketing you put behind it. So work with your local agent to analyze the market and price it right to give yourself the best chance for success.