October 2001
Welcome to Sue’s News! I hope this newsletter provides you with some useful information about the current North Shore real estate market, along with tips on maintaining your home. If you have any questions or suggestions on items you’d like to see in future newsletters, please contact me via email at admin@mynorthshorehome.com.
This month's features include some perspectives on:
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Sales and Market Time |
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Interest Rates |
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Home Tips |
HAPPY HALLOWEEN! Have a happy holiday and be safe.
On October 26, 2001 the Wall Street Journal recently reported that across the country, September home sales have declined 11.7%.
In our area, we are also seeing homes on the market for longer periods than in the past. The average time it takes a home to sell (market time) has increased 25% in the last month resulting in an average market time of 82 days and in some communities, over 100 days. The slower markets are the higher-end homes typically any home priced over $500,000. Lake Forest and Winnetka are the slowest markets on the North Shore at this time.
What does all this mean? Well, it means we are now in a buyer’s market. With interest rates the lowest they have been in years, first-time homebuyers are serious about finding a home. Houses priced under $500,000 are still selling quickly.
For a seller, this translates to less competition and fewer ‘tire-kickers’ viewing your home. It also means that you should be prepared for your home to take a little longer to sell compared to a year ago. Watch the market closely, talk to your agent about the changes and be prepared to make a price adjustment.
Don’t be alarmed. Real estate is still one of the best investments you can make despite the economic slow down.
What’s the scoop with rates? Many are below 7% for a 30-year fixed and some are under 5% for an Adjustable Rate Mortgage. Word on the street is that these rates will fluctuate again towards the middle of November and once again at the end of the year. A 30-year fixed rate mortgage of $300,000 results in a monthly principal and interest payment of $1,995.91. If you are not buying, consider refinancing.
The recent cold spell in the Chicago area has made many of us realize just how close winter really is. We all love wood-burning fires. Now is the time to have your chimney cleaned. Built up creosote on your chimney walls can lead to unwanted fires. Cleanings should be done by a professional and are relatively inexpensive, $60 - $125.
Don’t forget to have your furnace or boiler maintained as well. Inefficiency in your heating system can lead to increased gas bills. Check your weather stripping and caulking around all windows to prevent drafts.
To increase heating efficiency, reverse the direction of your ceiling fan blades. Rotations should be counter-clockwise in the winter and clockwise in the summer.
Finally, what’s the #1 way to give your home a facelift and increase it’s value? Paint! That’s right, inside or outside painting your home will provide a fresh look for little cash.