Judy Chapman

Find modern elegance in a Heatherfield single family home in Glenview, Illinois.

Located off Willow and Waukegan Roads, Heatherfield offers everything, including quick access to the 294 Tollway and shopping galore.

Situated on a 90-acre planned unit development (PUD), Heatherfield was built in the late 90s and early 2000s. Homes include speciation single-family dwellings as well as villas, townhouses, and condominiums.

The community of Heatherfield contains round-about traffic flow, landscaped garden areas, walking paths, and a public park.

The Heatherfield Master Community Association takes care of common area landscaping and snow removal of sidewalks and driveways.

It’s Judy … your North Shore Chicago real estate agent.

Homesellers everywhere are scratching their heads and wondering where all the buyers have gone.

Get out your calculator, and you wonder no more.

Since 2006, 4 million homeowners lost their homes due to short sales or foreclosures

An additional 14 million homeowners (30%) are underwater

An additional 2.4 million homeowners hold less than 5% equity in their homes

An additional 3 - 10 million homeowners facing foreclosure (nobody knows for sure!)

Add it all up, and we’re looking at 23 to 30 million current homeowners who are out of the market.

Since there are about 48 million homeowners in the U.S., 50 to 62.5% of move-up homebuyers have been removed from the market.

If you’re a homeowner who wants to sell your house and wondering where all the homebuyers have gone, wonder no more.

It’s Judy … your North Shore Chicago real estate agent.

Chicago North Suburban real estate update as of December 2011

As of December 2011, homes sales in Chicago’s North Suburbs continued a healthy upward trend.

Sales were up 11% compared to prior month … and also up 9% compared to December of 2010.

The overall trend line remains on an upward glide path, even after considering seasonal fluctuations. Nice news for homesellers!

Inventory of homes is down

There’s more good news when it comes to inventory levels. The number of homes for sale in Chicago’s North Suburbs has been steadily decreasing since June 2011.

Fewer homes on the market mean stiffer competition among homebuyers, which usually translates into improved sale prices.

Average Sold Price trending down

The Average Sold Price, though, has been steadily dropping since June 2011.

A drop in prices can be attributable to several factors.

One of the reasons may be due to downward pressure exerted by Short Sales and foreclosures, which accounted for 37% of December sales.

Another reason may be attributable to first-time homebuyers. When the majority of homebuyers purchase their first house, they usually buy at the lower end of the range. Since 65% of homes purchased in December were sold for under $250,000, the average price of all home sales is weighted heavily with these more affordable homes.

* * *

The market remains under pressure from a bad economy, unemployment, and fears of the future. Homeowners must understand that to sell their houses, they must be competitive and realistic.

Since everyone — sellers, buyers, appraisers, and real estate brokers — has access to the same sales statistics, homeowners won’t be able to sell their for more than the market will bear.

It’s Judy … your North Shore real estate agent.

Homes sold in Winnetka (November 2011)

11 Winnetka homeowners sold their homes.

0 home(s) sold were Foreclosures.

0 home(s) sold were Short Sales.

139 homes are currently available for sale.

Given these statistics, it will take 13 months to sell all homes, not counting other homes coming on the market every day.

Following are some of the fabulous homes that sold in Winnetka in November.

Data provided by the Midwest Real Estate LLC and includes properties listed and sold by various participants in the MLS. Some charts powered by 10K Research and Marketing.

Many of the homes sold were for prices considerably below Original List Price.

If a home is overpriced, the market—i.e., homebuyers—will communicate the fact by simply not showing up. A house cannot sell if homebuyers don’t see it. So if homeowners want to sell their house—and what homeowners don’t!—they must meet and beat the competition.

In perfect market conditions,homes should be listed at no more than 3% over fair market value. This leaves enough negotiating room to arrive at sales prices that will meet the expectations of banks and appraisers.

In imperfect market conditions, listing homes below fair market value is often the best way to generate excitement … and possibly set up a bidding war.

When a home is priced right at the outset, it will sell quickly and generally for more money than a house that has languished on the market for months. Homebuyers are discriminating and often understand the market … and market value … better than many homeowners. As a result, they recognize extraordinary value when they see it and will jump at the chance to make an offer.

Unless the list price of a home is in the ‘sweet spot’—the spot at which homebuyers clamor to buy—houses will sit on the market for months, even years.

To compete against all the other houses on the market, your house must show like a model home. However, if your house isn’t in tip-top condition, and you can’t afford the time or money to bring it up to grade, the only way to sell is by attracting ‘value’ homebuyers looking for bargains.

Ideally, no home should ever be foreclosed without putting up a fight first. The consequences of foreclosure can financially hurt people for a decade or more. If you’re upside down on your mortgage and are facing financial difficulties, the best way to save your future is by selling your house as a Short Sale. For more information about Short Sales, please visit Chicago Short Sales. Then call me. I’ve helped other homeowners avoid foreclosure, and I can help you, too.

It’s Judy … your North Shore Chicago real estate agent.

You don’t have to hire a home stager to sell your house

You don’t have to hire a home stager to sell your house. You can be your own home stager. Here’s how!

Listing your house for sale isn’t easy

• It disrupts just about everything in your life—for you, your family, and your pets.
• It puts a greater burden on an already hectic schedule.
• It raises insecurities about your future … whether you can get top price in the shortest time possible … and what you’ll do if you can’t.
• It makes you toss and turn at night.

Selling your house in this competitive market is tougher than ever, and here’s why:

• Most homebuyers demand move-in ready houses
• Most homebuyers put a higher premium on houses staged like model homes
• Most homebuyers have a better handle on fair market value than most homeowners

Once upon a time, homeowners could vacuum the carpet, dust the furniture, and straighten up a bit. Then they could sign a listing agreement with an agent, wait for buyers to show up, and negotiate a price in line with their expectations.

Everything has changed.

With so many houses on the market and fewer buyers than ever before, homeowners face bigger challenges and different rules. Instead of just slapping their house on the market and sitting back, they have to work at the job of actually ‘selling’ their house.

Selling a house requires planning

You have a lot to think about and a lot to do. Maybe too much. You don’t know where to start. After all, you lived in your house for years. Turned it into a home. Collected memories along the way. And lots of stuff.

You know you have to turn your ‘home’ back into a ‘house’ that will appeal to new owners. But where do you start?

First cut the strings. Your house has been ‘home’ for so long, you can’t see it with an unbiased perspective. Your eyes wash over the same floors and walls, and see the same things they’ve always seen. Home sweet home!

To break the tie that binds, you have to see your house through the un-rose-colored glasses of a homebuyer. How do you do that?

ATTEND open houses!

That’s right. Become a buyer for a day. Take an afternoon or a couple afternoons to visit several open houses in your community.

Touring other people’s houses allows you to walk in the uncomfortable shoes of a prospective homebuyer rather than the well-worn slippers of a homeowner. When you walk into open houses — other people’s houses — you’ll be able to see in their houses what you’re unable to see in your own.

You’ll notice odd decorating choices, worn carpets, dreary rooms, garish wall paint, overpowering wallpaper, clutter, and uncleanliness. You’ll also see care, space, flow, brightness, roominess, updates, and so much more.

You’ll make instant assessments of what’s wrong with each house … and what’s right.

• Each house may show its age … or show off recent updates.
• One might appeal to more traditional Baby Boomers … or call out to younger Gen-Xers.
• Wear and tear may jump out at you … or pride in ownership could appear around every corner.
• Rooms may be light and bright … or dark and confining.
• Kitchens will be spic and span … or dated and dull.
• Bathrooms could be something to die for … or require elbow grease and bottles of bleach.
• The house may be tastefully decorated … or a hodgepodge of tchotchkes and clutter.
• Rooms may smell fresh and clean … or reek of something else.
• Visible repairs could be extensive … or the house might be move-in ready.

At the end of each tour, make a personal assessment of value. It won’t take long for you to understand that this house is overpriced, that house is priced just right, or the other house is a bargain.

Going back home

At the end of your afternoon, you will have toured several open houses, collected brochures and listing sheets, and spoken with a handful of agents.

When you drive up to your house, pretend you’re visiting for the very first time. But instead of making mental notes like you did for those open houses, make real notes.

‘Tour’ your own house the same way you did when visiting those open houses.

Park at the curb, get out of the car, and walk up to the front door. Make notes as you go along.

Go inside and see your house with a brand new pair of eyes. Continue making notes.

Walk through each room and jot down additional thoughts of how you would change this, rearrange that, or remove something else.

After finishing the ‘grand tour’, put a price tag on your house. Go on. Be honest with yourself. Since you’ve already seen other houses in the neighborhood, you can make a common sense appraisal of your own home without resorting to a calculator, exactly the way homebuyers do it!

Now that you understand what you’re up against, roll up your sleeves and dig in.

Tackle your To Do List

Take a month or even two to get everything on your To Do List accomplished. If necessary, go to more open houses. Or visit builder model homes for decorating ideas.

• Does the carpet look worn and weary? Replace it.
• Does the wallpaper darken a room or make it look outdated? Remove it.
• Do large, or even small repairs, call out? Fix them.
• Are the walls scuffed and dull? Repaint them.
• Are the appliances ready for replacement? Go shopping.

Every dollar spent improving your house in these relatively small ways won’t merely increase its value but sell your house faster to discerning buyers.

If you’re unwilling or unable to invest in improvements, you can still spruce up your house and make it appealing to the eyes of those same discriminating buyers. But don’t forget to factor in a generous discount.

Now you’re ready. Call the real estate agent of your choice and put your house on the market. Not only will your house be ready to sell. It’ll be priced right to sell, as well!

It’s Judy ... your Chicago North Shore real estate agent!