Cook County, IL Real Estate News

By Margaret Goss, Chicago's North Shore & Winnetka Real Estate
(Baird & Warner Real Estate)
What Sold In Your North Shore Village in June 2021 Record sales and closes in all North Shore villages in June. June saw a total of 151 units sold in all of Winnetka, Wilmette, Kenilworth, Glencoe, and Northfield. The median price was $1,125,000. The previous June (2020) had 88 total sales and the median price was $968,000. Although the comparison is a bit unfair since 2020 through June had several months of extremely low sales.The majority of homes have sold in under a month, with many in under a week. There are a few homes with long market times but those were overpriced to start and slow to reduce.  The links in blue (below) under the town's name show sales by address in each villages. WINNETKA Click to see all Winnetka Home Sales in June 2021 Current Winnetka Real Estate MarketSold ...
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By Margaret Goss, Chicago's North Shore & Winnetka Real Estate
(Baird & Warner Real Estate)
An incredible 19 houses closed in June. To explain the imbalance of homes, only 1 new home was listed in Hubbard Woods during the whole month (and it had been previously listed in 2016.)Of particular note, 1159 Chatfield just closed for $1,765,000 (see below.) It was previously listed in 2016 for 527 days with the last list price being $1,549,000! Aren't they glad they couldn't sell then. SOLD HUBBARD WOODS LISTINGS IN JUNE 2020 972 Tower List price: 525,000Sold price: $530,000Days on market: 17 1290 ScottList price: $525,000Sold price: $500,000Days on market: 41 1367 EdgewoodList price: $689,000Sold price: $689,000Days on market: 4 1124 GageList price: $819,000Sold price: $795,000Days on marke: 85 1117 MerrillList price: $699,999Sold price: $850,000Days on market: 4 1443 EdgewoodList p...
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By Margaret Goss, Chicago's North Shore & Winnetka Real Estate
(Baird & Warner Real Estate)
 If you haven't gotten enough real estate data, I'm here to help. I'm fascinated by charts and graphs - nothing shows more clearly the state of something than they do. All data is for the past 12 months and includes Winnetka, Wilmette, Kenilworth, Glencoe, and Northfield unless otherwise noted.    Median Market Time has dropped significantly   Median % of Original Price is much higher - excellent   Months Supply of Homes - leaves us with low inventory  Homes for Sale - going down, down   Median Market Time for Winnetka, Wilmette, Kenilworth, Glencoe individually  Number of showings per property - the lower the number, the faster it sold (not historically true, but specific for this market.)  This final chart shows the entire Northern Illinois area that is encompassed within our Multiple...
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By Margaret Goss, Chicago's North Shore & Winnetka Real Estate
(Baird & Warner Real Estate)
Who ever thought that we could transition so quickly from high inventory to low inventory? It became clearer as 2020 drew to a close but then the spring market delivered a whole new crop of homes. Which are now long gone.  Of course, there are still houses for sale. For instance, Winnetka currently has 40 listed homes, some of which have not sold after a month or two on the market. Exactly half of the those homes are priced over $2 million which necessarily means that they will take longer to sell. Of the twenty homes under $2 million, some are overpriced. Even in this hot market buyers will push back when they sense price exceeds value. In Wilmette where there are 66 homes for sale, 38 have been on the market for over 30 days. Price seems to be the issue for many of those, or location ...
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By Margaret Goss, Chicago's North Shore & Winnetka Real Estate
(Baird & Warner Real Estate)
HUBBARD WOODS MAY 2021 With only 9 homes for sale and 27 under contract, Hubbard Woods is being squeezed for inventory. You can see below the quick sales times on almost all the closed sales in May. I've been asked how long this market will last. The pundits say that nationally, at least another year. I would agree that it would probably be the same here. Although it's only June, I'm seeing fewer homes come on the market. Buyers, however, are still searching and jumping on homes right as they're listed. Particularly in the under $1 million range, but higher-end homes as well. Too many buyers have been frustrated in the search and are still out there hoping they'll score a new home. So, yes, it's still an excellent time to sell your home. Just remember that if you need to buy something e...
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By Margaret Goss, Chicago's North Shore & Winnetka Real Estate
(Baird & Warner Real Estate)
What Sold in Your Village in May 2021? A more apt title would be, “What Hasn’t Sold in Your Village”!Inventory is still a rock bottom and almost all new homes that are listed are sold immediately.  Under contract homes in Winnetka are almost 3 times the number for active listings (the highest of the five villages.) Here’s what closed in the North Shore in May 2021.WINNETKA  Current Winnetka Real Estate Market:Sold homes in May: 30Homes for sale: 45Price range: $560,000 to $6,250,000 Private Network Homes for Sale: 25Under contract/pending: 83Current months supply of inventory: 2.9Winnetka Homes for SaleWILMETTE  Current Wilmette Real Estate Market:Sold homes in May: 44Homes for sale: 4568 Price range: $325,000 to $2,500,000Private Network Homes for Sale: 22Under contract/pending: 79Curr...
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By Margaret Goss, Chicago's North Shore & Winnetka Real Estate
(Baird & Warner Real Estate)
10 Ways to Keep Mosquitos Away  I’ve been looking into ideas that will help get rid of those bloodthirsty pests this summer. We’re fortunate to live in an area that offers an active response to mosquitoes through North Shore Mosquito Abatement District which serves 11 North Shore villages. Their work goes a long way in ridding the population before they ever hatch and come out to torment us. Humans despise these little fiends and I know we’ve all tried various remedies to avoid getting the dreaded bite. Certain people are more likely to attract them - we all know people who claim they are mosquito magnets! Not only is the bite painful, but mosquitoes also carry diseases.So here are a few ideas I came across that I will definitely try out this summer:  DAB ON SOME ESSENTIAL OILSThis one ...
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By Margaret Goss, Chicago's North Shore & Winnetka Real Estate
(Baird & Warner Real Estate)
 HUBBARD WOODS April 2021 One sign of a hot market: regardless of price range, all seven homes listed in Hubbard Woods in April are under contract. Plus ten homes sold although you’ll see some long market times for some of them. This is because they were listed pre-Covid at inflated prices. 7 NEW HUBBARD WOODS LISTINGS IN April 2021 1257 Scott  $799,000 (under contract)    1443 Edgewood   $949,000 (under contract)  1152 Scott  $949,000 (under contract)     1190 Oakley  $1,299,000 (under contract)    840 Lamson   $1,550,000  (under contract)    877 Tower  - $3,499,000 (new construction home under contract)  910 Private - $6,300,000 (under contract) New PRIVATE LISTING in April 2021 1507 Tower - $950,000     1275 Asbury - $1,018,000     669 Walden - $1,595,000    660 Rosewood - $4,100,000...
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By Margaret Goss, Chicago's North Shore & Winnetka Real Estate
(Baird & Warner Real Estate)
The spring market continues to see huge sales despite a lack of inventory. Homes are selling off the Private Network before they ever hit the market. Otherwise, the stats are the same as the past several months: seller’s market and we need more homes to sell! Here’s what closed in the North Shore in April 2021.WINNETKA   Current Winnetka Real Estate Market:Sold homes in March: 31Homes for sale: 45Price range: $525,000 to $6,300,000 Under contract/pending: 78Current months supply of inventory: 3.4Winnetka Homes for SaleWILMETTECurrent Wilmette Real Estate Market:Sold homes in March: 54Homes for sale: 48 Price range: $314,000 to $2,200,000Under contract/pending: 82Current months supply of inventory: 3.2Wilmette Homes for SaleKENILWORTHCurrent Kenilworth Real Estate Market: Sold homes in M...
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By Eric L. Green, Your IRS Tax Litigator
(Tax Rep LLC)
Listen in to this week's podcast as host Guinevere Moore discusses best practices for responding to Information Document Requests (IDRs) from the IRS, including how to balance meeting your clients’ needs with meeting ethical standards practitioners must follow under Circular 230, and how to set your client up for success in litigation through proper IDR practice if an agreement can’t be reached in exam or at appeals.Check out the episode here: https://taxrepllc.com/subscribe-tax-rep-network-podcast/  Want to contact Gwen? guinevere.moore@mooretaxlawgroup.com  Want to build your IRS Representation practice and add $100,000 to your bottom line this year? Join us inside Https://taxrepllc.com  How to get the software we use? Go to www.TaxHelpSoftware.com  and use code TAXREPTRIAL for a free...
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By Margaret Goss, Chicago's North Shore & Winnetka Real Estate
(Baird & Warner Real Estate)
 WHAT YOU NEED TO KNOW ABOUT EARNEST MONEYYou’ve just bought a new house - congratulations! So many things to think about, one of them being your earnest money. What is Earnest Money? Basically, your earnest money is delivered on or around the time you submit a contract to purchase your new home. It’s the way you say that you are serious about this house. Without a financial commitment, how does the seller know that you’re really interested in their home and not five others? How Much Earnest Money Do You Need to Put Down? This question will vary from state to state and even region to region. When I first started in the business in 1998, the earnest money was 10% of the contract price. With the huge increase in prices we saw running up to the recession, the number now hovers at around 3-...
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By Lyn Sims, Schaumburg Real Estate
(RE/MAX Suburban)
Schaumburg maintains more than 1,100 acres across 100 parks, including nearly 300 acres of preserved natural areas throughout it's park district.The Spring Valley Nature Sanctuary, is a prairie wild life preserve and an indoor and outdoor museum. This is the place to rent snow shoes & take them for a spin if you've never tried them. Bison Bluff is a nature playground also located on the grounds. Also nearby is the Heritage Farm which is a fully operational farm right out of the 1880's. Kids are gonna love it! Horses, pigs, chickens are here for interaction.  (video from WGN-9).  The Park District also operates four community recreation centers, including the Water Works Oasis, a spectacular indoor pool facility.  The Sport Center which has indoor baseball, soccer fields and basketball c...
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By Margaret Goss, Chicago's North Shore & Winnetka Real Estate
(Baird & Warner Real Estate)
HUBBARD WOODS March 2021The Hubbard Woods area is down to inventory that would only last 1.9 months if no new inventory came on the market. That’s called an extreme seller’s market. If you have any thoughts of selling - why wait? However, if you sell, you’ll become a buyer . . .  7 NEW HUBBARD WOODS LISTINGS in March 20211117 Merrill - $699,999 (under contract)     1299 Hackberry - $1,399,000      1140 Oakley - $1,649,900     986 Asbury Ct. - $1,699,900     1159 Chatfield - $1,799,000    1347 Scott - $1,949,000    1040 Hubbard - $2,599,000          New PRIVATE LISTING1340 Asbury - $1,939,000   4 CLOSED HUBBARD WOODS HOME SALES IN December 2020  979 VineList price: $479,000Sold price: $341,000 (short sale)Days on market: 986      1152 AsburyList price: $849,000Sold price: $901,000% of li...
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By Margaret Goss, Chicago's North Shore & Winnetka Real Estate
(Baird & Warner Real Estate)
What Sold in Your Village in March 2021?See the number of under-contract homes in the data below - it is much higher than available inventory. All North Shore villages are experiencing low inventory and a seller’s market. Wilmette, Winnetka, and Glencoe have the tightest markets. The spring market has been exploding but we need more inventory!Here’s what closed in the North Shore in March 2021.WINNETKA  Current Winnetka Real Estate Market:Sold homes in March: 23 Homes for sale: 45Price range: $560,000 to $6,250,000 Under contract/pending: 61Current months supply of inventory: 3.6Winnetka Homes for SaleWILMETTE  Current Wilmette Real Estate Market:Sold homes in March: 40Homes for sale: 45 Price range: $389,000 to $2,350,000Under contract/pending: 78Current months supply of inventory: 3.5...
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By David Ratowitz, Tax, Real Estate and Bankruptcy Law Firm
(Ratowitz Law Group)
Buying in short sale may offer the best opportunities in a decade because of the COVID-19 lockdowns.  The moratoriums on evictions and closures of small businesses have created a backlog of distressed property concealed by moratoriums on foreclosures.  As these moratoriums end with the easing of COVID-19 distressed properties will hit the market.Homebuyers and investors can save a lot of money buying a property in a short sale.  While this savings can be a tremendous, it is important to remember the buyer will earn this savings and must be prepared for the obstacles posed by a short sale.The opportunities buying in short sale are created because the lienholders agree to settle for less than the face value of the debt secured by the property.  That is a fancy way of saying everyone agree...
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By Margaret Goss, Chicago's North Shore & Winnetka Real Estate
(Baird & Warner Real Estate)
Real estate watcher and market predictor Keeping Current Matters has published some valuable graphs that will allay some fears that consumers have. Fears that the super hot Chicago North Shore market will create another bubble - like the pre-recession period leading up to 2007-8.Covid is one factor which stimulated the rush to buy, but there were key characteristics of that period that are simply not present this time.   MORTGAGESMortgages were extremely easy to get back then and lenders were willing to take on high levels of risk. Not so now where qualifying for a loan is much harder.   HOUSING PRICES  Homes in Chicago's North Shore communities of Winnetka, Wilmette, Kenilworth, Glencoe, and Northfield are selling very quickly. But the pace of inflation is much lower. This graph shows ...
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By Margaret Goss, Chicago's North Shore & Winnetka Real Estate
(Baird & Warner Real Estate)
In the olden days (maybe just a few years ago) homes for sale in the Chicago North Shore suburbs were plentiful and took a long time to sell. "Long time"meaning it was a buyer's market with homes generally taking longer than six months to sell. We are now experiencing a seller's market with the median sell time around three months. But most homes are selling more quickly.In a corona virus world where everything has gone tipsy-turvy the real estate market rebounded spectacularly. Currently (March 2021) inventory is low throughout Winnetka, Wilmette, Kenilworth, Glencoe, and Northfield. Homes are selling within days of hitting the market, and in some cases, well before they become available on the Multiple Listing Service. Hot homes see frequent multiple offers.The real estate market expl...
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By Margaret Goss, Chicago's North Shore & Winnetka Real Estate
(Baird & Warner Real Estate)
What Sold in Your Village in February 2021? Big storms and extreme chills kept buyers home - but just for a while. Now that March is here and we’re feeling the warmth, they are out pursuing their dreams of buying a home in the North Shore. Look at the current months-of-inventory shown below for each village. Winnetka, Wilmette, and Glencoe are under 4 months showing a strong seller’s market. Northfield is a seller’s market, and Kenilworth is not as strong but the number is more than half of what it was a few years ago.Here’s what closed in the North Shore in February 2021.WINNETKA  Current Winnetka Real Estate Market:Sold homes in February: 13 Homes for sale: 55Price range: $575,000 to $6,399,000 Median price ytd: $975,000Under contract/pending: 52Current months supply of inventory: 3.9...
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By Margaret Goss, Chicago's North Shore & Winnetka Real Estate
(Baird & Warner Real Estate)
HUBBARD WOODS News February 2021 Inventory has been low - until February with the addition of 12 new homes for sale in Hubbard Woods. Good news: four are already under contract. And strangely, for those of us with devious minds, five of the homes are on Asbury. 12 (!) NEW HUBBARD WOODS LISTINGS IN February 2021  250 Woodlawn - $575,000          1124 Gage - $849,000         1371 Asbury - $849,000          1152 Asbury- $849,000 (under contract)        1255 Asbury - $949,000         1256 Asbury - $949,000 (under contract)        1409 Asbury - $989,000         1570 Tower - $1,150,000 (under contract)         792 Walden - $1,399,000        1015 Starr - $1,650,000 (purchased in September 2020 for $1,350,000 with the intension of tearing it down. The house is of some historic significance and ...
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By Lyn Sims, Schaumburg Real Estate
(RE/MAX Suburban)
WHAT IS A HOME WARRANTY AND HOW DOES IT WORK? WHAT WILL IT DO FOR ME AS A BUYER? A home warranty can give a purchaser peace of mind.  If anything catastrophic happens in the house, you are only financially liable for the deductible.  So if the furnace goes out one evening and you just can't get it going (as long as it is maintained and not abused) you would call the warranty company and they would send out a technician to fix/repair/replace the furnace depending on the problem.  So yes, if the furnace did indeed blow up (heat exchanger) you would get a new furnace of comparable quality.  You cannot choose the technician or company involved but for years my clients have used these warranties with no problems.  You just have to give up a little control with that extra peace of mind. What ...
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Cook County, IL Real Estate Professionals