FEBRUARY 1 – FEBRUARY 28, 2015: SOLD & RENTAL DATA FOR LAKE FOREST, Illinois.

LAKE FOREST, ILLINOIS
....................................Units…...DAYS on MARKET…….Median Sold $..........TOTAL SOLD
Condos/Townhomes.........1....................175.……...................$127,000..............$127,000
Single Family…..............11....................144............................$775,000..............$8,817,686

RENTALS:…............Units....... DAYS on MARKET…….Median Rental $........ VOLUME
.........................................4.......................91.....……...…........$2,325.……….....$10,725
Data provided by 2015 MRED, LLC, not Guaranteed. Fair Housing Compliant.

For home owners who are considering selling your home, please call me for a complimentary Market Analysis of your homes’ market value. For Buyers who are considering purchasing a home; whether it takes 5 homes or 50 homes, together we will search the Real Estate market until you find the right home suited to your needs. “Experience the Difference!”
Providing exemplary service to Lake & Cook Counties, Illinois
PAM DEVENDORF, REALTOR at Coldwell Banker. Direct: (847) 681-4143, pam.devendorf@cbexchange.com

FEBRUARY 1 – FEBRUARY 28, 2015: SOLD & RENTAL DATA FOR HIGHLAND PARK, Illinois.

HIGHLAND PARK, ILLINOIS
....................................Units…...DAYS on MARKET…….Median Sold $..........TOTAL SOLD
Condos/Townhomes.........3....................129.……...................$626,000..............$1,458,400
Single Family…..............15......................74............................$745,000..............$12,282,000

RENTALS:…............Units....... DAYS on MARKET…….Median Rental $........ VOLUME
.......................................14.......................94.....……...…........$2,550.…………...$40,925
Data provided by 2015 MRED, LLC, not Guaranteed. Fair Housing Compliant.

For home owners who are considering selling your home, please call me for a complimentary Market Analysis of your homes’ market value. For Buyers who are considering purchasing a home; whether it takes 5 homes or 50 homes, together we will search the Real Estate market until you find the right home suited to your needs. “Experience the Difference!”
Providing exemplary service to Lake & Cook Counties, Illinois
PAM DEVENDORF, REALTOR at Coldwell Banker. Direct: (847) 681-4143, pam.devendorf@cbexchange.com

FEBRUARY 1 – FEBRUARY 28, 2015: SOLD & RENTAL DATA FOR WINNETKA, Illinois.

WINNETKA, ILLINOIS
....................................Units…...DAYS on MARKET…….Median Sold $..........TOTAL SOLD
Condos/Townhomes.........2......................63.……...................$193,750.................$387,500
Single Family…................7....................200............................$1,225,000..............$9,944,000

RENTALS:…............Units....... DAYS on MARKET…….Median Rental $........ VOLUME
.........................................0.........................0.....……...…........$0.………………...$0
Data provided by 2015 MRED, LLC, not Guaranteed. Fair Housing Compliant.

For home owners who are considering selling your home, please call me for a complimentary Market Analysis of your homes’ market value. For Buyers who are considering purchasing a home; whether it takes 5 homes or 50 homes, together we will search the Real Estate market until you find the right home suited to your needs. “Experience the Difference!”
Providing exemplary service to Lake & Cook Counties, Illinois
PAM DEVENDORF, REALTOR at Coldwell Banker. Direct: (847) 681-4143, pam.devendorf@cbexchange.com

FEBRUARY 1 – FEBRUARY 28, 2015: SOLD & RENTAL DATA FOR GLENCOE, Illinois.

GLENCOE, ILLINOIS
....................................Units…...DAYS on MARKET…….Median Sold $..........TOTAL SOLD
Condos/Townhomes.........0........................0.……...................$0............................$0
Single Family…................6......................84............................$612,500.................$4,284,250

RENTALS:…............Units....... DAYS on MARKET…….Median Rental $........ VOLUME
.........................................2.......................63.....……...…........$2,650.…………....$5,300
Data provided by 2015 MRED, LLC, not Guaranteed. Fair Housing Compliant.

For home owners who are considering selling your home, please call me for a complimentary Market Analysis of your homes’ market value. For Buyers who are considering purchasing a home; whether it takes 5 homes or 50 homes, together we will search the Real Estate market until you find the right home suited to your needs. “Experience the Difference!”
Providing exemplary service to Lake & Cook Counties, Illinois
PAM DEVENDORF, REALTOR at Coldwell Banker. Direct: (847) 681-4143, pam.devendorf@cbexchange.com

FEBRUARY 1 – FEBRUARY 28, 2015: SOLD & RENTAL DATA FOR DEERFIELD, BANNOCKBURN & RIVERWOODS, Illinois.

DEERFIELD, BANNOCKBURN & RIVERWOODS, ILLINOIS
....................................Units…...DAYS on MARKET…….Median Sold $..........TOTAL SOLD
Condos/Townhomes.........5......................51.……...................$180,000.................$1,124,000
Single Family…..............13......................72............................$442,000.................$7,679,605

RENTALS:…............Units....... DAYS on MARKET…….Median Rental $........ VOLUME
.........................................8.......................47.....……...…........$2,050.…………....$16,950
Data provided by 2015 MRED, LLC, not Guaranteed. Fair Housing Compliant.

For home owners who are considering selling your home, please call me for a complimentary Market Analysis of your homes’ market value. For Buyers who are considering purchasing a home; whether it takes 5 homes or 50 homes, together we will search the Real Estate market until you find the right home suited to your needs. “Experience the Difference!”
Providing exemplary service to Lake & Cook Counties, Illinois
PAM DEVENDORF, REALTOR at Coldwell Banker. Direct: (847) 681-4143, pam.devendorf@cbexchange.com

HOW WAS THE 2014 REAL ESTATE MARKET in the NORTH SUBURBS OF CHICAGO?

Our local 2014 Real Estate market got off to a slow start due to the in climate weather (aka polar vortex), Spring Breaks, holidays and graduations. Realtors had a very short time frame, which to sell and buy homes for their clients. An “average” season typically runs January thru July, slowing down in August. Moving during the warm weather months and accommodating school enrollment dates are two factors which stimulate home sales. Our Market did not start until Memorial Day and quickly came to a slow down by early August.
Overall existing-home sales for 2014, fell slightly below 2013, 5.1 million compared to 4.9 million for 2014. There is pent up synergy with sellers and buyers and the National Association of Realtors (NAR) is forecasting 2015 home sales will increase to 5.3 million with a continual upswing in 2016 to 5.4 million. Prices will remain at a healthy level of growth, with an anticipated 4 percent rise in 2015 and 2016.
The improving job market has consumers feeling more confident, and the rebound in home prices continues to build household wealth for homeowners while giving them the ability to sell after waiting the last few years. Inventory shortages in parts of the country and tight lending standards are holding some buyers from purchasing. Overall interest rates for conforming loans ($417,000 or less) and non-conforming loans ($417,000 and above) have seen their lowest rates in years. Recent rates have been as low as 3.75%, with an APR of 3.728%.
New construction is slowly coming back. Housing starts for 2014 hit 1 million and should increase to 1.3 million in 2015. Lenders are slowly offering mortgage opportunities to buyers who are interested in new construction loans.
Illinois continues to offer several financing programs for first time home buyers with lucrative incentives to save them money with a home purchase.
If you are considering selling your home, please contact me to for a personal consultation which includes a Pricing Analysis of the home, staging suggestions and marketing advice. As a Buyer’s Realtor, I can help you find the right home for you in a price range and location specific to your needs.
Wishing you a Healthy, Happy & Prosperous 2015!
~PAM

MORTGAGE FORGIVENESS TAX RELIEF ACT PASSED for 2014!

One of the last items to be completed by the U.S. House and Senate in 2014, was asking President Obama to sign the Mortgage Forgiveness Tax Relief Act. This Act prevents home owners who are underwater also referred to as a Short Sale, from paying taxes on any mortgage debt forgiven or cancelled by a lender in a workout after their home was sold for less money than was owed.
In my opinion, this came too late. All year I had to tell potential Short Sale listings that due to not extending the Mortgage Forgiveness Act they would be subject to a 1099. The seller would have to pay taxes on the forgiven amount which in many cases could be $100,000. So, all year most potential Shorts Sale listings did not become listings due to this implication.
Once again home owners in 2015 will have to wait to see if the U.S. House and Senate will extend the Tax Relief Act. I’m hoping it gets approved before the 1st Quarter ends. These Sellers are losing their home, they are not profiting from the shortage and most likely do not have the funds to pay taxes on the forgiven debt.