home buyers

1 Glen home. 2 offers. Jump ball.

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A couple of weeks ago I presented two purchase offers to one of my Glen seller clients. By “Glen seller” I mean a homeowner in the upscale development known as The Glen in Glenview Illinois. I only had this home on the market for a few days, but a strong marketing campaign produced immediate showings, resulting in two qualified buyers vying for the home at exactly the same time. What to do?

Obviously this was a nice problem for my sellers. Typically in this situation sellers will choose one of two paths.

They can select the best offer, and authorize their realtor to negotiate exclusively with that buyer for a higher price and better terms. If the negotiation process produces an agreement, the sellers have succeeded in selling their home, assuming of course that no inspection or financing problems pop up. If negotiations bog down the sellers may choose to go back to the other buyer and begin negotiations.

Alternatively sellers can call for a jump ball. That’s basketball terminology of course, but it’s apropos in this case. The sellers’ realtor asks both potential buyers to provide their “best and final offer” by a certain time, usually within 24 to 36 hours. While home buyers are generally not thrilled with this approach, they usually comply; and it generally produces a great result, particularly in situations where there are two highly motivated buyers whose initial offers were similar in price and terms.

So how did it work out for my Glen sellers? Well they chose the “best and final” route. But this one had a twist. They didn’t select the higher priced offer. It turns out that the lower priced bid had far more favorable terms and no conditions of material concern. Interesting, huh?

If you would like more information about real estate in the Glen, please contact me. I’m a Glen resident and an award winning realtor affiliated with @properties.

Margaret Ludemann     847-401-1802     margaretludemann@gmail.com

Impact of new jobs report on Glen home buyers & sellers

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The Labor Department reported last Friday that the economy created 271,000 new jobs in October which is much better than anticipated; and the unemployment rate dropped to 5%. That’s great news, of course.   In simple terms, people without jobs can’t purchase homes, so more jobs = a larger pool of prospective buyers.

Even entry level jobs can positively impact the market for higher priced homes in places like The Glen and greater Glenview where I focus my real estate practice. Why? Because the sale of an existing entry level home turns the home seller into a buyer of another home, presumably one with a higher price point.

There is a downside to today’s report, though my sense is that it will modest, at least in the short term. With the very positive news on job growth, the Fed is more likely to increase interest rates at its next meeting in December. If so, it will be the first increase since 2006. While the federal funds rate is not directly tied to mortgage interest rates, it increases the borrowing costs of lenders who will pass along their additional costs to their home buyer clients in the form of higher mortgage rates. I’m not an economist and I don’t play one on TV, but I suspect that the Fed’s December increase (if it occurs) and any further increases next year will be modest because the Fed does not want to throw a wrench into a still recovering economy.

So here’s the take away:  A healthier employment climate will increase housing demand, but expect modest increases in mortgage interest rates in 2016.

Margaret Ludemann

Realtor, @properties, Glenview Illinois

847-401-1802   margaretludemann@gmail.com

Conditions are favorable for home sales

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Stepping back from my usual Glen-specific blog content, I thought I would share with you some thoughts about the state of the housing market generally.

The environment for home sales remains strong as it has been for the last couple of years. Jobs are critical to a strong housing market, so I was heartened to see that the nationwide unemployment rate recently dropped to 5.1% which is the lowest rate in many years. Consumer confidence, which of course is influenced by low unemployment, is strong; and that means that people feel good about spending money…and in the context of housing, to purchase their first homes or to purchase higher priced homes.

The other hugely positive factor that is impacting housing is available credit. Sure, it’s not like the wild, wild west days that fueled the build-up to the bubble, and that’s good. But slowly and surely lenders are becoming more reasonable about lending standards, making mortgages more readily available to prospective home buyers. Specifically as it relates to The Glen – which has an abundance of high price point homes – many of the largest banks have loosened credit standards for jumbo mortgage loans which exceed conventional loan limits.

So all of this is good news for home sellers and home buyers. If you have any questions or comments, please get in touch with me. I am an award-winning Realtor with @properties who lives in the Glen (in Glenview Illinois), and I would be delighted to discuss the benefits of living here.

Margaret Ludemann            847-4-1-1802   margaretludemann@gmail.com

Huge luxury townhomes at Tower Crossing in the Glen

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I frequently receive calls from home buyers interested in The Glen (in Glenview Illinois) who want large homes but without the maintenance of grass to mow and walks to shovel. I immediately tell them about Tower Crossing, a Glen development with townhomes ranging in size from roughly 3,000 sq ft to over 4,000 sq ft.

Tower Crossing is one of 13 development areas (9 with privately owned homes) in The Glen. It was developed by Kimball Hill Homes which built the 154 townhomes beginning in 2003. The development was completed in 2007. All of the homes were sold by the developer and are now available from time-to-time from individual homeowners.

There are six basic models in Tower Crossing.  Here are the sizes of each model:

Valencia – 3031 sq ft  (bridge units 3401 sq ft)

Drake – 3075 sq ft

Astoria – 3210 sq ft  (end units 3500 sq ft)

Biltmore – 3600 sq ft

Omni – 3625 sq ft (bridge units 4105 sq ft)

Blackstone – 3840 sq ft

The point is that Tower Crossing’s townhomes are large by any standard of any kind of home including single family homes. As townhomes go…they are extremely large.  Home prices in Tower Crossing begin in the $600,000’s, and larger models sell in the $800,000’s.

For more information about Tower Crossing you can go to my proprietary website www.towercrossinghomes.com or call me at 847-401-1802. Alternatively you can email me at margaretludemann@gmail.com. I am a Tower Crossing homeowner and an award winning Realtor with @properties.

Margaret Ludemann

 

Hey buyers…there are plenty of Glen homes for sale

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The conventional wisdom in real estate right now is that it’s a seller’s market because of low inventory (homes for sale) and high demand (lots of buyers). And that’s right, up to a point. It really doesn’t mean that there are few homes for sale. It only means that there are more buyers than sellers. A serious buyer DOES have options. There ARE homes for sale. In fact, there are currently 24 listed homes in the Glen plus several more new construction properties not yet move-in ready.

The Glen is a north shore residential and retail development in Glenview Illinois. It is composed of several distinctly different neighborhoods, all with luxury homes within walking distance of Glen Town Center, the community’s shopping and dining hub. I’ve described the Glen this way: It’s like you uprooted the Lincoln Park neighborhood of Chicago and dropped it in Glenview. The lifestyle, especially in the townhome neighborhoods, feels “city”, but the map says “suburbs”…as in great schools, less traffic, and hassle free living.

So about those homes for sale. There are seven single family homes for sale ranging in price from $650,000 to $1,699,000. The attached properties include townhomes, row homes, duplex villas and condos. The home prices in this category range from $430,000 to $810,000. Homes listed for sale in the Glen range in size from 2000 square feet to nearly 5000 square feet. Some of the homes are fourteen years old. Some are brand new. In short, a buyer has options. And they are good options.

My proprietary website, www.homesintheglen.com identifies every home for sale, and it includes a wealth of information about each one. Because the site is fed by the Multiple Listing Service which includes homes that are under contract but not yet closed, I suggest you contact me to determine exactly which Glen homes are still available that meet your needs. I am a long time Glen homeowner and an award winning Realtor with @properties. I can be reached at margaret.ludemann@gmail.com or by phone at 847-401-1802.

Margaret Ludemann