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Why a home sale falls through

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Home sales are complicated. There’s a lot more to it than putting a buyer and seller together. Things can go wrong. Deals do not always close. And here are the top reasons why some home purchases fall through:

Inspection surprises. Each transaction involves an inspection by a licensed home inspector. Some are very good. Some, not so much. Among the “not so much” group you’ll find inspectors who identify numerous very small issues which, while not material, scare the heck out of the buyers, causing them to back out of the purchase.

Buyer financing. Even if the buyer is “pre-approved” by a lender, it does not guarantee financing. Sometimes when the lender looks more deeply into the buyer’s financial condition, they find issues that cause them to reject the mortgage application.

Low appraisal. During periods when homes are appreciating in value, appraisals are typically not a problem. In soft markets, though, it is not uncommon for a home appraisal to come in lower than the agreed-upon purchase price. In this case, lenders either choose to not make the loan or demand a higher down payment. The buyer can back out or seek a lower price from the seller.

Buyer remorse. Occasionally a buyer simply gets cold feet, and, unfortunately, he usually gets his earnest money back. Bad news for the homeowner and for the Realtor.

An experienced Realtor can help to minimize these risks, though failed transactions can happen to any seller and any Realtor. I even see this occasionally in The Glen (in Glenview, Illinois) where I live and work. The Glen is an upscale residential community with luxury homes…single family homes, condos, townhomes, two-flats, and duplexes. The price points are substantial, so we typically see qualified buyers who are serious about their home search. But, as I say, it can happen.

If you may be interested in The Glen or greater Glenview, please call or email me.

Margaret Ludemann, @properties Realtor, margaretludemann@gmail.com 847-401-1802

Home buyers…by the numbers

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I’m a data freak. I love to sift through all kinds of numbers about the real estate market. And I think it makes me a better Realtor.

The Illinois Association of Realtors recently crunched it’s wealth of data to determine who buys homes in our state, and I thought you might be interested in the information it uncovered about home buyers. So here goes…

  • 69% of home buyers in Illinois are married, 17% are single women, 5% are single men, and 8% are unmarried.
  • The median income of a buyer (or married buyers) is just over $90,000.
  • 13% of buyers are veterans.
  • First time home buyers make up a little more than a third of the total (37% to be precise).
  • 92% choose a previously owned home; 8% buy new.
  • 14% of buyers are purchasing senior-oriented homes.
  • Home buyers expect to live in their homes for, on average, 15 years.
  • Particularly important to a Realtor like me, 86% use the internet during their home search; and they found photos to be extremely important to them. (No surprise there!)

It is important to understand, however, that there is no single real estate market in Illinois. These numbers include buyers in small towns, suburbs, and the city of Chicago.   Some buyers buy multi-million dollar single family homes while others purchase starter homes or condos. There are even multiple markets in The Glen (in Glenview Illinois), where I live and work. They are defined by home type and price point. To find a home in a market that is right for you (whether a community, a development, a neighborhood, or even a street), an experienced Realtor can inform and guide you.

Margaret Ludemann

@properties Realtor and Glen homeowner

847-401-1802   margaretludemann@gmail.com

Great schools serve children living in The Glen

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A dozen years ago my family and I were moving back to the Chicago area after living in Boston for a few years. We began our home search in downtown Chicago where we had previously lived. But the more we thought about it the more our focus turned to school quality, and that led us to The Glen in the near-by north shore community of Glenview.

We have been thrilled with the schools here. Our son recently graduated from Attea Middle School located in The Glen, and one week from today he’ll start high school at Glenbrook South. GBS, as it’s known, is one of the highest ranked high schools in the country. Academics are strong, and the offerings go well beyond the normal curriculum one finds in most high schools. For instance the foreign language program offers courses in five languages. Five! French, Spanish, German, Japanese, and Mandarin Chinese. Oh, and American Sign Language. I guess that makes six languages. My son will be taking Japanese, and he can’t wait. Many of his friends will also participate in the Glenbrook Academy of International Studies in English, Social Studies, and World Languages. And the results? Well, 95% of graduates go on to college; the average ACT score is 25; and 89% of students earn AP scores to qualify for college credit.

The GBS experience, though, goes well beyond the classroom. There are 48 clubs at GBS. My son will be joining the fencing club and a few others. Yes, there is a fencing club. Imagine that. And it gets even better. If a student wants a club that doesn’t yet exist, he or she is encouraged to start one. In addition to clubs, GBS offers 8 boys sports and 14 girls sports. There is something for everyone in this outstanding high school.

So, if you are thinking about a move, you should take a long look at The Glen. Homes of all kinds are available including single family homes, condos, townhomes, row homes, duplexes, and two-flats. Home prices range from the $300’s to over $2 million. If you would like to know more about The Glen, the schools, and homes currently listed for sale, please give me a call at 847-401-1802. Or you can email me at margaretludemann@gmail.com.

Margaret Ludemann,   @properties Realtor and Glen homeowner