The Thomas Team Blog: December 2011

Tuesday, December 20, 2011

Upward Trend Expected for Evanston Real Estate

As we wind down 2011 and prepare for the New Year, a topic on the minds of Evanston home buyers and home sellers is, "What will home prices be like in 2012?"

No one knows for sure, but some real estate economists predict a gradual improvement in home values nationwide. For example, the chief economist of the National Association of Realtors, Lawrence Yun, expects 2012 home values to improve by an average of 2%, with sales volumes expected to increase by 4%.

In Evanston and the Chicago North Shore area, we have additional reasons to be optimistic. Chicago is the most-searched real estate market online, out of 146 metropolitan areas. When you combine this fact with our rising rental costs, and improving employment trends, there's a case to be made for pent-up demand.

What's holding back the homebuyers? According to Lawrence Yun, restrictive mortgage underwriting policies are holding back many credit-worthy buyers. He estimates that potential home sales would be higher by 20%, if lenders would restore reasonable mortgage guidelines.

One bright spot in the mortgage lending picture is the resurgence of FHA mortgage financing. While FHA still requires decent credit, the down payment requirements are as low as 3.5%. The catch for our market is that FHA loan limits were not increased for Illinois. Some areas of the county allow FHA loan limits as high as $729,750. For much of Chicago and the surrounding area, FHA loan limits top out around $410,000 for a single-family home.

Fortunately, The Evanston real estate market includes a great selection of homes and condos priced within FHA lending limits. If you're looking to buy a home in Evanston, Wilmette, or other communities in the North Shore area, 2012 could be the year to make your move! Give yourself contract credibility by seeking pre-approval from a reputable mortgage lender. Contact us for market reports that will help you find the most attractive and affordable homes.

Evanston home sellers will need to remain flexible during 2012 while distressed properties are processed through the market. What should you expect when selling your home? For starters, you should expect it to sell! At The Thomas Team, we will expertly prepare a marketing strategy to sell your home, and provide you with the responsive, professional service that you deserve. Contact us and see the difference for yourself!

Wishing you all the best during the holidays and the New Year,

The Thomas Team
@ Properties

Chicago's #1 Real Estate Brokerage

Tuesday, December 13, 2011

Evanston Home Inspection Tips!

Low mortgage interest rates and affordable home prices make buying an Evanston home a feasible goal. Not every home is a bargain, however. The economy has caused a few North Shore properties to have “deferred maintenance.” In other words, the normal upkeep on a home may have been put off for awhile.

A qualified home inspector can help you discover issues that might otherwise escape your notice.

Evanston home sellers can use a property inspection to nip any potential issues in the bud. Evanston home buyers appreciate the peace of mind and open disclosure that a home inspection can provide.

The National Association of Home Inspectors provides uniform guidance and a code of ethics for the home inspection industry. By pledging to adhere to NAHI standards, a home inspector offers an added level of professionalism to their credentials.

When selecting a home inspector, first determine if he or she is licensed in the State of Illinois. Verify if your inspector is a member of NAHI or belongs to a local State affiliation. You should also verify if the home inspector has any outstanding complaints against them on file with the Better Business Bureau.

Keep in mind that a home inspection is a visual, non-invasive inspection of the property. Here are the general areas they examine:

Grading/Site
Exterior
Roofing
Structure
Foundation
Heating
Cooling
Plumbing
Electrical

Home inspectors may offer additional services, such as checking for termites, lead-based paint, radon gas or asbestos. Ask about these areas and any additional costs when arranging your home inspection.

To get the most from the inspection, you should plan to be present and take notes. Don’t be shy about asking questions! Be sure to thoroughly read the inspection report when it’s completed. As an Evanston home seller, this information could play a role in how you price your home for the market. As a North Shore home buyer, it could give you points of negotiation.

As your Evanston Real Estate agents, we put our experience to work for you, to make buying or selling your North Shore home a smooth process. Our knowledge of the Evanston Real Estate market makes the difference! Contact us today for all your real estate needs.

The Thomas Team
@ Properties
Chicago's #1 Real Estate Brokerage

Tuesday, December 6, 2011

Enjoy These Evanston Events This Holiday Season!

The holidays are a great time of year in Evanston as this charming north Chicago suburb comes alive with twinkling lights, local festivities and countless ways to experience holiday cheer. Whether you currently live in Evanston or are considering moving to the area, we encourage you to take a break from the hustle and bustle and join in on some of the events taking place around town!

As experienced Evanston Real Estate agents, we want to provide not only exceptional buying and selling experiences for those navigating the Evanston Real Estate market, but to provide a holistic approach to the Evanston lifestyle. As you know the old adage, “Location, location, location!” rings true when deciding where to buy a home, and we enjoy showing off the unique and vibrant culture Evanston has to offer.

Here are just a few ways you can get in the holiday spirit and get involved in the Evanston community the next few weekends!

Nutcracker on Ice

1701 Main St, Evanston
www.evanston.patch.com/events/nutcracker-on-ice

Friday, December 9 at 7:30pm

Cost- $9

- Enjoy this beloved ice show is performed by Robert Crown Center ice skating school students and competitive figure skaters. This event is sponsored by the Robert Crown Community Center and Ice Complex, along with the Evanston Recreation Division. Feel free to call 847-448-8258 for more information.

Holiday Bazaar

Fleetwood-Jourdain Center
1655 Foster St, Evanston
www.evanston.patch.com/events/holiday-bazaar

Saturday, December 10 at 8am

Cost- Free

- Stop by the third annual Holiday Bazaar to pick up those perfect gifts for the upcoming holidays, special birthdays or just for yourself! Goods expected to be displayed and sold include purses, books, clothes, fragrances and jewelry.

Evanston Arts Center Winter Arts & Crafts Expo

Evanston Art Center
2603 Sheridan Rd, Evanston
www.evanston.patch.com/events/evanston-art-center-winter-arts-crafts-expo

Saturday, December 10 at 10am

Cost- Free

- The EAC's biggest event of the holiday season is here - the 9th Annual Winter Arts & Crafts Expo. You’ll enjoy browsing original, handmade works of jewelry, ceramics, fiber, metal, glass, painting, photography, mixed media and more! All proceeds from the Expo will benefit the ongoing exhibition, education, and outreach programs at the EAC. This is a great way to find unique gifts and help give back to the community!

Chicago Chamber Choir Christmas Concert

St. Mark’s Episcopal Church
1509 Ridge Ave, Evanston

Saturday, December 17 at 4pm

Cost- $18 (Students- $15, At Door- $20)

- The Chicago Chamber Choir continues its Christmas Around the World series with An Olde English Christmas. This stirring candlelight program will span more than 400 years of English music and will feature Benjamin Britten's Ceremony of Carols as well as other well known carols. Tickets are available online at www.ChicagoChamberChoir.org or by calling 312-409-6890.

Holiday Caroling at the Evanston Public Library

Evanston Public Library
1703 Orrington Ave, Evanston
www.evanston.patch.com/events/holiday-caroling-at-the-evanston-public-library

Sunday, December 18 at 3pm

Cost- Free

- Enjoy a unique arrangement of holiday songs with the All-Village Singers at the Evanston Public Library. It's not your traditional holiday caroling. The group chooses interesting arrangements from a variety of music genres including pop, jazz and show tunes. All Village Singers is a non-profit organization dedicated to performing high-quality musical performances for all audiences to enjoy. Don’t miss this popular event!

As you can see, there are many ways to experience Evanston this holiday season, and we hope you’re able to take advantage of a few of these events!

If you have been considering moving to Evanston and have questions about the lifestyle, the Evanston Real Estate market or are ready to view some of the homes currently for sale in Evanston, please let us know!

Our team of experienced Evanston Real Estate agents would enjoy the opportunity to help you navigate the Evanston Real Estate market and help you find your next home!

The Thomas Team
@ Properties

Chicago's #1 Real Estate Brokerage