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Health & Fitness

There's No Place Like Home-It's A New Year!

Check out the stats for homes sold for this year in comparison with the previous years. The market is stabilizing, rates are historically low and the experts agree-it's a great time to buy!

 

“Look to the future, because that is where you'll spend the rest of your life”-George Burns

In Winnetka, 210 single family homes sold in 2011 compared to 193 in 2010 and 143 in 2009.  Inventory in Winnetka is at its lowest number in the past 3 years.  We do see signs of the real estate market stabilizing.  This time last year the months supply was 11 compared to the current supply of 7 months. (Months supply means how many months it would take to sell all the homes currently on the market, at the current rate of sale) The average days on market for homes sold in 2010 was 297 days compared to 274 in 2011.  Prices declined by about 7% in 2011 from 2010.

Find out what's happening in Winnetka-Glencoewith free, real-time updates from Patch.

In Northfield, 47 single family homes sold in 2011 compared to 50 in 2010 and 39 in 2009.  Inventory in Northfield has also decreased.  This time last year the months supply was 16 compared to the current supply of 11 months. The average days on market for homes sold in 2010 was 362 days compared to 301 in 2011. Prices remained nearly the same in Northfield, decreasing by .4%

In Glencoe, 132 single family homes sold in 2011 compared to 101 in 2010 and 100 in 2009.  Inventory in Glencoe has decreased.  This time last year the months supply was 14 compared to the current supply of 9 months. The average days on market for homes sold in 2010 was 302 days compared to 279 in 2011.  Prices declined by 8% in 2011 from 2010.

Find out what's happening in Winnetka-Glencoewith free, real-time updates from Patch.

Former Goldman Sachs investment banker, John R. Talbott is an economic expert and bestselling author. He is also a psychic when it comes to the housing marketplace.  In 2003 when housing prices were soaring he published The Coming Crash in the Housing Market correctly cautioning us that a real estate bubble was emerging.  In January 2006, he called the outright peak of home prices by releasing a new book, Sell Now! The End of the Housing Bubble

Talbott expounds:

“I have been waiting for more than five years to offer this advice. It is now time
in most cities across the country to buy a new home or refinance your existing
home with thirty-year fixed rate mortgage debt.”

He explains that his deduction is based on four different metrics, all of which encourage buying now:

  • Home Prices Relative to Peak Prices During the Bubble
  • Home Prices Relative to Construction Costs or Replacement Costs
  • Home Prices Relative to Incomes and Rents
  • Home Prices in Real Terms, Not US Dollar Terms

 

When the person who so accurately predicted the real estate bubble and its burst proclaims that now is the time to buy, it is time to buy.

It’s important to remember real estate is hyper local and when purchasing an area home it is wise to work with a local expert. Please feel free to contact me at smolitor@koenigstrey.com with any comments or questions.

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