Real Estate Snapshot, with Karen Strey Rappaport

Happy March!

The Chicago area has given us one of those winters for which it is famous, and I have to say that I do enjoy it! For those of you who aren't lovers of the snow and cold, spring is just around the corner so hang in there.

As for the real estate market, inventory continues to be low while serious buyers are out there looking for their new homes. According to National Association of Realtor’s latest Existing Home Sales Report, raw unsold inventory is at the lowest level since December 1999.This has resulted in well-priced homes sometimes receiving multiple offers and going under contract within a week. So...if you are contemplating a move, my advice is to do it now! It has been awhile since sellers are in the driver's seat the way they are now.

What about buyers? Interest rates are still low and home prices have not dramatically increased yet, so it's still a good time to buy. However, my advice is to get preapproved and be prepared to act quickly when you see a property you like. And of course, use the expertise of a real estate broker to guide you through it all.

Current market statistics in Deerfield

Number of detached homes on the market: 117

Average list price: $629,689

Homes under contract in February 2013: 29 (increase of 107% from February 2012)

Months supply of inventory: 3.7 (down 56% from previous year)

Source: Midwest Real Estate Data

2013 Home Trends

Floor plans with a purpose: Maximizing space is key. Former home staples like formal dining and living rooms are making way for more casual open areas that encompass the family, dining room and kitchen.

Remodeling priorities: Kitchen first. With so many remodeling options available, experts agree that getting the kitchen right is priority number one. Sleek modern cabinets, glass back splashes and simple yet stylish sinks will be hot features in 2013.

Green is still the new black: Whole –house energy efficiency is something both buyers are looking for and renovators are making commonplace. The long-term effects of “going green” will help a current owner when it comes time to sell or, also, in their utility bills if they stay in the home. Buyers are looking for energy efficient homes and this trend is expected to continue well into the future.

Builders are finally seeing increased new home construction opportunities and a slow but steady leveling of the market in the Chicago area and some developers are continuing projects that were halted due to the housing bust.