Real Estate Information Archive

For every action, there is an equal and opposite reaction. Though you might feel worried about the housing market as a homeowner, there is also a lot of hopeful news. My job is to highlight the good news to you.

The National Association of Realtors noted that new residential construction is down by 31.1% compared to September 2007 (NAR, Oct 2008), so this means that there will be a decrease in the overall supply of new homes in the market. What does that mean for you as a homeowner? With less homes in the market, the value of your home is less likely to be negatively impacted.

Real estate is still a great investment, even if we are experiencing a rocky road as the market is correcting itself. In spite of the negative news that surrounds us, I want to emphasize that homes are selling--they may be taking longer than usual, but they are selling.

Marlene Bass, Broker, REALTOR(R), Coldwell Banker Residential Brokerage (Northbrook), was recently honored to receive an invitation from Dr. Tom Sultan, a Wellness Medical Associates Internist, to be a guest speaker at a seniors seminar being held in the conference room at Glenbrook Hospital (Glenview) on Wednesday, November 5th. 

"Shaping Our Futures...Where Do We Go From Here?” focuses on the needs of seniors hoping to extend their vitality and maintain the ability to remain in their current homes, living independently as long as possible.  Various community organizations will make brief presentations related to future health and social needs of seniors.  Representative of local real estate industry professionals, Ms. Bass will compare and discuss current real estate market conditions and how they are affecting our local communities, especially as it all relates to senior living. 

For many individuals, as they approach a point in their lives when uncertainty about the future becomes more defined, facts and information, as well as a positive support system, can mean all the difference in the world as far as choices and preparedness. Supporters at the seminar will offer information and assistance that will make life simpler and issues clearer to seniors facing crucial and life-altering decisions, housing, relocation, health/critical care, as well as other issues.

For the scheduled time and more information about the seminar, please contact:

Marlene Bass, Broker Associate, REALTOR(R), ASP, CRS, e-PRO(R), GRI, SRES
Coldwell Banker Residential Brokerage
1330 Shermer Rd
Northbrook, IL 60020
PH: (847) 209-9880

Wellness Associates
2150 Pfingsten Rd # 2250
Glenview, IL 60026 
PH: (847) 729-2320

I'm often asked if this is a good time to buy a home. Some clients are concerned that home prices may fall further than they have already. They are assuming that the best course of action is to wait for the bottom in the market and then buy. The problem with this approach is that you don't know where the bottom is until you see it in the rear view mirror, meaning until you’ve missed it!

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have gone up in the last six months, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates go up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Please give me a call if I can be of any assistance in determining how much home you can afford in today's market.