July 2021 - Lisa Finks, Compass Real Estate

When Do New Listings Come on the Market in Chicago’s North Shore?

July 16, 2021

During this past week, two different buyers shopping in the Wilmette housing market have asked how many new listings they should expect to come on the market before the fall. These buyers were concerned it might be slim pickings until next spring. While my gut had a ready answer, I wanted to pull the data to understand the true picture as we often get this question.

The attached chart represents new Wilmette real estate listings, by month, from July 2018 through June 2021. As you can see, Wilmette buyers have historically seen a strong release of new listings through August and, in most years, even an uptick of listings in the month of September. While 2020 had some unusual patterns due to the pandemic, the late summer/early fall numbers stayed strong. We expect similar strength in new listings for August and September of 2021.

You may wonder what drives the timing of new listings in the late summer/early fall. Certainly, most sellers “know” the spring market has the most buyers and they target a spring list, but not everyone can pull that off. Some sellers need to do work and that work gets delayed. Others prefer to spend a final summer in their home before downsizing. Still others, waiting on new construction, find their builder or rehabber is behind schedule. These are just a few of the reasons homes still go on the market in the late summer/early fall..

As a buyer seeking to find a fabulous Wilmette home in 2021, there should still be new inventory coming on this August and September, with an added bonus of less competition (since many buyers will have already committed to a housing situation for the next school year).

With historic limited inventory, you likely want to see every new home as soon as possible. If you’d like to get every new listing from every brokerage, both MLS and PLN (Coming Soon – private listing network homes) as soon as they hit the MLS, as well as the listings we learn about through our various networks, please reach out so we can set you up on a real-time search and put our networks to work for you!

Thinking of Downsizing? Don’t Make One of These 5 Common Mistakes

(Photo via Pexels)

By: Special Guest Contributor, Bob Shannon of Seniorsmeet.org

Once many individuals reach their 50s, they begin the process of downsizing. With the kids all grown up and (mostly) out of the house, there is little need to hang on to so much stuff. From old trophies to unused gardening tools, you’ve likely found that you own more than you really need or desire. At this stage of life, it is common to want to simplify your life and move on to new adventures.

About to start the process of downsizing your home? Lisa, Lourdes & Carolyn of the Compass real estate team share five mistakes you should avoid to keep the process moving smoothly.

Holding on to too many items

Do you or your partner often get sentimental about material items? Those who tie their memories to objects will likely find it challenging to do any meaningful downsizing. Throwing away your child’s grade school report cards may even seem impossible. However, if you cannot separate your memories from the items in your home, it will be incredibly difficult to get rid of anything.

If this sounds like you, there are several options that you can explore. Although it may sound extreme, therapy can be surprisingly helpful. A trained counselor can help you understand why you feel such strong emotions when trying to throw out or donate belongings. They can also provide you with effective tools to work through the anxiety and sadness that you are likely feeling. If you aren’t experiencing significant distress about getting rid of items, an alternate option is to take pictures of special papers, artwork, and other items that you want to remember.

Taking excessive time to sort through your belongings

Another common mistake that many people make when downsizing is taking excessive amounts of time sorting through their belongings. Going through so many items at once can lead you to become distracted, which can substantially slow your progress.

To prevent ruminating over your belongings, and not moving forward as quickly as needed, set a time limit for yourself. During each organizing session, use your phone timer to stop yourself from getting caught up in distractions. This will ensure that you are staying on-task and that you complete your downsizing goals on time.

Staying in your current home if it no longer suits your needs

After downsizing your material belongings, you may find that your house is far larger than you need. If you now have one (or more) empty rooms, it is best to consider selling your home and moving into a smaller property.

Why is this so important? Upon purging a large number of items from your home, the temptation to fill it back up with new purchases can arise. Also, downsizing to a smaller home can give you access to extra cash from the sale of your current residence. These extra funds can be used to travel, pay off debt, or fund important purchases. When you are ready to sell your Chicago-area home, be sure to contact our experienced team.

Allotting too little time to sell your home

When planning to move to a smaller house, don’t make the mistake of allotting too little time to sell your current home. Despite your best efforts, this can happen if you find your dream home right away. In the event that you find yourself needing to buy before the sale of your home is finalized, you are allowed to request an extended closing.

Not hiring professional movers

Moving is stressful enough as it is. You can prevent injury and damaged items when using an experienced moving team. Professional movers can quickly and efficiently help you move everything to your new home, which saves you hours of time and effort.

Downsizing looks different for everyone. Whether this means selling everything and moving to a tiny house in the Caribbean or simply getting rid of excess clutter, using the above guidance can make the process even smoother.

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Bob Shannon created SeniorsMeet.org, along with his wife, Mary, to have a website that allows seniors to meet up and talk about topics that are relevant to their daily lives. They hope to build SeniorsMeet into a community of like-minded seniors.