Be the Life of the Party. Know Your Northbrook Real Estate.

Being a real estate agent can make you the life of the party! Why? Because everyone LOVES to talk about real estate. Whether they are in the market or just interested in what their neighbor’s houses sold for.

So, here are a few tidbits specifically about the Northbrook real estate market that can help you increase your popularity at any party...or just make you wiser if you're searching or selling. 

FACTS ABOUT REAL ESTATE IN NORTHBROOK

• 298 single family homes sold in 2011 Northbrook.
• 307 single family homes sold in 2010 in Northbrook.
• There are currently 152 homes on the market in Northbrook.
• The highest price house sold last year was $1,585,500.
• The lowest price house sold last year was $100,275

Fact: In the last 14 days, 21 homes in Northbrook have gone under contract.  

Kati’s Analysis: This is really good news for people who are selling. There are buyers out there. The market is picking up. The key to selling is to make sure that your home is showing well and is priced correctly. 

Fact: A house was on the market in Northbrook for almost four years. It finally sold for $362,000 last year. It’s original list price was $627,000. Since 2008, prices have fallen 32.5% in Northbrook.

Kati’s Analysis: If the sellers had priced their house correctly in 2008, chances are that they could have made hundreds of thousands more on their house than what they did in the end. They most likely ‘rode the market down.’ Once again, correct pricing is what makes a house sell quickly. If it is overpriced, expect it to stay on the market.

Fact: There were 17 homes that sold for over $1 million last year in Northbrook. There are currently 26 homes on the market right now for over $1 million. 17 of those million dollar listings are priced above the highest priced house that sold in Northbrook last year.

Kati’s Analysis: If you have a home that you are trying to sell in this market at this price point, you should be conscious that buyers are looking for a ‘deal.’ Because there is so much inventory, buyers have their choices in homes.  Your agent should be able to tell you exactly why your house is not selling if you have it listed.

Fact: In Northbrook, homes that sold within 20 days of being listed sold for 96% of list price. Homes that took longer than 150 days to sell sold for 83% of list price.  

Kati’s Analysis: Ok, have I made my point? Correct pricing is the biggest key to selling your home at the best price. You will make the most amount of money in the long run if you bite the bullet in the beginning... swallow the lump and put a price on our house that is comparable with other homes that have sold like yours. 

On the ground in Northbrook...

• The market is busy.
• There are buyers out there and they are ready to buy.
• Sellers are preparing their homes incredibly well to sell.There is a lot of competition.
• Homes that are priced correctly right out of the gate, will not sit on the market and will get a higher percentage of sales to list price.

For a list of all the homes that sold in Northbrook last year, please click here

Kati Spaniak is a 36-year resident of Northbrook, a former Northbrook Village Board Trustee and a Real Estate Broker with @properties specializing in selling real estate in Northbrook. She has created a Get Involved Northbrook Facebook page to keep the residents of Northbrook involved and active in the community.