An Open Letter to Evanston Home Owners

Dear Evanston Home Owners,

February 2013 looks to be a good time to try to sell your house. I know that you hear all sorts of statistics in the media. Some of those statistics are scary. And some of those statistics are true. But nationwide, statewide or even metro-wide statistics are not the most important statistics when it comes to selling your home. Are you aware of what is happening in the Evanston real estate market right now? Keep reading and you’ll learn more.

First, let’s take a quick look at the statistics for detached single-family properties in Evanston. The number of homes currently for sale is WAY DOWN in every price range, when compared to the same time period 1 or 2 years ago (see the first chart below for details). 22% fewer homes available for sale would be big news in any market. But 57% fewer homes priced from $200-$320K? And 48% fewer homes priced from $320-500K? The supply of available detached single-family homes is way down. And that is effecting prices during these early months of 2013 when demand for Evanston homes seems to be staying strong.

Second, while we’re on the topic of price, let’s look at the statistics for the median sale prices of single-family detached homes in Evanston: Prices are either increasing or holding steady in all but the highest price ranges (see the second chart below for details).

Third, if you price your home right, your marketing time is likely to be shorter now, and you will likely get more than you expect from the sale of your house than any other time in recent real estate history. Here are a few reasons why:

1. Interest rates remain at generational lows. Yes, most lenders have tightened up their lending requirements a bit compared to a few years ago, but there are still plenty of buyers who qualify for the kind of mortgage they need to buy your house. I talk weekly with potential buyers for a house like yours.
2. Some people still buy with cash. I now represent one couple who is ready to buy in Evanston without taking out a mortgage. They are all-cash buyers looking for a 3+ bedroom home in the $350-550K range.
3. Estimates of the number of months supply of inventory currently available is WAY DOWN compared to this same time period over the past 2 years for houses priced near the middle of the Evanston market, especially in the $320-500K range (see the third chart below for details).

The Evanston real estate market remains stable and strong. Buyers are looking for the right house for their family and your house just might be that house. Is it time to talk about preparing to put your home on the market? Only you can answer that question. But you need to stay up-to-date on Evanston Real Estate market conditions. And you need a professional analysis of your home’s value in order to make the wisest decision possible. I would like to help you with that. In one short coffee-shop conversation, I can show you how I can help you sell your house for a higher price than you might expect, in less time than you might expect, with far less hassle than you probably expect. Let’s talk. Let’s go do some housing for good.

Sincerely,

Scott Kelly, broker, Baird & Warner, Evanston