Real estate and how life's lived in Winnetka, Illinois
Take-aways from this morning's sales meeting
I sat in on the sales meeting at Coldwell Banker's Winnetka North office this morning and gleaned a few bits of info about the state of the market. Here's my summary of what's happening in the Winnetka market:
1. Attendance at last weekend's open houses was surprisingly strong, but not uniformly so.
2. The standoff between buyers and sellers continues, but the deals that are being made are at close to asking prices.
3. Steve Molitor of PHH reported that interest rates on 30-year fixed mortgages have been volatile in the past 10 days, but spiking upwards. Rates on 5- to 7-year ARMs are still in the mid-5s, and sophisticated buyers find ARMs of that length to be attractive.
4. Historically, eighty percent of sales in Winnetka occur in the first 6 months of the year, and Winnetka North agents are working to ensure that their sellers have their properties as well-positioned as possible in the market.
I've attended many of these meetings over the years in locations throughout the country. This office is impressive for the depth of its agents' experience - and their willingness to share it with each other. That's not a consideration that buyers and sellers often take into account, but it's a highly relevant one that can make a huge difference.
1. Attendance at last weekend's open houses was surprisingly strong, but not uniformly so.
2. The standoff between buyers and sellers continues, but the deals that are being made are at close to asking prices.
3. Steve Molitor of PHH reported that interest rates on 30-year fixed mortgages have been volatile in the past 10 days, but spiking upwards. Rates on 5- to 7-year ARMs are still in the mid-5s, and sophisticated buyers find ARMs of that length to be attractive.
4. Historically, eighty percent of sales in Winnetka occur in the first 6 months of the year, and Winnetka North agents are working to ensure that their sellers have their properties as well-positioned as possible in the market.
I've attended many of these meetings over the years in locations throughout the country. This office is impressive for the depth of its agents' experience - and their willingness to share it with each other. That's not a consideration that buyers and sellers often take into account, but it's a highly relevant one that can make a huge difference.
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