Ms. Umberger interviewed Syracuse University Professor Gary Engelhardt about his study “The Great Recession and Attitudes Towards Homebuying.” The upshot of the study is that, while most people think it’s a great time to buy a house, almost no one thinks it’s a good time to sell.  Inventories of homes for sale have fallen 20% nationally since last year, in part because many would-be sellers have decided not to  list their homes until market values improve.

These would-be sellers tend to fall into two categories: a) they are unrealistically tying their pricing expectations to a past market in which their house was worth considerably more, and have not been able to come to terms with the current reality; or b) they are underwater on their mortgage and are stuck because they can’t afford to bring cash to the closing table to make up the difference between what they could sell their home for and what they owe on it.

But here’s what reluctant sellers need to understand: home prices are not going to approach 2006 levels for a long time. In fact, most economists are predicting that prices will be basically flat for at least the next two years before beginning a gradual upward climb.

So, if you are a potential seller who is not underwater and does have equity in your home, now may be a really good time to list it. There will be less competition because so many people are underwater and can’t sell now. Will you get as much for your home as you’d like or as much as you would have a few years ago? No, but you will probably be able to sell it quickly if it’s in good condition and in a desirable location. You’ll fare especially well if your house is the kind and size that would appeal to first time home buyers or downsizing baby boomers.

If you’d like to find out what your home is worth in the current market, give us a call at 847-881-6657. We’d be glad to give you a complimentary, no obligation home evaluation. You can also get a free, quick, over-the-net home evaluation here.

Our team has three ready, willing and able buyers who cannot find a home to buy. And we know that some of the other agents in our office are having the same problem.

The data supports what we are seeing: Wilmette’s  inventories are at their lowest point in over two years. At 6.3 months supply of homes, we are actually in what is considered a “balanced” market (neither a buyer’s market nor a seller’s market). And at some popular price points there is almost no inventory. For example, there are currently only three homes for sale between $700,000 and $799,999 and only five between $800,000 and $899.999 in Wilmette.

Which made us wonder how  many potential North Shore sellers are out there who are waiting until the beginning of the year to put their homes on the market or who are not even considering listing their homes because they don’t think anyone is buying.

Here are the types of homes our buyers are looking for:

• In Wilmette: A three bedroom (plus office), 2+ bath home east of Ridge Rd. around $750,000.
• In Harper School neighborhood of Wilmette: a newer construction, 4+ bedroom home between $1-1.5 million.
• In Winnetka, Kenilworth or Wilmette: a large, newer construction home between $1.5 and $2.5 million.
• In Wilmette or nearby: a 3-4 bedroom condo or townhome to rent for six months.

So if you have a home that fits one of these descriptions, and you would like to sell, please let us  know! We might just have a buyer for you. We can be reached at 847-881-6657 or by email. If you are looking to buy, you can search for homes here.

Here are five things you can do right now to get ahead of the curve and ensure your home is ready to hit the MLS next spring:

1. Cut the clutter:

If you’re like most people, you’ve accumulated a lot of stuff over the years. Moving provides a great incentive to finally get rid of the junk you’ve been hoarding. Starting now will give you ample time to take that trip down memory lane as you go through old papers, letters, photographs and other mementos. If you set aside a couple hours to do this each weekend, by February you will have weeded out a lot and moving will be much less stressful.

2.  Improve curb appeal:

Your yard will still be frozen on Super Bowl Sunday, so it makes sense to get some of those outdoor chores done now, while it’s still relatively mild out. Clean up the yard, edge the beds, fertilize the lawn and plant clusters of bulbs for a show of color in the spring. Make sure your front entry is as inviting as possible. Give the door and door frame a new coat of paint, polish the door knocker and make sure the house numbers, mailbox and porch lights are in a consistent style. In addition to making the house more attractive to future home buyers, you’ll also impress your holiday guests.

3.  Paint the interior:

Nothing will give you more bang for the home improvement buck than a fresh coat of paint. Keep your potential buyer in mind and go for a neutral palette. Using the same color family in adjoining rooms will improve the flow of the house and tie everything together. And remember, neutral does not necessarily mean white or beige. In fact, white can be quite stark and cold, while beige can be boring and blah. Go for warmer tones in the main living areas to make the rooms more inviting.

4. Donate to a good cause:

This is the time to edit your wardrobe. Take everything out of the closet and force yourself to let go of those 80’s outfits and anything else you haven’t worn in a year. Be ruthless about what you get rid of. You will thank yourself when it comes time to move. This is also a great time to collect all the winter coats, boots and gloves your family has outgrown and donate them to the needy. Several organizations do winter coat drives for the homeless this time of year and would be thrilled to have your cast-offs.

5. Make a list of needed repairs:

Go through your house, inside and out, and look at it objectively, as a buyer would. Write down everything that needs fixing. These are things you simply must take care of before listing your house. Otherwise, buyers will see small problems and wonder what bigger problems await them. Call a handyman and get those repairs done of by the end of January.

There will be lots more to do when your listing date gets closer, but taking care of these things now should make the whole process less stressful.