WE’RE READY FOR FALL!
EXTERIOR MOTIVES: According to Houzz.com, white is the top choice for trim color. If you have questions about your home projects, and how they may impact the value of your home, ask us!
Northwest Suburbs Market Update
CURB APPEAL: Front porch facelift!
OUTDOOR PROJECTS ADD VALUE TO YOUR HOME, and are obviously a great way to enhance first impressions for potential buyers. In a recent study by Houzz.com, adding decks and porches were the most popular larger renovation projects, but there were also smaller cosmetic changes listed that you could either DIY or easily source. These included:
1. Painting front doors a bold color to create a centerpiece in a home’s curb appeal. The hot colors now are black, red, white, blue, green, and gold.
2. Adding exterior details through columns, awnings, and even chandeliers!
3. Upgrading landscaping by planting low-maintenance greenery and perennials, and/or improving stone paths, patios, terraces, and fences.
4. Creating ambience with a string of romantic bistro lights or adding wall sconces to help project that cozy evening glow. n — Shaunna Burhop
Upcoming Events
With summer nearing a close, we are prepped and ready for what we anticipate being a busy and productive fall season for our buyers and sellers. If future real estate plans are on your horizon, feel free to reach out to our team any time with questions at 847.275.0277. Detached, Single Family*
• Average Days on Market: 29 +3.6%
• New Listings: 556 -10.0%
• Homes Under Contract: 354 -6.6%
• Absorption Rate: 66% Attached, Condos + Townhomes*
• Median Sales Price: $275,000 +5.8%
• Average Days on Market: 22 -15.4%
• New Listings: 462 +8.5%
• Homes Under Contract: 339 +11.5%
• Absorption Rate: 85%
SEP
Get started on your fall cleanup! We are partnering with Village Bank & Trust to provide FREE SHREDDING OF YOUR DOCUMENTS (limit of three boxes or paper bags—no plastic bags please). Visit our site at theburhopgroup.com/ events for more info. 9am–1pm in the shared Village Bank and B&W parking lot, 210 W. Northwest Highway, Arlington Heights.
Photo: Runna10, Getty Images / Source: Realtor.com
From left: Emily Doubek, Shaunna Burhop, and Tracy Bongiorno of The Burhop Group.
• Detached singlefamily homes HOMES FOR SALE* #
IMARKET UPDATE:
A local perspective
>> Distinct differences show that it’s wise not to take the numbers reported through the media at face value.
N RESPONSE TO QUESTIONS FROM LAST MONTH’S ARTICLE about Illinois homeowner equity gains, and how they are up almost $28k in the first quarter, we’ve decided to dig a little deeper into the local Chicagoland market. We took a sampling from the suburbs and looked at the trend for a threemonth period ending July 2024, compared to July 2023. Distinct differences show that it’s wise not to take the numbers reported through the media at face value. Real estate is a very localized market. Trends change from suburb to suburb—and even down to the neighborhood level—based on the value buyers place on schools, proximity to popular amenities, and even a neighborhood’s aesthetic. Additionally, the size and style of the home, the inventory available, and interest rate fluctuation are all outside influences and have a significant impact on the reported data. As an example, the suburbs above all saw an uptick in sales of larger four- to five-bedroom homes, which is contributing to the overall price increase in addition to continued buyer demand.
The bottom line is that the equity in your home has likely increased (woo hoo!) but it might be different than the national average. Call us to discuss more; we’d be happy to prepare a custom analysis to give you a better understanding of what your home might be worth now. n — S.B.
Source: MRED LLC. Info Sparks / If you have questions, please email me at: shaunna.burhop@bairdwarner.com.
