10 Things to Know About Evanston Real Estate for 2010

It’s always a good idea to keep a finger on the pulse of what’s going on in the Real Estate market.  If you’re hoping to buy or sell in the Evanston Real Estate Market, there are ten things you’ll want to know.

1.    Prices to bottom:  After more than three years of falling, real estate values have shown signs of stabilization in recent months.

2.    Mortgage delinquencies up:  Amid falling home prices and a nasty labor market, roughly 1 in every 7 mortgages was either past due or in foreclosure by the end of the third quarter—the highest delinquency rate in the 37-year history of the MortgageBankers Association's National Delinquency Survey.

3.    Foreclosures move upstream: The number of foreclosure sales will increase to about 1.9 million in 2010, according to Moody's Economy.com. And while we've already seen a growing number of more expensive homes heading into foreclosure, Heather Fernandez, vice president of marketing at the real estate search engine Trulia, expects the trend to pick up steam next year.

4.    Mortgage rates to rise: Anyone who purchased a home in 2009 was presented with some extremely attractive mortgage rates. Rates on 30-year, fixed mortgages fell to an average of 4.88 percent in November, down sharply from 6.09 a year earlier. A key factor behind the plunge was a Federal Reserve program, first announced in November of 2008, that purchased debt and mortgage-backed securities from Fannie Mae and Freddie Mac. But the program is slated to expire at the end of the first quarter, and if private investors don’t step up, fixed mortgage rates could jump.

5.    Buyer's market remains: With prices still falling, mortgage rates remaining historically attractive, and additional homes hitting the market in the form of foreclosures, the dynamics of the real estate market will continue to favor buyers over sellers in 2010.

6.    Modification plan could be modified: While the Obama administration has put nearly 700,000 borrowers into temporarily restructured mortgages, it had found permanent fixes for just 31,382 struggling homeowners through November. What's more, critics have identified two key shortcomings of the government's $75 billion antiforeclosure plan. First, the program isn't much help for borrowers struggling to stay in their homes as the result of a job loss. And the rickety labor market is a key factor behind rising delinquencies. At the same time, the plan does not sufficiently address the issue of negative equity—owing more on your home loan than the property is worth—which also works to increase foreclosures.

7.    FHA lending standards may increase: While banks have jacked up lending standards in the face of mounting delinquencies, mortgages backed by the Federal Housing Administration—which come with a minimum down payment of just 3.5 percent—have remained accessible to a wide swath of borrowers.

8.    Tax credit available through June: On top of lower prices and cheap mortgage rates, Uncle Sam is offering an additional incentive to get buyers into the market next year.

9.    Markets will vary a great deal by region: The performance of the national housing market is much less important that the dynamics of your local market, and sales and pricing trends will vary a great deal from one area to the next in 2010.

10.    Mobile maps can help: Advances in technology have enabled would-be home buyers to increase the efficiency of their searches.  Imagine browsing from your phone open houses in the exact neighborhood you’re having brunch… seems pretty convenient!
View the entire USNews.com article.

As stated above, it is a buyers market right now.  If you’re in the hunt for the home of your dreams in Evanston, contact me today!  I know of many beautiful homes that will lend to your style and budget, and I’d be happy to show you around!


Judy Newton
Your Evanston Real Estate Expert
Coldwell Banker

Evanston Real Estate
View Evanston Listings
Visit My Website
Email Me

Renowned Evanston Muralist Paints a Vision of the City's Future

It may seem hard to imagine what your city may look like in the year 2020. Yet the children at Evanston’s Haven Middle School caught the vision of nationally renowned muralist and Evanston native Paul Barker through his mural entitled Evanston 2020.   With Evanston’s concern for the environment and residents who desire to make a difference, the painting which portrays a completely “green” city is something for which we aspire.

Barker’s work can be seen all over the US, but his hometown of Evanston is where he feels most comfortable.  This past summer during Evanston’s Custer’s Land Stand Festival of the Arts, Barker stood on the corner of Custer and Main and created his vision on a 5 foot by 18 foot canvas of what the intersection could look like in 2020.  Denise Taylor, a teacher at Haven Middle School passed by and after talking with Barker- he donated the mural to the middle school.  Last week, Barker presented the mural to the students and talked with them about how they can make this vision a reality through active participation with the environment and helping Evanston become a leading city for change.

Many flock to this great city for its’ attention to the arts, environment and its residents.  It’s a city that seeks to continue to grow and stretch its arms to embrace the changes that will bring about the greatest good for the community and environment in which they live.  It may not be long until we see Barkers’ dream become a reality! 

If you’ve been considering a move to Evanston, let me know!  I am a huge proponent of all this city has to offer and I’d be happy to show you around! 


Judy Newton
Your Evanston Real Estate Expert
Coldwell Banker

Evanston Real Estate
View Evanston Listings
Visit My Website
Email Me


Read the entire story on Barker's donation to Haven Middle School

Sell Your Evanston Home Before Buyers Enter the Front Door

You may feel it's too early to be thinking about Spring- especially with Evanston's unpredictable winters!  However, you may also be hoping to take advantage of the "move-up" buyers tax credit and are considering putting your Evanston home up for sale this Spring!  Move into your Evanston dream home quickly by making your current home irresistible to buyers.

First impressions are vital in the sale of your Evanston home, and we want to make sure yours makes a positive lasting first impression!  By creating beautiful curb appeal, buyers will get a sense that you care for your property and have the same respect and care for your home.  The lawn and exterior sets the tone for how the buyers will view your home- making it a very important aspect of the home sale.

Below are a few landscaping tips that will "wow" buyers.  They may not even realize why they are drawn to your home, but the goal is that they view your home as set apart from all other properties they've seen.

1.  Add splashes of color - A landscape should provide a new display of colors, textures, and fragrances.

2. Size trees and shrubs to scale - These should be planted in the right scale for the house so that they don’t block windows, doors, and other architectural features on the home’s facade.

3. Maintain a perfect lawn - A velvety green lawn demonstrates tender loving care, so be sure sellers’ homes don’t have brown spots.

4. Light up the outside - Good illumination allows buyers to see a home at night and adds drama.

5. Let them hear water - The sound of water appeals to buyers, and you shouldn’t just reserve this for your backyard.

6. Use decorative architectural elements - A new mailbox, planted window boxes, and a low fence wrapped in potato vines add cachet.  Just don't overdo!

View the full article 6 Landscaping Tricks That Wow Buyers on Realtor.org.

Start planning now on how you will spruce up your Evanston home once the warm air blows Spring our way!  If you have planned ahead- this will make improvements more efficient, allowing your home to be placed on the market and sell more quickly.  I have years of experience in the Evanston market and know that I can make your home sale a quick and stress-free process!  Finding a new Evanston home is something I'm passionate about helping buyers with as well as I have a strong base of properties for sale and a solid network in the Evanston real estate market.  Contact me today to set up a meeting!

Judy Newton
Your Evanston Real Estate Expert
Coldwell Banker

Evanston Real Estate
View Evanston Listings
Visit My Website
Email Me

7 Tips Every New Homeowner Should Know!

First time home ownership is an exciting time!  Evanston is full of new homeowners that are enjoying the freedom of their own place.  Suddenly, everything is “yours” and there’s no one looking over your shoulder monitoring what color you’re painting the walls or what improvements you want to make.  The sky is the limit!  But, oftentimes new homeowners get overly excited and practical thinking becomes clouded.  Before you know it, those costly choices will leave you struggling to stay afloat and the dreams of home ownership quickly become a nightmare. 

However, this doesn’t have to happen!  Below are seven practical things to consider as you buy your first place.  Owning your home can be what you’ve imagined as a place that fits your style and brings financial freedom. 

1.    Don't Overspend on Furniture and Remodeling - Give yourself time to adjust to the expenses of home ownership and rebuild your savings – those cabinets you’ve been wanting will still be waiting for you when you can more comfortably afford them.

2.    Don't Ignore Important Maintenance Items  - While you should exercise restraint in purchasing the nonessentials, you shouldn't neglect any problem that puts you in danger or could get worse over time, turning relatively small problem into a much larger and costlier one.

3.    Hire Qualified Contractors - Hiring professionals to do work you don't know how to do is the best way to keep your home in top condition and avoid injuring yourself.

4.    Get Help With Your Tax Return - Home ownership significantly changes most people's tax situations and the deductions they are eligible to claim. Just getting your taxes professionally done for one year can give you a template to use in future years if you want to continue doing your taxes yourself.

5.    Keep Receipts for Home Improvements - When you sell your home, you can use these costs to increase your home's basis, which can help you to maximize your tax-free earnings on the sale of your home.

6.    Don't Confuse a Repair with an Improvement - Unfortunately, not all home expenses are treated equally for the purpose of determining your home's basis. The IRS considers repairs to be part and parcel of home ownership -something that preserves the home's original value, but does not enhance its value.

7.    Get Properly Insured - Your mortgage lender requires you not only to purchase homeowners insurance, but also to purchase enough to fully replace the property in the event of a total loss. But that's not the only insurance coverage you need as a homeowner.

Read the full article 7 Smart Steps Every New Homeowner Should Take on Move.com.

I hope these tips have been helpful!  If you’re still looking for that perfect place to call “home” – let me know!  I have some great properties in Evanston that are sure to fit your style and budget.  I’d enjoy the opportunity to show them to you!


Judy Newton
Your Evanston Real Estate Expert
Coldwell Banker

Evanston Real Estate
View Evanston Listings
Visit My Website
Email Me