January 2024 Real Estate Newsletter by The Burhop Group

210 W. Northwest Highway Arlington Heights, Illinois 60004

INSIDE: Featured listings, market & design

news, fun local events and more!

CHEERS TO 2024!

If you are thinking of selling your home this year, now is the perfect time to have a conversation with us about how to best prepare your home to get top dollar. Contact us any time at 847.275.0277 if you have questions about buying or selling—we’re here to help!

JANUARY 2024 NEWSLETTER / THEBURHOPGROUP.COM

Shaunna Burhop of The Burhop Group.

COLOR TRENDS:

New year, new hue!

PART III in a series

S 

Sherwin-Williams announced Upward (SW 6239) as its Color of the Year for 2024, and the relaxed blue works beautifully in practically every room of your home, especially against bright-white trim.

INCE WE’VE BEEN FOCUSING ON COLOR TRENDS over the last few issues, we thought it fitting to share that SherwinWilliams just announced Upward (SW 6239) as its Color of the Year for 2024. According to Sue Wadden, their director of color marketing, Upward “brings to life that carefree, sunny-day energy that elicits a notion of contentment and peace. With this color, we invite our consumers to take a pause and infuse a new sense of ease and possibility into their spaces—one that doesn’t overwhelm, but rather establishes meditation and tranquility.”

Couldn’t agree more, Sue! We love the idea of using Upward as a standout color in a bathroom or kitchen, or to bring a feeling of serenity to your home office. It even works well as an accent wall in the bedroom. Blue in general tends to mix well with white, beige and gray (some of the most popular interior colors), and since this year’s hues are trending lighter and brighter, we think bringing in a touch of these relaxed, coastal blues to our walls or home accessories may be just what we need in 2024, especially after the busy holidays! n — Shaunna Burhop

Photo: Courtesy of sherwin-williams.com / Source: housebeautiful.com

Northwest Suburbs Market Update

Around Town

Detached, Single Family

Attached, Condos + Townhomes

• Median Sales Price: $447,500 +9.4%

• Median Sales Price: $245,000 +13.7%

• Average Days on Market: 38 -17.4%

• Average Days on Market: 31 -8.8%

• New Listings: 193 -14.2%

• New Listings: 208 +26.8%

• Homes Under Contract: 219 +9.0%

• Homes Under Contract: 191 +7.9%

• Absorption Rate: 59.4%

• Absorption Rate: 106.2%

We are so grateful Santa took some time from his busy schedule to help deliver pizzas and shake up a few craft cocktails for us at our recent client-appreciation night at Armand’s Pizza. We love supporting local businesses, and we were happy to introduce our go-to pizza spot to some new customers who said they will definitely be back for more! armandspizzeria.com n — S.B.

*Statistics December 2023 v. 2022; (+) or (-) indicates change between the month of December 2023 compared to December 2022. Figures from MRED LLC. Info Sparks.

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<< 2023 IN REVIEW: As interest rates began to rise mid-year, contracts for home sales quickly declined.

MARKET REPORT:

Looking back to plan ahead

T

HE TWO BIGGEST INFLUENCES in the 2023 housing market— inventory and interest rates—will continue to impact the 2024 market, but this time in a more positive way. During 2023, the Northwest Suburbs experienced a roller-coaster ride of home sales beginning with a steep climb that reached its peak in April, leveling off through mid July, and then quickly declining as interest rates began their ascent.

Recent comments from the Federal Reserve Bank HOW WE HELP CLIENTS about potentially cutting rates as many as four times GET TOP DOLLAR: during 2024 has many real estate experts expecting 1. Detailed room by room mortgage rates to trend lower. And, according to the recommendations that range from simple Mainstreet Organization of REALTORS®, this may decluttering to valueease the “lock-in effect” characterizing Chicagoland’s increasing upgrades; suburban market.

2. Suggesting small There is significant pent-up demand and if the improvements with Fed begins to walk back the mortgage rates, it should high ‘pay-back’ such spur home sales. At the same time we will likely as painting and improving lighting; see additional inventory come to the market from hesitant sellers who have been locked in to a low 3. Our “Make My Home Famous” program interest rate, but now see an opportunity for change. (as real as it sounds— Many buyers, particularly millennials, have been call us for details!); and edged out of the market for much of the past year due 4. Providing trusted to affordability as well as a lot of difficulty in finding resources to help meet the right property. Hopeful to restart their search in key timelines that work 2024, they are eyeing the suburbs for larger spaces. within your schedule and budget.

If you are thinking of selling your home this year, now is absolutely the right time to start having a conversation about what might need to be done to prepare for a competitive market. We can help you focus your energy and resources on what could be key to getting the highest value and terms that meet your goals. n — S.B. Article and graph data from MLS and Federal Reserve Bank of St. Louis.

CALL US FOR A FREE CUSTOM VALUE REPORT FOR YOUR HOME.

Whether you are ready to make a move or just want to understand its current value, we’re happy to answer your questions. Call us today at 847.275.0277.

If your property is currently listed, please disregard this solicitation. Information provided is not guaranteed and subject to change and withdrawal without notice.

Featured Homes Call us at 847.275.0277 for more information on these listings, or to set up a custom search just for you!

IN TOWN LOCATION: 1 BED + DEN 133 PALATINE RD. UNIT 208, PALATINE COMING SOON: $274,900

DESIRABLE LAKE ARLINGTON RANCH 2247 N CHARTER PT., ARLINGTON HTS JUST LISTED: $575,000

BIG AND BEAUTIFUL 2855 FIELDBROOK, WAUCONDA AVAILABLE: $424,900