This home in Glencoe, located at 325 Shoreline Court, features a dramatic atrium foyer with 21-foot, floor-to-ceiling windows and dramatic views of the lake from all but two rooms in the house.
There are those of us who, like Clark Griswold in National Lampoon’s Christmas Vacation, like to light up the night sky with our holiday lights and displays to celebrate the season. Then there are those of us who might take a more understated approach.
For those looking to sell a home during the holidays there can be a few challenges, such as how to get your celebratory displays just right. Those looking to buy should also heed a few seasonal rules. This week, we talked with real estate professionals throughout the North Shore about the advice they provide clients during the holidays.
“I would advise sellers to make their homes appeal to the largest pool of buyers as possible,” says Rick Richker, a broker with @properties in Glencoe. “I think some holiday cheer is nice, but too much may distract from the qualities of the home the seller is trying to highlight.”
Richker says the holiday season usually presents an opportunity for buyers as the competition for homes tends to lessen during this time of year. Inventory is still at all-time lows. He points out that as of October 1, there were only 347 homes for sale from Lake Forest to Wilmette, compared to an average of around 1,150 homes pre-pandemic.
“I would advise sellers that preparing a home properly for sale and strategizing for optimal list price can’t be overlooked at this time,” he says. “As for buyers, I would recommend they are fully pre-approved for a loan before they begin their search, be ready to make an offer right away on a home they like, and if they are willing to purchase a home that needs some updating, that will increase their chances of securing a property before the first of the year.”
The ranch-like home at 325 Shoreline Court in Glencoe is perched high above the lake and
includes a library, office, exercise and recreation rooms, a second kitchen, and screened-in porch.
Gloria Matlin, a broker with Compass Realty in Glencoe, says that just like the rest of the year, she urges her sellers to declutter.
“I always tell sellers to make it look like they don’t really live there. Simple holiday lights and decorations make the house pop, but don’t go crazy,” Matlin says. “I think it’s OK to decorate because it gives people a good sense of a home’s warmth.”
Matlin adds that the holiday season—Novembers and Decembers—is her best time of year.
“We don’t have a lot of new inventory, but I know our buyer market is still there,” she says. “Sellers are real sellers, and the buyers are real buyers, We are encouraging our buyers to buy now.”
Sellers showing their homes during the season need to be conscious of the fact potential buyers still want to see the exterior and interior amenities the home has to offer.
“I ask my clients if the house is on the market to keep it small with not too many decorations, to keep the path clear and keep it limited,” says Cheryl Chambers with @properties in Winnetka. “I’ve never had a problem with it.”
Chambers said she just put something under contract and believes the bubble is still there. It’s a good market for persistent buyers who didn’t get their house and are still looking, particularly in the range right around $900,000 to $1.5 million.
“The market will slow down and already has,” Chambers says. “There aren’t the numbers that we normally see; instead of 10 offers, we might get two.”
Winnetka @properties broker Jena Radnay advises her selling clients to go all in and fully embrace the holiday spirit.
“Make it look seasonally fantastic, take it up a notch, and get a big tree. Going after the emotional tie is much more important during the holiday season,” Radnay says. “People are looking to party. Halloween was crazy this week, and I’m all about emotion and making it big.”
Because of the lack of inventory this holiday season, Radnay says if you’re a buyer right now there’s no reason to take the season off. There will always be a house that comes on the market.
“We are in an insular market where people have lots of money, and people need to have a positive edge,” she says. “I was busy and worked all last weekend and that tone is a really big thing that needs to be part of the market.”
An English Manor home at 45 Indian Hill Road in Winnetka sits on more than an acre of manicured grounds with an outdoor pool. An expansive first floor plan includes a billiard room that steps down to an oversized living room.
“I think tasteful decorations are fine. It shows the warmth of a home where people can get in the mood and see how they could decorate,” says Connie Dornan, a broker with @properties in Glenview. “And people love the smell of cookies and pumpkin spice.”
Dornan says if you had asked her last week how she felt going into the holiday market she would have been less optimistic, but this last weekend took a turn upward. She had two homes with multiple offers, and both went for over list price. She says if homes are positioned correctly with marketing and pricing strategy, holiday sales can happen.
“Lot of buyers burned by the market in multiple offer situations are still out there and still want to buy, and there is less competition,” Dornan says. “In the fourth quarter buyers have more opportunity and can take more than five minutes to make a decision. They can make a logical, reasonable decision, rather than one they might regret.”
While the holiday period is traditionally a slower time for showings, buyers can be quite motivated, says Chris Veech with @properties in Winnetka. Sellers, though, need to think about their longer-term marketing needs.
“For sellers who decorate for the holidays, photographs of the home should be done prior to the holidays, otherwise they will be too seasonal,” Veech says.
This holiday season feels more like 2018 or 2019 to Veech, with fewer buyers in the market who are being a little pickier that in the spring.
“I’m encouraging all my buyers to buy now while there’s less competition. Interest rates have risen but buyers will always have an opportunity to refinance later at a lower rate,” she says. “This is the best time of year for buyers to get the best values because there’s simply less competition.”
This lakefront estate at 445 Sheridan Road in Winnetka is one of few North Shore properties on the lake with a lot size of more than two acres.
Some of the same rules apply for sellers during the holidays as they do the rest of year, including getting your home show-ready, even in an active market with multiple offers at all price levels.
“The houses that are suffering are the houses that need improvement. For houses that show well there’s a very strong market,” says Cory Albiani with @properties in Highland Park. “It’s a good time to be a buyer and I think it’s also a good time to be a seller even with the lack of inventory, especially for move-in ready, turn-key homes.”
Pat Denenberg and Laura Hara are with @properties in Highland Park and both say that holiday decorations for sellers should be minimal, but sellers need to still be able to live their normal lives. They might want to keep holiday heirlooms, including ornaments, in storage.
“Buyers will be traipsing through the house, including children, so sellers will want to protect those from being damaged,” says Hara.
Hara says the market tends to slow down a little bit during the season, but buyers are very serious, and her and Denenberg recommend to sellers to not miss a showing. For buyers, they let them know guests may be in town and they might not get a last-minute appointment for a showing.
“The less serious buyers may choose to take a break, but because inventory has been so consistently low, with less competition, serious buyers are still out there,” Denenberg says.
She says the last two holiday seasons have been her busiest in a quarter century due to the pandemic shutting down many holiday parties. This year, sellers are slower to move.
“It’s not a pre-COVID market yet. Interest rates going up are affecting certain buyers but there’s still very low inventory because a lot of sellers are unwilling to trade a three percent interest rate for a seven percent interest rate,” Hara says. “With inflation and dips in buyer confidence, sellers tend to hunker down.”
Sometimes sellers are apprehensive to keep their homes on the market during the season, but Loralee Van Vleet, a broker with Coldwell Banker in Lake Forest, says the strategy can backfire.
“I’ve had some of the most amazing sales during this time. The number of buyers is much smaller, but they are serious buyers, and I tell my clients to stay on the market,” she says. “Absolutely decorate; just keep the house neat and clean.”
