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Elmhurst, IL April 2012 Real Estate Market Trends

by Thomas Makinney

Year-To-Date April 2012 vs. Year-To-Date April 2011, the average price in the Elmhurst Area was down 13.58%. The YTD average price was down from $391,100 to $337,991. The YTD median price decreased 15.937%, from $320,000 to $269,000. As of May 25, 2012 there were 403 active listings in the MLS, representing a 9.09 month supply of inventory (MSI). Remember, 5.5 months is considered a "balanced" market by most. Year-To-Date average Days on Market (DOM) was up from 146 thru April 2011 to 162 thru April 2012.

MARKET SUMMARY - ELMHURST
  New Listings / % Change Closed Sales Avg. Price / % Change Median Price Days on Market
April 2012 89 / -18.35% 45 $344,809 / -4.24% $273,750 165
April 2011 109   31 $360,080   $284,500 151
Year-To-Date 2012 371 / -5.12% 132 $337,991 / -13.58% $269,000 162
Year-To-Date 2011 391   98 $391,100   $320,000 146

The statistics presented in Market Tracker are compiled monthly based on figures and data generated by MRED for detached single family and attached single family properties. Due to possible reporting inconsistencies, Days on Market (DOM), average prices and rates of change should be used to analyze trends only. Property and statistical data sourced from MLS is solely for your personal, non-commercial use in buying or selling a property and is deemed reliable but not guaranteed and should be verified. All representations and warranties regarding the information are disclaimed. Reproduction or any other use is prohibited.

 

Recovery News: U.S. Home Sales Up 3.4% in April

Existing-home sales rose in April and remain above a year ago, while home prices continued to rise, according to the National Association of Realtors®. The improvements in sales and prices were broad based across all regions.

Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 3.4 percent to a seasonally adjusted annual rate of 4.62 million in April from a downwardly revised 4.47 million in March, and are 10.0 percent higher than the 4.20 million-unit level in April 2011.

Lawrence Yun, NAR chief economist, says the housing recovery is underway. “It is no longer just the investors who are taking advantage of high affordability conditions. A return of normal home buying for occupancy is helping home sales across all price points, and now the recovery appears to be extending to home prices,” he says. “The general downtrend in both listed and shadow inventory has shifted from a buyers’ market to one that is much more balanced, but in some areas it has become a seller’s market.”

Total housing inventory at the end of April rose 9.5 percent to 2.54 million existing homes available for sale, a seasonal increase which represents a 6.6-month supply at the current sales pace, up from a 6.2-month supply in March. Listed inventory is 20.6 percent below a year ago when there was a 9.1-month supply; the record for unsold inventory was 4.04 million in July 2007.

“A diminishing share of foreclosed property sales is helping home values. Moreover, an acute shortage of inventory in certain markets is leading to multiple biddings and escalating price conditions,” Yun says. He notes some areas with tight supply include the Washington, D.C., area; Miami; Naples, Fla.; North Dakota; Phoenix; Orange County, Calif.; and Seattle. “We expect stronger price increases in most of these areas.”

The national median existing-home prices for all housing types jumped 10.1 percent to $177,400 in April from a year ago; the March price showed an upwardly revised 3.1 percent annual improvement. “This is the first time we’ve had back-to-back price increases from a year earlier since June and July of 2010 when the gains were less than one percent,” Yun says. “For the year we’re looking for a modest overall price gain of 1.0 to 2.0 percent, with stronger improvement in 2013.”

Distressed homes—foreclosures and short sales sold at deep discounts—accounted for 28 percent of April sales (17 percent were foreclosures and 11 percent were short sales), down from 29 percent in March and 37 percent in April 2011. Foreclosures sold for an average discount of 21 percent below market value in April, while short sales were discounted 14 percent.

NAR President Moe Veissi says homebuyers should look into financing in the early stages of their search process. “With the tight lending environment it’s a good idea to consult with a REALTOR® about mortgages and program options in your area, and tips for boosting your credit score well in advance of making an offer on a home,” he says. “It helps to go into the process knowing what it takes to succeed.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage declined to 3.91 percent in April from 3.95 percent in March; the rate was 4.84 percent in April 2011. Last week the 30-year fixed rate dropped to a record weekly low of 3.79 percent; recordkeeping began in 1971.

First-time buyers rose to 35 percent of purchasers in April from 33 percent in March; they were 36 percent in April 2011.

All-cash sales fell to 29 percent of transactions in April from 32 percent in March; they were 31 percent in April 2011. Investors, who account for the bulk of cash sales, purchased 20 percent of homes in April, compared with 21 percent in March and 20 percent in April 2011.

Single-family home sales rose 3.0 percent to a seasonally adjusted annual rate of 4.09 million in April from 3.97 million in March, and are 9.9 percent higher than the 3.72 million-unit pace a year ago. The median existing single-family home price was $178,000 in April, up 10.4 percent from April 2011.

Existing condominium and co-op sales increased 6.0 percent to a seasonally adjusted annual rate of 530,000 in April from 500,000 in March, and are 10.4 percent above the 480,000-unit level in April 2011. The median existing condo price was $172,900 in April, which is 8.1 percent above a year ago.

Regionally, existing-home sales in the Northeast rose 5.1 percent to an annual level of 620,000 in April and are 19.2 percent higher than a year ago. The median price in the Northeast was $256,600, up 8.8 percent from April 2011.

Existing-home sales in the Midwest increased 1.0 percent in April to a pace of 1.03 million and are 14.4 percent above April 2011. The median price in the Midwest was $141,400, up 7.4 percent from a year ago.

In the South, existing-home sales rose 3.5 percent to an annual level of 1.79 million in April and are 6.5 percent higher than a year ago. The median price in the South was $153,400, up 8.0 percent from April 2011.

Existing-home sales in the West increased 4.4 percent to an annual pace of 1.18 million in April and are 7.3 percent above April 2011. The median price in the West was $221,700, a surge of 15.9 percent from a year ago.

For more information, visit www.realtor.org.

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Article printed from RISMedia: http://rismedia.com

URL to article: http://rismedia.com/2012-05-23/recovery-news-u-s-home-sales-up-3-4-in-april/

Five Tips To Enhance Curb Appeal

It's important for sellers to do what they can to get their home to stand out. Here are some quick tips to generate some excitement for your home in today's market.

  • Use Paint: A new coat of paint can go a long way to making your home look up to date. Neutral colors work best because they appeal to the most number of people.
  • Mow the Lawn: Take the time to mow the lawn and clean the yard. Rake leaves and grass and put away any tools that may be lying around. Don't turn buyers off with a messy yard. If they like what they see on the outside, you'll improve your chances of getting them to look inside.
  • Plant Flowers: Seasonal or perennials can bring a splash of color to your home and brighten the view from the street. Flowers throughout the house will please the senses and make it feel like a home.
  • Spruce Up Your Walkway: Dressing up your walkway with bricks or paving stones will lead people to your front door. Inexpensive solar lighting can further enhance your entry.
  • Window Treatments: Keep your home from looking plain or boring with some decorative shutters. Windows are so important to the overall appeal of your home. Take some time to add planter boxes underneath and you'll see an immediate improvement that doesn't cost a lot of money!

By following these tips, you will be able to capture the hearts and minds of today's buyers, as well as improve your chances for a quick sale at top dollar!

When you are ready, contact me today for a personal market value analysis of your home. No hassles or obligation - just honest advice on how to get top dollar for your home!

 

Do You Need a Warranty on Your Elmhurst Home?

by Thomas Makinney

Your new Elmhurst home comes with everything you want—charm, a great neighborhood, and nice appliances. But unless you’re buying something newly-built, you probably don’t know the age or current condition of those appliances, so you might want to consider a home warranty.

Just like other insurance, a home warranty provides protection and coverage for things in the home that would be very costly to repair or replace.

Experienced Realtors® recommend this particularly to first-time homebuyers. First-time buyers often use every cent they have in reserve for a down payment, closing costs, and other fees, so they have little left to cover repair costs. Having the warranty provides some financial breathing room to handle any system or appliance failures that occur during that first year of ownership before funds have been replenished.

Typical home warranties cover things like air conditioning, heating and ductwork, electrical service, plumbing, washers, dryers, dishwashers, stoves/ovens, and refrigerators. Most warranty services will charge a small deductible and put limits on what they will fix, but they strive to keep prices reasonable.

In most cases a warranty can be very inexpensive and will pay for itself with one repair. In addition, it can generally be transferred to the next owner of your Elmhurst property, a great potential selling point.

When considering a home warranty, plan to do some research. Find a company with good customer service and phone support, and be sure to thoroughly review the contract before deciding. 

Some warranties require an annual maintenance fee, and most do not let you choose the contractors who will perform the repairs in your home. So if you have a favored repair company, it may or may not be in the warranty company’s network of contractors.

The one possible time you may not need warranty coverage is when buying newly-built Elmhurst real estate. Experts say that most appliances last about 11 years on average, and brand new items are less likely to need repair. But given that current appliances are filled with expensive computerized as well as mechanical components, the warranty may still be a better choice—and it will last well beyond the manufacturer’s single year of coverage.

Many real estate agents believe that researching a home warranty is as important as finding the lowest interest rate. It’s certainly worth checking to see if it’s right for your home-buying situation.

We can help you make the best choices possible when buying your next home. If you’re looking to buy or sell Elmhurst real estate or properties in the surrounding area, contact the Gracik Makinney Group, or call (630) 567-5902.

Elmhurst Illinois Open Houses for Sunday, May 20, 2012

by Thomas Makinney

Address: 101 N Pine St

City: Elmhurst

Price:$209,900

Scheduled for: 05/20/2012 from 02:00 PM to 04:00 PM

 

Address: 326 N Highland Ave

City: Elmhurst

Price: $337,500

Scheduled for: 05/20/2012 from 02:00 PM to 04:00 PM

 

Address: 703 W Alexander Blvd

City: Elmhurst

Price:$149,900

Scheduled for: 05/20/2012 from 01:00 PM to 03:00 PM

 

Address: 139 Fellows Ct Unit 139

City: Elmhurst

Price:$189,000

Scheduled for: 05/20/2012 from 01:00 PM to 03:00 PM L

 

 

Address: 15W531 Victory Pkwy

City: Elmhurst

Price:$239,900

Scheduled for: 05/20/2012 from 12:00 AM to 02:30 PM

 

Address: 296 Ridgeland Ave

City: Elmhurst

Price: $289,900

 Scheduled for: 05/20/2012 from 01:00 PM to 03:00 PM

 

Address: 168 N Berteau Ave MLS

City:Elmhurst

Price: $290,000

 Scheduled for: 05/20/2012 from 01:00 PM to 03:00 PM

 

Address: 155 Berteau Ave

City: Elmhurst

Price: $304,900

Scheduled for: 05/20/2012 from 01:00 PM to 03:00 PM

 

 Address: 464 W Alma St

City: Elmhurst  

Price: $305,000

Scheduled for: 05/20/2012 from 01:00 PM to 03:00 PM  

 

Address: 555 S Mitchell Ave

City: Elmhurst

Price: $310,000

Scheduled for: 05/20/2012 from 01:00 PM to 03:00 PM

 

Address: 410 Berkley Ave

City: Elmhurst

Price: $319,000

Scheduled for: 05/20/2012 from 01:00 PM to 03:00 PM

 

Address: 205 S Elm Tree Ln

City: Elmhurst

Price: $345,000

Scheduled for: 05/20/2012 from 02:00 PM to 04:00 PM

 

Address: 943 Hawthorne Ave M

City: Elmhurst

Price: $349,500

Scheduled for: 05/20/2012 from 01:00 PM to 03:00 PM

 

Address: 133 S West Ave

City: Elmhurst

Price: $349,900

Scheduled for: 05/20/2012 from 01:00 PM to 03:00 PM  

 

Address: 136 N Pine St

City: Elmhurst

Price: $420,000

Scheduled for: 05/20/2012 from 01:00 PM to 04:00 PM

 

Address:161 W Jackson St

City: Elmhurst

Price: $475,000

Scheduled for: 05/20/2012 from 01:00 PM to 03:00 PM

 

Address: 281 W First Ave Unit 28

City: Elmhurst

Price: $499,900

Scheduled for: 05/20/2012 from 01:00 PM to 04:00 PM

 

Address: 230 Addison Ave Unit 230A

City: Elmhurst

Price: $530,000

 Scheduled for: 05/20/2012 from 01:00 PM to 03:00 PM

 

Address: 544 Rex Blvd

City:Elmhurst

Price: $575,000

Scheduled for: 05/20/2012 from 01:00 PM to 03:00 PM

 

Address: 24 Windsor Dr

City:Elmhurst

Price:$600,000

Scheduled for: 05/20/2012 from 01:00 PM to 03:00 PM

 

Address: 605 W Babcock Ave

City: Elmhurst

Price: $659,900

Scheduled for: 05/20/2012 from 01:00 PM to 04:00 PM

 

Address: 294 Berteau Ave

City: Elmhurst

Price: $780,000

Scheduled for: 05/20/2012 from 12:00 PM to 03:00 PM Lu

 

Address: 836 s colfax Ave

City: Elmhurst

Price: $839,000

Scheduled for: 05/20/2012 from 12:00 PM to 03:00 PM

 

Address: 267 E Vallette St

City: Elmhust

Price: $1,159,000

Scheduled for: 05/20/2012 from 01:00 PM to 03:00 PM

Elmhurst’s York Community High School Among Best in State

by Thomas Makinney

It’s official: Kids going to high school in Elmhurst, IL will end up ahead of the pack.

According to a recent review of almost 22,000 U.S. public high schools, Elmhurst’s York High School is among the best in the state, ranking number 31 on its ability to ready graduating students for further education.

For the past four years, U.S. News & World Report has analyzed the country’s high schools and published the results in its report of Best High School rankings.  Methods used to produce the ratings included test scores, state assessments, and Advanced Placement programs which offer college-level course work.

Based on these rankings, along with how well students were prepared for college or other advanced education, each school received a gold, silver, or bronze medal. York High School was a silver medalist as were fifteen other area high schools. Illinois’ one gold medal winner was Hinsdale Central High School.

For many people, the quality of the schools is a huge factor in determining where to settle down and raise a family. Homeowners in Elmhurst and neighboring areas were drawn by our great school systems, and now they have hard numbers to confirm that their children will be well educated and ready to meet life’s challenges on all levels. 

A great education is just one of the many advantages to living in Elmhurst. If you’re looking to buy or sell Elmhurst real estate or properties in the surrounding area, contact the Gracik Makinney Group, or call (630) 567-5902.

Three Important Questions for Elmhurst Home Buyers

by Thomas Makinney

Does it make sense to buy an Elmhurst home in the current market? Many people would say no and urge you to hold off for a while. But if you’ve decided that now is the time to make a move, asking yourself the following questions could help crystalize your decision—or convince you to wait.

Question 1: What do the experts say?

If you feel you can trust them, experts like Warren Buffet and John Talbott have been saying for several months that now is a good time to buy.

Question 2: If I buy now, when will my Elmhurst property appreciate?

One answer to this comes from a company called Macro Markets, LLC, which started a Home Price Expectation Survey back in 2010. They asked over 100 housing industry experts to project what housing prices would do through 2016.

In the most recent survey, the pros predicted home prices would stay flat in 2012 and gradually appreciate to above ten percent by 2016. So buying today means your home will be worth approximately ten percent more in about four years.

However, the potential financial gain when selling should not be the only reason you decide to buy, which leads nicely into the last, and most important, question.

Question 3: What do I really want out of owning a home?

Often, the honest answer to this question is not at all about financial gain. In fact, the Fannie Mae National Housing Survey says that the four reasons why people buy a home are much more emotional than financial. Most people make the choice because they want:

  • A place to raise children safely and get them a good education;
  • To live somewhere everyone can feel safe;
  • Larger living space for the family;
  • To have control over that space.

Buying a home is one of the most important decisions you will make, and it’s essential to make the best choice possible for you and your current (or future) family. The finances have a way of taking care of themselves, so make those important non-tangibles the basis for your decision to purchase Elmhurst real estate.

Another important buying decision is choosing experienced agents like us. If you’re looking to buy or sell Elmhurst real estate or properties in the surrounding area, contact the Gracik Makinney Group, or call (630) 567-5902.

New Website Shows Off Elmhurst and DuPage County

by Thomas Makinney

If you want to know more about living in Elmhurst, or to discover the benefits of living and working in DuPage County, IL, check out the newly designed Choose DuPage website.

New features include facts and figures on each of the 39 municipalities in the County as well as information that will benefit companies, investors, business professionals and families who currently reside in or are relocating to DuPage County.

We truly live in a great place!  Communities in the County, including Elmhurst, are regularly voted as among the top places to live and work in the country. The new website highlights this, and also offers links for what ‘Choose DuPage’ describes as the three R’s: Resources, Reports and Regulations.

Site visitors can drill down to many specific topics such as business climate, quality of life, employment sectors, and transportation for each municipality or for the County as a whole.  There are also success stories of business that have set up shop in our County.

Greg Bedalov, president and CEO of Choose DuPage stated, “We truly believe in the value of our community and are proud to show it off. This website allows us to do just that, and show visitors that as the heartbeat of the Midwest, DuPage County is ideal for business and families.”

The website is maintained by the Choose DuPage organization, a public/private nonprofit entity that promotes the benefits of living and working in “the heartbeat of the Midwest.” 

Whether you’re a resident of Elmhurst or any other DuPage community, learn more about your County at Choose DuPage.  If you’re looking to buy or sell Elmhurst real estate or properties in the surrounding area, contact the Gracik Makinney Group, or call (630) 567-5902.

Elmhurst Illinois Open Houses for Sunday, May 6, 2012

by Thomas Makinney

Address:903 S Prospect Ave

City: Elmhurst

Price:$229,900

Scheduled for: 05/06/2012 from 01:00 PM to 03:00 PM

 

Address:296 Ridgeland Ave

City: Elmhurst

Price:$289,900

Scheduled for: 05/06/2012 from 01:00 PM to 03:00 PM

 

Address:293 E Third St

City: Elmhurst

Price:$292,000

Scheduled for: 05/06/2012 from 02:00 PM to 04:00 PM

 

Address:1200 S Prospect Ave Unit 304

City: Elmhurst

Price:$297,000

Scheduled for: 05/06/2012 from 01:00 PM to 03:00 PM

 

Address:410 Berkley Ave

City: Elmhurst

Price:$319,000

Scheduled for: 05/06/2012 from 01:00 AM to 03:00 PM

 

Address:943 Hawthorne Ave

City: Elmhurst

Price:$349,500

Scheduled for: 05/06/2012 from 01:00 PM to 03:00 PM

 

Address:372 E Yorkfield Ave

City: Elmhurst

Price:$394,900

Scheduled for: 05/06/2012 from 01:00 PM to 03:00 PM

 

Address:425 E May St

City: Elmhurst

Price:$429,900

Scheduled for: 05/06/2012 from 01:00 PM to 03:00 PM

 

Address:294 N Larch Ave

City: Elmhurst

Price:$489,900

Scheduled for: 05/06/2012 from 01:00 PM to 04:00 PM

 

Address:112 W St. Charles Rd

City: Elmhurst

Price:$495,000

Scheduled for: 05/06/2012 from 01:00 PM to 03:00 PM

 

Address:544 Rex Blvd

City: Elmhurst

Price:$575,000

Scheduled for: 05/06/2012 from 01:00 PM to 03:00 PM

 

Address:130 N Walnut St

City: Elmhurst

Price:$675,000

Scheduled for: 05/06/2012 from 01:00 PM to 03:00 PM

 

Address:636 W Armitage Ave

City: Elmhurst

Price:$685,000

Scheduled for: 05/06/2012 from 01:00 PM to 03:00 PM

 

Address:294 Berteau Ave

City: Elmhurst

Price:$795,000

Scheduled for: 05/06/2012 from 12:00 PM to 03:00 PM

 

Address:836 S Colfax

City: Elmhurst

Price:$845,000

Scheduled for: 05/06/2012 from 12:00 AM to 03:00 PM

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