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Housing Shortage: How Long will it Affect Elmhurst?

by Thomas Makinney

Just SoldIn Elmhurst and across the US, the economy continues to improve. As a result, we are seeing a rise in housing demand. This rise in demand was expected, especially after five years of suppressed household formation.

Household formation is an important statistic in real estate market trends. Simply put, household formation looks at how individuals group together to form a household. It mirrors the growth and economy of a society.

We saw less household formation than usual between 2007 and 2011, due to the poor economy. Newlyweds weren’t able to afford to purchase a home and decided to rent, college graduates opted to live at home with their parents, homeowners weren’t interested in putting homes on the market in a bad economy…there weren’t many individuals wanting or needing to buy a home. This has all changed as the economy is picking up. Household formation is rebounding, and will likely continue to do so for several years.

Home prices have risen over 10 percent of last year’s numbers. This steady increase in appreciation is due to the supply and demand we’re experiencing in the market. As both household formation and the economy rise, so will the demand for housing.

Home prices are forecasted to continue increasing for the remainder of 2013. These prices aren’t deterring buyers, however. Pending contracts and closed sales are at their highest in the last five years. Homebuyer traffic activity, an element used to monitor market buying, is at record highs. Many sellers are seeing multiple bids--sometimes even bids with an escalation clause. Buyers are offering these escalation clauses in hopes of winning a home in a bidding war. These buyers are turning up after a 13-year low on existing home listings, and a 50-year low for newly constructed home inventory. As a result, buyers are forced to make do with these increased prices if they want to get a new home.

This shortage won’t be rectified overnight, but there is hope for further inventory to meet this new demand. There are “accidental landlords” as they’re referred to in real estate. These individuals are homeowners who couldn’t afford to sell their home but needed to move. Instead of putting the home on the market, they rent out the property to cover mortgage payments and expenses. As the real estate market continues to improve for sellers, these landlords may opt to now put the home up for sale.

Another option is with investors. Real estate investors often own multiple properties, to sell when they feel the time is right. The current market trends could entice investors to put homes on sale as well, though this may take time. As investors see prices increasing continually, they may take advantage and hold on to the homes, seeing just how high prices will get.

Despite the current inventory shortage, Gracik Makinney Real Estate Group is excelling with both buyers and sellers. As you can see from last week’s post, the Elmhurst Coldwell Banker Residential Brokerage is having a great year! Allow us to help you find and buy your next home, or sell your current property. Gracik Makinney Real Estate Group is your answer for real estate in Elmhurst. Call us today at 630-441-5570 or stop by our office right here in Elmhurst at 190 North York Road.

Elmhurst IL Open Houses for Sat. & Sun., July 27-28

by Thomas Makinney

 

 

 

 

 

 

 

Address:  1017 S Spring Rd

City:  Elmhurst

Scheduled for:  Sunday, 7/28, 2 pm

Price:  $259,900

 

 

 

 

 

 

 

 

 

Address:  191 N Hampshire Ave

City:  Elmhurst

Scheduled for:  Sunday, 7/28, 2 pm

Price:  $335,000

 

Address:  106 N Avon Rd

City:  Elmhurst

Scheduled for:  Sunday, 7/28, 1 pm

Price:  $175,000

 

Address:  213 Villa St

City:  Elmhurst

Scheduled for:  Sunday, 7/28, 1 pm

Price:  $244,900

 

Address:  725 N Geneva Ave

City:  Elmhurst

Scheduled for:  Sunday, 7/28, 1 pm

Price:  $269,900

 

Address:  253 Cayuga Ave

City:  Elmhurst

Scheduled for:  Sunday, 7/28, 1 pm

Price:  $299,900

 

Address:  722 N Indiana St

City:  Elmhurst

Scheduled for:  Sunday, 7/28, 1 pm

Price:  $339,900

 

Address:  265 S Boyd Ave

City:  Elmhurst

Scheduled for:  Sunday, 7/28, 1 pm

Price:  $425,000

 

Address:  449 Elm Ave

City:  Elmhurst

Scheduled for:  Sunday, 7/28, 1 pm

Price:  $599,000

 

Address:  862 S Cambridge Ave

City:  Elmhurst

Scheduled for:  Sunday, 7/28, 1 pm

Price:  $619,000

 

Address:  723 N Emroy Ave

City:  Elmhurst

Scheduled for:  Sunday, 7/28, 1 pm

Price:  $675,000

 

Address:  450 W 2nd St

City:  Elmhurst

Scheduled for:  Sunday, 7/28, 1 pm

Price:  $815,000

Coldwell Banker Residential Brokerage: News From Your Elmhurst Branch

by Thomas Makinney

Gracik Makinney Real Estate GroupThe Gracik Makinney Group of Elmhurst is a proud part of the Coldwell Banker Residential Brokerage. We offer unparalleled customer service, up to date local information, and the real estate knowledge to get you into the home you want. We are the best at what we do. Now it’s proven - in a study performed by Midwest Real Estate Data LLC, Coldwell Banker is the market leader in real estate!

The study was based on closed and recorded transactions of homes sold for $1 million or more. From January to May of this year, Coldwell Banker Residential Brokerage had 8,446 transactions. In second place, the next brokerage had 4,337. This means that Coldwell Banker is nearly double their competition!

Coldwell Banker Elmhurst has more units sold YTD (on buy side) than its competitors. What makes this even more remarkable is the inventory deficit the Elmhurst real estate market has been experiencing for all of 2013. What does this mean for you? If Coldwell Banker is working for the buyer, they’ll be able to successfully find a home! Our brokerage is up 87% YTD; outperforming all competitors. This includes Koenig & Strey, who are down 3% this year.

What makes Coldwell Banker so successful? Our agents are the best in the field, and able to offer top real estate knowledge. Besides the prestigious agents, our brokerage offers multiple benefits that help you as a buyer or seller. For starters, we use marketing to the full advantage. We utilize multiple listings sites, such as Zillow and Trulia, in order to get your home as much exposure as possible. The more exposure, the more people become interested, which in turn will help find a buyer faster.

Coldwell Banker Residential Brokerage uses a tool called HomeBase intouch, which allows us to receive and manage updates on all listings. There are no referral fees associated with this service. This integrated program allows us as realtors to stay as up to date as possible on all listings.

Did you know that Coldwell Banker is a global company? No matter where you’re looking to buy or sell a property, Coldwell Banker can help. We have over 82,000 sales associates and brokers; in over 50 counties and territories. This expansive network of realtors is sure to find you the perfect home, no matter where you are looking to buy.

Our client testimonials at the Gracik Makinney Group speak for themselves. The client is our top priority. Our number one goal is to make your real estate experience a great one. We are a competitive team looking to find you your ideal match, whether you’re a buyer or a seller. More Elmhurst homeowners and purchases are choosing Coldwell Banker for their real estate needs in 2013, stop in and see why! Visit our office at 190 North York Road, and let’s see how we can serve you. If you prefer, give us a call at 630-441-5570. Let’s continue making Coldwell Banker number one!

Elmhurst IL Open Houses for Sat. & Sun., July 20-21

by Thomas Makinney

 

 

 

 

 

 

Address:  634 Hillcrest Ave

City:  Elmhurst

Price:  $585,000

Scheduled for:  Sunday, 7/21, 2 pm

 

 

 

 

 

 

Address:  249 St. Charles Rd

City:  Elmhurst

Price:  $699,900

Scheduled for:  Sunday, 7/21, 2 pm

 

Address:  3N311 Emroy Ave

City:  Elmhurst

Price:  $345,000

Scheduled for:  Sunday, 7/21, 1 pm

 

Address:  658 S Saylor Ave

City:  Elmhurst

Price:  $348,000

Scheduled for:  Sunday, 7/21, 1 pm

 

Address:  570 S Berkley Ave

City:  Elmhurst

Price:  $399,990

Scheduled for:  Sunday, 7/21, 1 pm

 

Address:  161 W Jackson St

City:  Elmhurst

Price:  $475,000

Scheduled for:  Sunday, 7/21, 1 pm

 

Address:  393 N Shady Ln

City:  Elmhurst

Price:  $550,000

Scheduled for:  Sunday, 7/21, 1 pm

 

Address:  452 S Kenilworth Ave

City:  Elmhurst

Price:  $650,000

Scheduled for:  Sunday, 7/21, 1 pm

 

Address:  383 S West Ave

City:  Elmhurst

Price:  $699,900

Scheduled for:  Sunday, 7/21, 1 pm

 

Address:  180 N Highland Ave

City:  Elmhurst

Price:  $814,900

Scheduled for:  Sunday, 7/21, 1 pm

Cutting Electricity Costs in Elmhurst

by Thomas Makinney

Elmhurst is in full swing summertime, with high temperatures, vacations, and weekly barbeques. Most of us try to beat the heat by cranking our air conditioner down to keep the house cool. The air conditioner becomes a summer staple, a necessity to make the house a bearable temperature. The cool air does nothing to help with the shock that comes with the increased electricity bill though.

If you’re one of the many Elmhurst residents looking to lower your electric bill, look no further. This predicament can simply be solved by installing a new energy saving system. Known as the Nest Learning Thermostat, the device manages your air conditioner system efficiently. The Nest Learning Thermostat is an advanced programmable thermostat. It has a variety of features, but remains easy to use. Popular features include auto-schedule, auto-away, and the remote control. The thermostat is so dynamic that it is able to create a personalized schedule for you, based on how you change the temperature throughout the day. It will continually adapt to your schedule.

Auto-away is a great cost saving feature. The device will sense when no one is there, therefore not conditioning the empty home. The remote control feature allows you to control the system from your mobile phone, tablet, or computer.

The Nest system is gaining such popularity because of its sleek design and intuitive ability. It will literally make a schedule for you, therefore lowering your utility bill costs. It doesn’t get much simpler than that. According to the company’s website, the system is installed in 30 minutes or less. Setup includes inputting answers to a few basic questions such as how warm or cool you like your home when you’re there, and how warm/cool you want the home to be when you aren’t there. The device will alert you when you’re saving energy by showing a green leaf on the monitor.

This small investment can lower your utility bills year round, not just in these hot summer months. Just another way to improve your Elmhurst home! For more home or real estate information, contact the Gracik Makinney Real Estate Group at 190 North York Road here in Elmhurst, or give us a call at 630-441-5570.

Elmhurst IL Open Houses for Sat. & Sun., July 13-14

by Thomas Makinney

Address:  725 N Geneva Ave

City:  Elmhurst

Scheduled for:  Sunday, 7/14 at 1:00pm

Price:  $269,900

 

Address:  940 Hillcrest Ave

City:  Elmhurst

Scheduled for:  Sunday, 7/14 at 1:00pm

Price:  $277,500

 

Address:  288 S Oakland Ave

City:  Elmhurst

Scheduled for:  Sunday, 7/14 at 1:00pm

Price:  $299,000

 

Address:  903 S Spring Rd

City:  Elmhurst

Scheduled for:  Sunday, 7/14 at 1:00pm

Price:  $318,500

 

Address:  136 N Pine St

City:  Elmhurst

Scheduled for:  Sunday, 7/14 at 1:00pm

Price:  $375,000

 

Address:  760 S Bryan St

City:  Elmhurst

Scheduled for:  Sunday, 7/14 at 1:00pm

Price:  $375,000

 

Address:  361 E South St

City:  Elmhurst

Scheduled for:  Sunday, 7/14 at 1:00pm

Price:  $379,000

 

Address:  265 S Boyd Ave

City:  Elmhurst

Scheduled for:  Sunday, 7/14 at 1:00pm

Price:  $425,000

 

Address:  612 S Spring Rd

City:  Elmhurst

Scheduled for:  Sunday, 7/14 at 1:00pm

Price:  $429,900

 

Address:  161 W Jackson St

City:  Elmhurst

Scheduled for:  Sunday, 7/14 at 1:00pm

Price:  $475,000

 

Address:  862 S Cambridge Ave

City:  Elmhurst

Scheduled for:  Sunday, 7/14 at 1:00pm

Price:  $619,000

 

Address:  383 S West Ave

City:  Elmhurst

Scheduled for:  Sunday, 7/14 at 1:00pm

Price:  $699,900

 

Address:  851 S Kearsarge Ave

City:  Elmhurst

Scheduled for:  Sunday, 7/14 at 1:00pm

Price:  $799,000

 

Address:  456 N Highview Ave

City:  Elmhurst

Scheduled for:  Sunday, 7/14 at 1:00pm

Price:  $799,900

 

Address:  418 S Prospect Ave

City:  Elmhurst

Scheduled for:  Sunday, 7/14 at 1:00pm

Price:  $885,000

Elmhurst's Newest Famous Person

by Thomas Makinney

York High graduate Brittany Smith became the newest member on the list of Famous People from Elmhurst by being named Miss Illinois 2013. The former Miss Northern Suburbs won the talent competition by performing the Irish step dance “Reel Around the Sun” and will go on to represent the state of Illinois in the Miss America competition to be held in September in Atlantic City. There were a total of 33 contestants in the pageant.

Brittany, a medical assistant from west suburban Elmhurst, was born and raised right here in Elmhurst. She developed her interest in Irish dancing while in high school at York, and has competed at the regional, national and international levels. In 2007, Brittany placed 36th in the Scotland World Championships. She has performed at the Indy 500, and also had the honor of leading the 2011 Macy’s Thanksgiving Day Parade. She is currently a professional dancer with the Chicago Rush Adrenalin Dance Team.

A 2012 graduate of Purdue, Brittany was awarded a degree in Health and Kinesiology. Her interview question during the pageant dealt with the under-representation of women in the sciences and engineering. Her answer highlighted the need to encourage more women to enter these fields, and support their choices. She included herself as an example, and described her plans to pursue graduate study as a Physician Assistant. According to her bio on the Miss Northern Suburbs website, Brittany “hopes to motivate and inspire others to maintain healthy lifestyles, both mentally and physically.

As Brittany’s experience shows, Elmhurst is truly an exceptional place to raise a family. Our small-town values underpin an array of cosmopolitan opportunities giving us the best of both worlds. If you’re ready to make the move to Elmhurst, stop by the office at 190 North York Road, and let’s get the ball rolling. If you prefer, visit our website or give us a call at 630-441-5570. With our local knowledge and professional expertise, The Gracik Makinney Group is the best first step to take on the road to Elmhurst.

Elmhurst - One of Illinois' Best Cities for Families

by Thomas Makinney

As Elmhurst residents, we may appear a bit biased about how great our area is. However, the results are in - Elmhurst has been ranked as one of the best cities to raise a family.

Illinois is a family-oriented state, with its combination of exciting downtown life and quaint small towns. Elmhurst epitomizes Midwestern manners; we have top-ranking schools, and we boast a close knit community.

These qualities, among others, have been researched by NerdWallet, an Internet resource that provides consumers with complete and clear information on a variety of topics. They cover everything from which credit card you should apply for, to how to save money while traveling. This month, they have reviewed the best cities in Illinois for those with young families.

NerdWallet began their search by focusing on some important topics: public schools, affordability, and the town’s economy. They looked into the school systems by taking ratings based on standardized test scores. Higher ratings on testing gave a higher overall score to the public schools.

NerdWallet then researched if the average family could afford to live in the city. To do so, they studied homeownership, mortgages, real estate taxes, utilities and other monthly bills. The lower the cost, the higher the overall score. Whether or not the town itself is prospering was a factor, because they wanted to make sure the town was growing in wealth, not dwindling. Higher incomes gave the area a higher overall score on the NerdWallet rating system. They researched a total of 124 Illinois cities, towns, and villages, all with at least a population of 20,000.

So where did Elmhurst rank? We’re pleased to announce that Elmhurst came in 9th in the NerdWallet study. As the report states, the schools in Elmhurst have some of the best support available. Businesses are thriving; small shops are able to stay afloat with the small business grant program. Nearly 80% of grant recipients are still running since the program began over 11 years ago!

Elmhurst had a school ranking of 9 out of 10. The fact that many teachers have been here for more than 11 years also boosted the school rating for NerdWallet. Monthly home owner costs were said to be $2,443, with the median income at $87,935. The community has seen nearly a 26% growth from 1999-2011. These ratings gave Elmhurst an overall score of 62.41 for the NerdWallet study.

Other Illinois cities that made the list include Geneva, New Lenox, and Edwardsville. For the full article, have a look at NerdWallet's site. At the Gracik Makinney Group, we agree that Elmhurst is a fantastic place to raise a family. If you’re looking to buy a home in the Elmhurst area, don’t hesitate to contact us. Give us a call at 630-441-5570 or drop by our office at 190 North York Road, right here in Elmhurst.

Displaying blog entries 1-8 of 8

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