Elmhurst real estate news & market updates

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July 2016 Elmhurst Real Estate Market Update!

Elmhurst Market Statistics for June

Prior 12 months property sales decreased from 608 in 2015 to 587 in 2016.  June 2015 property sales vs June 2016 property sales increased from 80 to 62 homes sold. Prior 12 months average sales price increased 4.7%, from $490,605 in 2015 to $513,481 in 2016.  The June Average Sales Price increased 8.8%, from $490,566 in June 2015 to $533,517 in June 2016. The June 2015 vs. June2016 median price decreased 5% from $422,450 to $443,585. The June Average Days on Market (DOM) increased from 64 in June2015 to 87 in June 2016.

 

The June 2016 MSI of 4.75 months was at its highest level compared with June of 2015. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. Remember, 5.5 months is considered a “balanced” market by most.

 

The Selling Price vs Listing Price reveals the average amount that Sellers are agreeing to come down from their list price. The lower the ratio is below 100%, the more of a Buyer's market exists; a ratio at or above 100% indicates more of a Seller's market. The June2016 Selling Price vs. List Price of 95.8% decreased .8% from 96.6% in June of last year.


Proposed Elmhurst Indoor Sports Facility

Elmhurst is taking its first official step toward getting an Indoor Sports Facility. If you’ve always dreamed of having an indoor turf field, swimming pool, ice facility or gymnasium, you might get your wish.

The City of Elmhurst and the Park District have officially hired Convention Sports and Leisure International (CSL), a planning and advisory firm, to look into the demand and feasibility of an indoor facility.

CSL conducted a survey of residents and non-residents to determine if there is enough interest and demand to support this type of facility, both operationally and financially. Results will be revealed at the end of August.  

The City and Park District are trying to target what components would be the most useful as well as gauge what types of funding respondents would support to operate such a facility. Results should determine either the possibility of the facility providing sufficient revenues to warrant development or if additional tax funds need to be raised and/or partnerships explored with other organizations.

CSL will also be interviewing potential user groups, educational institutions, and business leaders to further determine anticipated usage of the facility.

CSL’s report will include a cost, demand, and space analysis as well as proposed size and location of facility, what sports and amenities should be included, and anticipated operational structure. At that point the City and Park District will determine their next steps, if any.

Elmhurst continues to grow in exciting ways, and the Indoor Sports Facility joins the Centre for the Performing Arts as potential community venues. Contact us with any questions -- we love to talk about what makes our city so great!

 

The Price Is Right ... Or Is It?

If you are planning to put your home on the market -- especially in an area with rising prices and stiff competition -- it can be tempting to list your property at a high price hoping that you'll actually get it. It sometimes works with cars, why not with homes?

Don’t do it. Selling homes and automobiles are very different things.

Experienced Realtors who've handled dozens, scores, or hundreds of transactions will advise you to price your home appropriately from the start in order to get your home sold quickly and at the best price.

Research backs up what experienced Realtors know: Overpricing a home and then lowering the price a few times afterwards usually leads to a final sales price significantly below what you originally should have asked for it. To make matters worse, the longer a home remains on the market, the deeper the discount is likely to be off the original price. Ouch!

How to price your home correctly

Homeowners sometimes seek to price their home based on factors like the price they paid, the balance owing, or on the profit they need to buy another house or reach their financial goals. These motivations are perfectly understandable but in reality the value of your home is what the market will bear. Here's the problem: If a property is overpriced, some potential buyers will never look at it -- and having no one show up to see it is a pretty clear message from the market. Others may view the home but fail to make an offer.

So, what can you do? Choose a Realtor who can provide a strong comparative market analysis (CMA) and who knows your local area intimately. Some agents may attempt to woo you with an inflated price -- it probably happens every day somewhere -- but in the end the market speaks clearly. Choosing an experienced Realtor who understands market-driven pricing will be a choice you won't regret.

Your Realtor's CMA should include sales prices for similar properties sold nearby recently, prices for currently listed homes (i.e., your competition), and prices of homes that were taken off the market because they didn’t sell.

If the price is right from the beginning, it usually means not only a faster sale, it typically means more money in your pocket.

Have any questions? Give us a call. We are happy to help!

 

 

 
 
   
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