Elmhurst real estate news & market updates

Featured Listing

Featured Listing

For Sale: $725,000

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April 2019 Update,Welcome Shelly, Pricing a Home

Elmhurst Market Statistics for March

Prior 12 months property sales decreased from 625 in 2018 to 581 in 2019. March 2018 property sales vs March 2019 property sales increased from 41 to 49 homes sold. Prior 12 months average sales price increased 5.6% from $534,858 in 2018 to $564,771 in 2019. The March Average Sales Price increased 3.5% from $538,945 in March 2018 to $557,964 in March 2019. The March 2018 vs. March 2019 median price increased 3.5% from $430,000 to $445,000. The March Average Days on Market (DOM) increased from 119 in March 2018 to 137 in March 2019.

The March 2019 MSI of 9.68 months was at its highest level compared with March of 2018. 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 March 2019 Selling Price vs. List Price of 94.0% decreased 2.5% from 96.5% in March of last year.

Welcome Shelly Valdiserri to the Gracik Makinney Group!

Gracik Makinney Group is thrilled to announce Shelly Valdiserri as our newest realtor team member.

Shelly knows firsthand the challenges and rewards of finding a perfect home and selling a home quickly. She has been in the interior design field for the past 15 years and brings her extensive experience to the real estate field, whether that is staging your home to show off its best assets or helping you see the possibilities and potential of homes you are viewing.

Her experience has given her insight on what sellers can do to get top dollar for their home to encourage a timely sale. Likewise, she can advise buyers about possibilities for making a house a home that works for them along with anticipated pricing. Did we mention she also has experience working in marketing and advertising?

Shelly literally grew up immersed in the housing industry. Her father was a builder and her mother a successful realtor, and she grew up learning the nuances of building homes, remodeling, decorating, and buying properties.

She earns praise from her clients for her energy, enthusiasm, commitment, and resourcefulness. She is known for being proactive and professional and having a positive attitude—a true asset in this business!

Shelly is a long-time resident of the western suburbs. She and her husband raised their two daughters in Elmhurst. They have also lived in Chicago, Hinsdale, Naperville, and Glen Ellyn. She definitely has the insight and knowledge of the area!

Please join us in welcoming Shelly! You can reach out to her (or any of us!) through our website,www.gmregroup.com or contact her directly at (630) 886-8039.

The Price Is Right ... Or Is It?

If you are planning to put your home on the market, it can be tempting to list your property at a high price hoping that you'll actually get it. After all, it can work with cars, why not with homes?

You may want to think twice—the resale of homes and automobiles are very different things.

It's actually more important to price your home appropriately from the outset because it's pivotal to seeing the home sold quickly and at the best price. Research backs this up: Overpricing your home and then lowering the price a few times most often leads to a final sales price significantly below what you originally should have asked for it.

And, 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

Many homeowners seek to price their home based on factors like the price they paid for it, the balance that they currently owe, or simply on the profit they need to buy another house or to meet 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 avoid looking at it at all (and having no one show up to see it is a pretty clear message from the market). Others may view the home but walk away without making an offer.

So, what can you do? At Gracik Makinney, we provide you with a thorough analysis of best comparative market prices, and our realtors understand the area intimately. We know some agents may attempt to woo you with an inflated price, but in the end the market will speak clearly, and choosing an experienced realtor who understands the importance of market-driven pricing will end up being a choice you won't regret.

Our analysis includes sales prices for similar properties nearby that have sold recently, prices for currently listed homes (these will be your competition), and prices of homes that were taken off the market because they didn’t sell. We have demonstrated experience in what can factor in a range of local market issues to produce that all-important first price.

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