Elmhurst real estate news & market updates

Featured Listing

Featured Listing

For Sale: $1,075,000

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July 2019 Update,Seller Tips, Pricing

Elmhurst Market Statistics for June

Prior 12 months property sales decreased from 612 in 2018 to 542 in 2019.  June 2018 property sales vs June 2019 property sales decreased from 87 to 54 homes sold. Prior 12 months average sales price decreased 2.4% from $560,965 in 2018 to $547,554 in 2019.  The June Average Sales Price decreased .6% from $600,356 in June 2018 to $596,770 in June 2019. The June 2018 vs. June 2019 median price decreased 4.4% from $462,500 to $442,250. The June Average Days on Market (DOM) increased from 99 in June 2018 to 102 in June 2019.

The June 2019 MSI of 5.5 months was at its highest level compared with June 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 June 2019 Selling Price vs. List Price of 95.1% decreased .8% from 95.9% in June of last year.


Tips for Sellers

When preparing your home for sale, a number of simple cosmetic changes often provide the biggest return on investment. Here are three tips to upgrade your house without breaking the bank:

  • Bring in the light. The right light creates the right mood. Adding lights to dark rooms can make your home feel warm and inviting. Bring outdoor light inside by opening curtains and installing economical suntubes.
  • Create Space. Many of today's buyers are looking for open rooms. Consider removing unwanted walls to make your home feel more spacious. Buyers will often pay a premium to get a bit of extra room.
  • Replace Flooring. Get rid of that old carpet in the den and replace it with today's newer hardwoods and laminates. You don't have to spend a lot to make a big impression!

These simple tips can help you sell your home and take advantage of today's market. Please contact us if you have any questions about selling your home. We are here to help!

 

The price is right … or is it?

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? Choose a Realtor who can provide you with the best comparative market analysis (CMA) and who understands 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 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.

Your Realtor's CMA should include 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. Look for a Realtor with demonstrated experience who 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