Elmhurst real estate news & market updates

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For Sale: $1,175,000

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April 2015 Elmhurst Real Estate Market Update!

Elmhurst Market Statistics for April

Prior 12 months property sales increased from 554 in 2014 to 597 in 2015.  April 2015 property sales vs April 2014 property sales increased from 35 to 59 homes sold. Prior 12 months average sales price increased 6.1%, from $456,163 in 2014 to $480,729 in 2015.  The April Average Sales Price decreased 5.5%, from $464,051 in April 2014 to $438,350 in April 2015. The April 2015 vs. April 2014 median price decreased 9.6%, from $415,000 to $375,000. The April Average Days on Market (DOM) decreased from 250 in April 2014 to 244 in April 2015.

The April 2015 MSI of 7.05 months was at its highest level compared with April of 2014. 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 April 2015 Selling Price vs. List Price of 96.4% increased 1.5% from 94.9% in April of last year.




Optimism for First Time Buyers

In March 2015, first-time homebuyers comprised around 30 percent of existing home sales, almost the same as in recent months and last year at the same time (29 percent in February 2015; 30 percent in March 2014). This data was supplied by the March 2015 REALTORS® Confidence Index Survey.

First-time buyers benefited from recent steps to make credit more obtainable and mortgages more affordable (e.g., lower FHA mortgage insurance, 3 percent down payment GSE-backed loans, and easier standards and clarity regarding lender buyback of loans they originate).

First time buyers represented about 33 percent of all homebuyers based on data from NAR’s 2014 Profile of Home Buyers and Sellers (HBS). This survey covers primary residence homebuyers and does not include investor purchases; it does include both existing and new home sales.

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 five 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 make your home look up to date. Neutral colors work best because they appeal to the most 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 your house 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 very important to the overall appeal of your home. Add planter boxes underneath for 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 the best price possible.

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!

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