Elmhurst real estate news & market updates

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Elmhurst Real Estate Update By Tom Makinney Jr.

Elmhurst Market Statistics for September

September 2014 property sales vs September 2013 property sales decreased from 54 to 45 homes sold. Prior 12 months average sales price increased 6.1%, from $446,648 in 2013 to $473,791 in 2014.  The September Average Sales Price increased 21.9%, from $437,278 in September 2013 to $533,230 in September 2014. The September 2014 vs. September 2013 median price increased 23.0%, from $357,625 to $440,000. The September average Days on Market (DOM) decreased from 96 in September 2013 to 76 in September 2014.

The September 2014 MSI of 5.87 months was at its lowest level compared with September of 2013. 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 September 2014 Selling Price vs. List Price of 95.4% increased slightly from 95% in September of last year.

 

                   

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Successful home sales rely so heavily on marketing

House hunters are on the lookout 24/7, and being able to show them through a home at midnight or two AM. 

 

House hunters scour the web day and night looking for "the one," and while we can walk them through a home at two AM when they find it, we can give them the next best thing. 

Find the Right Coverage

When purchasing a home, you will need to acquire homeowners insurance. In fact, all lenders will require a policy to be in force prior to funding the loan. Make sure you have enough coverage should anything happen. Policies refer to "replacement costs" that may not cover everything. You should ask your insurance agent a lot of "what if" questions. The deductible amount also plays a big part in setting your premium. Higher deductibles lower the number of claims, and reduce your insurance costs.

Check with your insurance agent for more information on these issues and others. If you don't have an insurance agent, we have access to several top-notch agents to whom we can refer you with confidence.