Elmhurst real estate news & market updates

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Elmhurst Real Estate Update By Tom Makinney Jr.

Elmhurst Market Statistics for February

Prior 12 months property sales increased from 566 in 2014 to 570 in 2015.  February 2015 property sales vs February 2014 property sales decreased from 27 to 23 homes sold. Prior 12 months average sales price increased 3.7%, from $460,633 in 2014 to $477,699 in 2015.  The February Average Sales Price increased 3.7%, from $505,856 in February 2014 to $524,670 in February 2015. The February 2015 vs. February 2014 median price decreased 1.5%, from $426,500 to $420,000. The February Average Days on Market (DOM) decreased from 126 in February 2014 to 115 in February 2015.

The February 2015 MSI of 8.86 months was at its highest level compared with February 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 February 2015 Selling Price vs. List Price of 93.0% decreased 4.8% from 97.7% in February of last year.

                

 

Interesting News for Buyers on the Fence

 

If you are casually browsing all the new listings this Spring season has to offer, now may be the time to take the next step. 

A statement released by the Federal Reserve suggests that buyers on the fence could still get in before we see a hike in interest rates.  The first rate hike in ten years could come later in the year, which is actually later than earlier projections of an increase in June. 

While these are just predictions and not fact, the Federal Reserve and the US central bank have arrived at this likely conclusion after considering the potential of wage growth and unemployment numbers continuing to drop, resulting in inflation that would trigger an increase in rates.  This news should encourage the casual listing browsers to make their move and get in while rates are this low, or they could be kicking themselves in 2016.

If you are ready to take the next step, now is a great time. Give the Gracik Makinney Group a call at 630-441-5570, or visit us on the web at www.MariaandTom.com to check out all the great new properties hitting the market in the Elmhurst area. 

Real Estate as an Investment

Today's low interest rates and stabilized home prices have created some great investment opportunities!  Investing in real estate has unique advantages over other types of investments:

  • Interest in mortgage loans are tax-deductible.  Investors can lower their tax liability while increasing their equity. 
  • Renters pay down your mortgage loan.  Investors reap the benefits of rental income, which offsets your mortgage cost and build equity. 
  • Real Estate values increase over the long term.  Real Estate is limited and will always be in demand.  
  • 1031 exchanges are available to defer taxable income when you are ready to sell.

Many investors are taking advantage of these great market conditions. Have questions? Give us a call. We are happy to help!

   
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