Elmhurst real estate news & market updates

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Elmhurst Real Estate Update By Tom Makinney Jr.

Elmhurst Market Statistics for October

October 2014 property sales vs October 2013 property sales increased from 46 to 51 homes sold. Prior 12 months average sales price increased 6.4%, from $449,851 in 2013 to $478,576 in 2014.  The October Average Sales Price increased 14.3%, from $416,138 in October 2013 to $475,739 in October 2014. The October 2014 vs. October 2013 median price increased 20.5%, from $332,000 to $400,000. The October average Days on Market (DOM) increased from 73 in October 2013 to 102 in October 2014.

The October 2014 MSI of 5.57 months was at its lowest level compared with October 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 October 2014 Selling Price vs. List Price of 94.2% decreased slightly from 94.4% in October of last year.


Showing Your Home During the Holidays

Selling your home this time of year is not as hard as it has been historically believed to be.  As we discussed last week, buyers who take time out of their holiday schedule and brave the cold and the snow to tour homes are serious buyers.  There are, however, a few things to keep in mind when you’re showing your home to buyers around the holidays. Here’s a list of pointers to prevent Santa from sabotaging your home sale:


Don’t over-do the exterior decorations. Sorry, Griswold! This year is not the year to illuminate the whole block. Too many lights and decorations (outside and in) can make the home look cluttered, masked, and personalized to your family.  You want buyers to see the home as a blank slate, and make it easy for them to envision their own holidays there.  

Do Try to think of your indoor decorations this year as accents, rather than features.

You’ll want buyers to be paying attention to your gorgeous hardwood and noticing the new countertops, not distracted by a life-sized talking Santa or your replica Leg Lamp from a Christmas Story in the front window.  Embrace your minimalist side this time, opt for subtle red bows, and flameless candlesticks for soft lighting and ambiance.

Don’t overwhelm the house with scents.  We know, Yankee Candle makes a Christmas Cookie candle that smells so real you want to eat the wax, but you don’t want to overwhelm buyers with anything, especially something that they could find off-putting or shorten their tour.


Do keep your gifts in a secure and hidden away location.  While its a common tradition to put presents under the tree (even if only for decorative purposes) weeks in advance, you want to keep your home as clutter free as possible.  Clear some room in a closet or the basement for that Red Ryder BB Gun, and the special box marked “FRAG-I-LE.”

Don’t take the height of your ceiling as a challenge to find the tallest tree you can fit. A large tree will take up space and make a room feel smaller than it is, and inversely a small tree can make a room appear larger.

At the Gracik Makinney Group, we want you to have festive and happy holidays without losing potential buyers.  Whether you are considering selling or buying, we are here to help. Visit us on the web at www.MariaandTom.com or give us a call at 630-441-5570.  

The Best Mortgage

Shopping around for a home loan or mortgage will help you to get the best financing deal. A mortgage - whether it's a home purchase, a refinancing, or a home equity loan - is a product, just like a car, so the price and terms may be negotiable. You'll want to compare all the costs involved in obtaining a mortgage. Shopping, comparing, and negotiating may save you thousands of dollars.

The US Department of Housing and Urban Development offers a free brochure to help guide you through this process. Download a free copy today, and please contact us for a list of preferred mortgage professionals in our area.