Elmhurst real estate news & market updates

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May 2015 Elmhurst Real Estate Market Update!

Elmhurst Market Statistics for May

Prior 12 months property sales increased from 561 in 2014 to 600 in 2015.  May 2015 property sales vs May 2014 property sales increased from 62 to 65 homes sold. Prior 12 months average sales price increased 8.8%, from $449,917 in 2014 to $489,715 in 2015.  The May Average Sales Price increased 18.7%, from $451,875 in May 2014 to $536,066 in May 2015. The May 2015 vs. May 2014 median price increased 26.1%, from $355,000 to $447,500. The May Average Days on Market (DOM) increased from 72 in May 2014 to 136 in May 2015.

The May 2015 MSI of 5.97 months was at its highest level compared with May 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 May 2015 Selling Price vs. List Price of 95.0% decreased .1% from 95.1% in May of last year.

                

 

Mortgage Affordability Update

According to Freddie Mac, the average commitment rate for a 30–year, conventional, fixed–rate mortgage measured below 4.00 percent for a fifth straight month, dropping in April to 3.67 percent from 3.77 percent in March.

Chris Polychron, president of NAR and an executive broker with 1st Choice Realty in Hot Springs, Ark., cautions that closings for some home sales could fall following August 1 and into the autumn as lenders shift to the new closing procedures and documentation that will be required by the Consumer Financial Protection Bureau's Real Estate Settlement and Procedures Act and Truth in Lending Act's (RESPA–TILA) integrated disclosure rule.

According to Polychron, "There likely will be bumps in the closing process while all parties get used to the new requirements." NAR's president also added, "We hope that the move away from the HUD–1 is smooth, but even if only 10 percent of transactions experience closing issues, that's as many as 40,000 transactions a month." In his testimony before Congress on May 14, Polychron advocated for a grace period until the end of 2015 in order to delay enforcement of the new rules until the slower winter months.

Summer Selling Opportunities

Sellers, you have an excellent opportunity to sell your home this season if you have the right pricing strategy in place from the start! Studies show that the longer a property stays on the market, the less the seller will net upon the sale. It is very important to price your property at a competitive market value at the signing of your listing contract. The market is so competitive that even over-pricing by a few thousand dollars could mean that your house will not sell.

 

An Overpriced Home:

· Minimizes offers

· Lowers agents response

· Limits qualified buyers

· Lowers showings

· Lowers prospects

· Limits financing

· Wastes advertising dollars

· Nets less for the seller

 

When you are ready, contact us 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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