Elmhurst real estate news & market updates

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Featured Listing

For Sale: $889,000

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Elmhurst Real Estate Update By Tom Makinney Jr.

Elmhurst Market Statistics for November

Prior 12 months property sales increased from 561 in 2013 to 568 in 2014.  November 2014 property sales vs November 2013 property sales decreased from 39 to 32 homes sold. Prior 12 months average sales price increased 4.7%, from $454,664 in 2013 to $475,664 in 2014.  The November Average Sales Price decreased 8.2%, from $520,156 in November 2013 to $477,565 in November 2014. The November 2014 vs. November 2013 median price decreased 19.3%, from $459,900 to $371,250. The November average Days on Market (DOM) increased from 73 in November 2013 to 117 in November 2014.

The November 2014 MSI of 6.26 months was at its lowest level compared with November 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 November 2014 Selling Price vs. List Price of 90.8% decreased 2.4% from 93.0% in November of last year.

             

 

Ready for Winter?

Winter is one of our favorite times of the year! It's often easy to overlook your home's needs with so much going on. Here is a simple checklist of items that can save you money through the winter: 

  • Check for leaks and drafts around the house. Replace weather stripping and re-caulk around doors and windows. Drafty doors and windows will cool off the house and cost you money in heating bills.
  • Inspect your attic's insulation. Heat rises so adding good insulation can keep the heat from escaping. 
  • Check your heating system. Sometimes something as easy as replacing your filter or having simple maintenance done can save on heating costs.
  • Consider changing from standard light bulbs to energy saving bulbs. Winter uses a lot of your electricity so even saving a little here and there will help.

Whether you live in a warm or cold climate, take this opportunity to inspect your home systems. You'll be money ahead in the long run!

Save Thousands on Interest

Many people ask about bi-weekly payment plans designed to reduce the interest paid out over the course of your loan. These programs help the borrower budget an extra payment a year, and over time this can knock years off the repayment schedule. 

You might be surprised to learn that you can do this yourself without any special programs, simply by submitting an extra principle payment as you are able. By submitting an extra payment, you get the advantages of an early payout, without the extra contractual obligation. Now is a great time to assess your financing options. Contact us today for our list of preferred local lenders!