Real Estate Beat: Buying/Selling Your Galewood Home in 2015
What a great year 2014 was for Galewood real estate values!
According to MRED (Midwest Real Estate Data) the average sale price for a (Galewood) single family home in 2014 was $223,101, compared to $196,293 in 2013. If you remove short sales and foreclosures from the mix the average price was $252,048.
The (Galewood) condo market is also doing well. The average sale price in 2014 was $91.335, up from $78,736 in 2013.
There was a 2.9 month supply of housing inventory in 2014 compared to 4.3 months in 2013. Lower housing inventory indicates a “buyer’s market” which means that prices can be expected to continue rising. Market prices are driven by supply and demand. If supply is low, demand is usually higher.
Mortgage rates are still at historical lows. This is great news for both buyers and sellers because buyers can afford more and as a result buyers can get higher prices. If mortgage rates increase, buyers will be able to afford less house which normally results in lower prices for homes.
If you’re looking to buy or sell in 2015, here are a few steps you can take to gain a greater advantage in the marketplace:
The best way to attract those new year buyers is to make your home as appealing as possible. That can mean anything from repainting your living room to replacing the hot water heater. You might be hesitant to make costly changes to a home that you are in the process of trying to sell, but consider this: investing approximately one to three percent of the asking price into your home initially often yields a returns of around eight to 10 percent.
Staging is another key component to getting your listing sold faster and for a higher price. The Real Estate Staging Association has released several studies outlining the benefits of staging your property before listing, concluding that it can help homes sell up to 87 percent faster. Just as important to making improvements and staging is securing the services of a professional photographer to capture all of the hard work you’ve done to get your home ready to go on the market.
While you may already be cruising your favorite real estate websites, the most important first step in the home buying process is to get preapproved. Getting preapproved means that a lender has already checked your credit, certified your financial documentation and approved you for a specific loan amount. Make sure to do this before you begin your home search so that you have an idea of how much you can spend. The lender will also be able to recommend steps you can take to improve your credit, as well as situations to avoid that could hurt your chances of getting a loan.
Having a preapproval in place makes you a much more attractive buyer as it demonstrates that you are financially sound. A preapproved buyer is able to close on a home faster, which means your offer may be more likely to be accepted.
If you’re considering buying or selling in 2015, let’s talk. I can help you make a plan and connect you with my real estate team to help you take the steps you need to achieve your real estate goals in the new year.
Robert Perlin, a real estate broker with Baird & Warner, has owned and lived in his beautiful Galewood bungalow since 1999. Robert welcomes your comments, questions or future column suggestions, and is happy to help you with any real estate needs. You can reach Robert at (708) 697-5947 or email Robert or visit his website galewoodhomes.com
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