Real Estate Beat:
Gearing up for the Spring Real Estate Market
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 February 2015 was $264,667, compared to $225,000 a year ago (an increase of 17.6%). The number of remaining short sales and foreclosures is down significantly, only accounting for a few recent sales
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.
RECENT GALEWOOD HOME SALES:
2132 N Newland Avenue
2 bedroom, 2 baths
Sold for $189,000 on February 5
1632 N Newland Avenue
2 Bedrooms, 2 baths
Sold for $265,000 on January 30
1921 N Newcastle Avenue
3 bedrooms, 3 baths
Sold for $270,000 on February 25
1704 N Natoma Avenue
3 bedroom, 1-1/2 baths
Sold for $330,000 on January 29
2125 N Neva Avenue
3 bedrooms, 2-1/2 baths
Sold for $335,000 on February 27
FIVE THINGS TO DO BEFORE PUTTING YOUR HOME ON THE MARKET:
- Have a pre-sale home inspection. Be proactive by arranging for a pre-sale home inspection. An inspector will be able to give you a good indication of the trouble areas that will stand out to potential buyers, and you’ll be able to make repairs before open houses begin.
- Organize and clean. Pare down clutter and pack up your least-used items, such as large blenders and other kitchen tools, out-of-season clothes, toys, and exercise equipment. Store items off-site or in boxes neatly arranged in the garage or basement. Clean the windows, carpets, walls, lighting fixtures, and baseboards to make the house shine.
- Get replacement estimates. Do you have big-ticket items that are worn out or will need to be replaced soon, such your roof or carpeting? Get estimates on how much it would cost to replace them, even if you don’t plan to do it yourself. The figures will help buyers determine if they can afford the home, and will be handy when negotiations begin.
- Find your warranties. Gather up the warranties, guarantees, and user manuals for the furnace, washer and dryer, dishwasher, and any other items that will remain with the house.
- Spruce up the curb appeal. Pretend you’re a buyer and stand outside of your home. As you approach the front door, what is your impression of the property? Do the lawn and bushes look neatly manicured? Is the address clearly visible? Are pretty flowers or plants framing the entrance? Is the walkway free from cracks and impediments?
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 this spring.
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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