Real Estate Beat:
March Real Estate Transactions
March was another great month for home sales in Galewood.
According to MRED (Midwest Real Estate Data) the average market time for a single family Galewood home is just 37 days. The short market time, in addition to the limited inventory of homes on the market, indicates we’re still in a “seller’s” market indicating that prices are still steadily on the rise. The number of remaining short sales and foreclosures is still down significantly, only accounting for a few recent sales
Mortgage rates are still at historical lows, but expected to rise later this year, if you’ve been “on the fence” as to whether to put your home on the market now. Each year, more homes sell in May, June, July and August than any other four months of the year. You want to make sure your house is available for sale during peak selling season. If you are thinking of selling this year, contact me for a comparative market analysis of your home today.
MARCH GALEWOOD HOME SALES:
2243 N Nagle Avenue
4 bedroom, 2 baths
Sold for $220,000 on March 21
6404 W Dickens Avenue
4 Bedrooms, 2 baths
Sold for $220,000 on March 12
1704 N Newcastle Avenue
4 bedrooms, 3 baths
Sold for $231,500 on March 19
SOLD IN 4 DAYS
1728 N Newcastle Avenue
4 bedroom, 3 baths
Sold for $360,000 on March 13
TO SELL OR NOT TO SELL:
An influx of homebuyers and a lack of housing inventory has early predictors naming this spring season a seller’s market. This is fantastic news for those looking to sell because it often means more offers at or above the asking price. However, since most sellers are also searching for their next home, many find themselves hesitating for fear that they won’t have a place to live once the sale is complete.
In a perfect world, the sale of your current home and the closing of your new home would be timed perfectly. Unfortunately, this is not usually the case. Before you make the decision to list, meet with a real estate professional. They can help you figure out the conditions in your hyperlocal market, as well as the community in which you would like to relocate.
Use this information to create a plan that encompasses multiple scenarios, as well as solutions that will help you achieve your real estate goals. For example:
- If you decide to sell your home before you purchase a new one, you can negotiate to rent it back from the buyers. This is a short-term option, as a rental lasting longer than 60 days becomes an investment property.
- If you purchase a new home before you sell your existing property, you can speak to a lender about qualifying for a bridge loan, a financing option that combines your payments for your current home and your next home into one loan.
- If you have a purchase contract on your current property but the closing on your new home is moving along at a faster pace, have your broker associate write in a home close contingency. This is a provision in a contract that makes the buyer purchase offer contingent on the sale of their own home.
It’s very common for move-up buyers to face this chicken-or-the-egg dilemma. If you’d like to discuss what is best for you and your real estate needs, please contact me.
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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