Wednesday, November 18, 2015
Thursday, January 29, 2015
2014 Year in Review
2014 proved to be a strong year in real estate for Effingham, Il. Although total sales for 2014 were lower than the previous year, the median sales price was higher and the average days a property was on the market to completion of sale was lower than 2013. I attribute the lower volume of sales to lower inventory levels. Current inventory in Effingham County is sitting at 136 which is low for this area and time of year.
Median sales price increased from $107,500.00 in 2013 to $113,000.00 for year end 2014, a 5.1% increase. I believe as median sales prices increase, that combined with the upcoming spring market and current low interest rate levels will result in a robust spring market provided inventory levels increase as anticipated. Typically as average days on the market decrease we will see an edging upward of median sales price.
The state of Illinois experienced a 6.7% increase in median price from $150,000.00 to $160,000.00. Total home sales for the state were down 4.7% from 2013. The average days on the market throughout the state averaged -6.3% from 80 to 75 days.
There is currently a strong buyer pool looking for homes already this year which should result in an early spring market. If you are thinking of selling or buying a home, call me for a consultation.
Statistical information was obtained from the Illinois Association of Realtors and the Central Illinois Board of Realtors.
Wednesday, January 28, 2015
Staging. A Crucial Part of the Listing Process
Staging a home properly can result in quicker sales with a higher overall sales price. Usually a home can be staged with a minimal amount of time and overhead.
Staging a home is specifically designed to accomplish several things:
1) Make your home feel spacious. Even if a home doesn't have an open floor plan, a spacious feeling can be achieved by eliminating clutter and over-sized/misplaced furniture.
2) Provide a visual purpose for each room. Rooms without purpose can be a big draw back to buyers. Being able to show how a home can be utilized and how a unique space can be highlighted are important tools to provide value and relevance for a home.
3) Create a peaceful and harmonious environment. A buyer is looking for that emotional connection with a home. A house needs to be more than a space with a kitchen, living room, bath and bedrooms. A home is an environment that is calming and welcoming. A buyer needs to be able to walk into a home and "see" and "feel" themselves actually living there. Pet and other unpleasant odors need to be eliminated and replaced with a fresh and welcoming scent.
4) Provide the image of a well kept home. A home that is well kept and clean also creates the perception that hidden mechanics are also in good condition. If a home has been neglected cosmetically, there is a good assumption by buyers that there are other unseen or hidden issues that will also need to be dealt with.
Take a look at the graphic below for interesting statistics about staging. The graphic was compiled and published by the National Association of Realtors.
Staging a home begins at your front door. I would love the opportunity to Stage Your Home to Sell as a part of my listing services package that I provide my clients. I have training and experience staging homes successfully. Call today to set up your consultation!
Wednesday, January 21, 2015
Great Information Below on Mortgage Rates
By Daily Real Estate News
DAILY REAL ESTATE NEWS | FRIDAY, JANUARY 16, 2015
Borrowing costs got even cheaper for home buyers and refinancers this week, as mortgage rates continued to descend.
The 30-year fixed-rate mortgage averaged 3.66 percent this week, the lowest weekly average since May 23, 2013, Freddie Mac reports in its weekly mortgage market survey. What’s more, the 15-year fixed-rate mortgage dropped below 3 percent, also for the first time since May 2013.
Read more: Loan Demand Posts Biggest Leap in 6 Years
"Mortgage rates fell for the third consecutive week as oil prices plummeted and long term treasury yields continued to drop despite a strong employment report,” says Frank Nothaft, Freddie Mac’s chief economist. The unemployment rate has fallen to 5.6 percent, the lowest since June 2008.
This marked the third consecutive week that mortgage rates lowered as bond yield continued to drop despite a strong employment report, Freddie Mac reports.
Freddie Mac reports the following national averages with mortgage rates for the week ending Jan. 15:
- 30-year fixed-rate mortgages: averaged 3.66 percent, with an average 0.6 point, dropping from last week’s 3.73 percent average. A year ago at this time, 30-year rates averaged 4.41 percent.
- 15-year fixed-rate mortgages: averaged 2.98 percent, with an average 0.5 point, dropping from last week’s 3.05 percent average. Last year at this time, 15-year rates averaged 3.45 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 2.90 percent, with an average 0.4 point, dropping from last week’s 2.98 percent average. A year ago, the 5-year ARM averaged 3.10 percent.
- 1-year ARMs: averaged 2.37 percent, with an average 0.4 point, dropping from last week’s 2.39 percent average. Last year at this time, 1-year ARMs averaged 2.56 percent.
Source: Freddie Mac