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so you know what buyers will pay for your home in today's market. You
may also call me at (630) 674-2051 for a FREE home buying or selling
consultation to answer any of your real estate questions.
With the year about to end, we thought we would take
the time to look back on 2014 and recap all the things we saw in
Naperville real estate.
The best way to see
what changed in our market over the last year is to compare it with
2013. The difference in sales price since last year is pretty
substantial - we've seen a rise of $17,000 in average sales price, from
$218,000 in 2013 to $235,000 this year. If you're a homeowner in
Naperville, this means your home value has risen by as much as 8% over
the last year alone!
The total number of sales in the high-end market increased by 25%, as
an extra 70 homes sold in 2014 over 2013. Interest rates have been
anywhere between 3.75% and 4.75% over the course of the year, generally
staying pretty stable.
The dwindling number of foreclosed properties for sale over the last year have been significant, and their prices have gone up.
Short sales are also a much smaller part of the market. All these
things indicate a healthy recovery from the crash years ago and a market
that is getting close to where it was pre-recession.
In other news, the lending guidelines, and compliance rules in general, have been tightening. This
means acquiring your mortgage is not always easier. However, if you're
qualified and working with a great lender, we're going to get the job
done in a timely manner. Getting all the documents to your lender on
time, getting pre-approved, and working with a lender that's local is
very important to do.
We're looking forward to another great market in 2015, as we expect as good, if not better, conditions in the new year. If
you have any questions about changing conditions and what you can
expect next year, don't hesitate to give us a call or shoot us an email.
We would love to hear from you!
