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Health & Fitness

Darien Real Estate Report: Single Family Homes on the Rise

Housing prices are rising in the western suburbs—including Darien.

As I predicted last year, Chicago's  west suburban housing market and particularly Darien home prices are inching up steadily. 

This is a bustling spring home buying season, and I am very happy to see more and more people out and about looking at homes. Clearly this is a great sign that our economy is slowly bouncing back.  

But middle-income America is having to tighten its belt. This means not spending as much frivolously anymore and making smarter money choices. Every penny counts lately, and spending wisely is on the top of the list. Many people are evaluating how they spend and whether it's a good time for them to invest in a home, too, rather than rent.

Find out what's happening in Darienwith free, real-time updates from Patch.

My question to that is: Why pay rent when you can own?

Everyone knows it's a great time to buy. With average rental rates in the upper $1,200-$1800/month range (and most don't include heat and electric, so add another $200), doesn't it make sense to buy now and put that money toward YOUR home instead of someone else's?

Find out what's happening in Darienwith free, real-time updates from Patch.

The  smart buyers know that these interest rates won't last, and they are out there house hunting—buyers out there that are ready, already pre-approved and have a great downpayment. They are anxious to find thier dream home and don't want to miss an opprtunity or the great deal that got away.

Facts About Today's Smart Home Buyer:

1. Start's watching the market well in advance of making a purchase

2. Is very savvy on community and area home prices and what they can get for thier money

3. Doesn't delay on acting when they find a home they like; they want turn-key and move-in ready

4.  Submits a contract the same day or within three days of showing.

This is the last year for these home deals, and today's homebuyer knows it.

The below chart indicates homes priced from $250,000 and up and includes days on market, median SP/LP and shows a marked increase in the sold comparables from seven to 12 months ago to the current three months.

7-12 Months Prior    4-6 Months Prior    Current-3 Months Prior    Total # of Comparable Sales 31  12  12  Absorption Rate (# Sales / # Months) 5.17  4  4  Total # of Comparable Active Listings 73  65  90  Months of Housing Supply (Total # of Comparable Active Listings/Ab. Rate) 14.13  16.25  22.5    7-12 Months Prior    4-6 Months Prior    Current-3 Months Prior    Sold Comparables Median Sale Price $317,000  $317,250  $357,250  Sold Comparables Median CDOM 76  143  161  All Comparables Median List Price $389,000  $369,900  $371,450  All Comparables Median CDOM 108  185  109  Sold Comparables Median SP/LP Percentage 95.16  94.14  92.71 

 Source: MRED - MLS

So if you're getting ready to sell your home, make sure to declutter, and remove old and worn furniture, carpets and curtains—doing small things can bring you more money for a few hours work and catch a homebuyer's eye!

Got a question on the local real estate market? Submit it to cmoscinski@ehousehuntonline.com!

For free CMA for your home's value, contact Christine at 708-369-8094

Darien, IL DEMOGRAPHICS 

Christine Moscinski is a broker associate/realtor at ERA TEAM FEINSTEIN LLC in Hinsdale, IL, and regularly reports on the local real estate market. Visit her blog at www.ask-the-realtor.com for more real estate news and market reports!

Ready to buy or sell contact her today!  FREE HOME SEARCH

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