|
This Month: Mortgage rates are still very volatile, changing up and down
rapidly, and within days. Potential buyers, must lock in any good rates that are
quoted to them, otherwise , those rates may be much higher, at the time of
funding. After about one year of uncertainty, we are experiencing major price
drops at all price levels, as the average price continues to drop and the
average time required to sell a property is the highest we have seen in about
5 years.
Prices in Villa Park, per Sq. ft, were about $360 in January,
 and
$357 by the end of May. 0% change. However, it is taking a lot longer to sell
most properties on average.
approximates |
DOM |
PPF |
Jun 07 |
118 |
$414 |
Jan 08 |
64 |
$360 |
Current |
135 |
$357 |
DOM: Days on the Market
PPF: Sold Price Per Foot
Denise Bassham,
The Real Estate Edge
(888) 780-7809
(714) 944-8499
denise@villaparkrealestate.com
Buy:
I will work on getting you the home that you like, within your budget.
Sell:
Negotiable Commission, Full Service. Most Advanced Marketing Procedures, to
insure your property sells fast at a decent price. Short term listings, cancel
any time for any reason.
|
July 1 to Oct 30 2008
Current Villa Park Real Estate Data
Currently listed |
43 |
Highest Price per sq. foot |
$660 | |
Lowest Price per sq. foot |
$260 |
Average List Price Per Foot |
$422 | |
Homes
in VP that are in Escrow |
3 |
Homes Sold this period |
3 | |
Sold
Price per foot in this period |
$357 |
Average days on the market, this period |
190 |
Average Days on The Market, past six months |
160 |
Homes Sold Last Year (2007) |
39 |
Average Days on The Market, 2007 |
90 |
Average Sales Price Per Foot, 2007 |
$398 |
Average Sales Price Per Foot, 2006 |
$393 |
Price Change year / year |
-5.0% |
| |
Average Mortgage Rate (30yr fixed) |
8.25% | |
Rate
Change Month / Month (%) |
+1.00% |
Rate Change From Last Year (%) * |
+1.25% |
* Average rates in 2007 : 7.5%
How Can this data help you?
A-) if you are thinking of selling, you should consider all the factors, analyze
your own property' age and condition verses the city's average, and conclude a
reasonable selling price per foot. Now, its time to decide whether you are
willing to wait 135 days or so, (the average DOM) or willing to wait more or
less. Then, based on that, price your property by :
1-) + 5% if you are willing to wait up to 180 days.
2-) - 5% if you wish to sell faster than the average.
3-) On target, if 88-190 days fit your life style and plans.
Then of course, employ a realtor that is willing to go the extra mile, and
market your property vigorously, and utilize every form of real estate marketing
possible. (of course I hope to earn your business personally).
B-) If you are in the market to buy, you can use this data, to determine whether
or not, the home prices you are looking at, are within reason, and make your
offers in accordance with the factual data provided. Do not hesitate making any
reasonable offer, on any property, regardless of what the list price is. Most
serious sellers are reasonable and may go with the facts, not the emotion. I would appreciate representing you in your purchase! |
