Navigating Multiple Offers

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When you find the home of your dreams and make the decision to make an offer, the last thing you want is to discover that you’re in competition with another buyer for that home. But it happens, especially during the busy spring market season. Despite what your thermometer is telling you, the spring market for real estate has arrived. Traditionally, we see the most market activity—new listing and homes under contract—during the months of February, March, April and May than any other four-month period in a given year. In 2016, 290 homes went under contract during the spring season in Elmhurst, accounting for 42% of all homes going under contract for the entire year. When a fast-moving, competitive market occurs at the same time as low inventory (Elmhurst’s inventory is currently at 4.4 months, the lowest it has been since the market recovered) it is not uncommon for a buyer to be involved in a multiple-offer scenario.

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All data from MRED. Data deemed reliable but not guaranteed. InfoSparks © 2017 ShowingTime.

Defining Multiple Offers

  • Multiple offers occur when a seller has received offers on their home from two or more unique buyers at or near the same time.
  • The seller has several options on how to proceed including accepting an offer, negotiating or rejecting all offers.

  • One common response for a seller is to request a “highest and best” offer from all parties. Highest and best is the highest price the buyer is willing to pay along with the best terms (earnest money, closing date removal of contingencies) they are willing to offer.

Preparing for the Multiple Offer Scenario

  • Work with a professional Realtor who will look out for your best interests and keep their pulse on the market.
  • Start your search months before you plan to move. It is not uncommon for multiple offers to occur on new listings that are aggressively priced.  If you’ve done your homework, you’ll be able to recognize such a property and act faster than your competition.
  • Choose your team wisely.  Along with your real estate pro, have your preapproval from your lender and have your real estate attorney, inspector and loan officer on call. If you are in a multiple offer situation, you’ll rely on your team from offer-writing through closing.
  • Have a plan to leave work early, take a long lunch or have childcare on alert. When your Realtor tells you a great property hit the market, be ready to drop everything to go see it.
  • Craft a perfect offer. Based on the market trends and recent comps, present the seller the highest price you are willing to pay.  Be ready to consult with your advisors (your Realtor, lender, attorney and friends and family) about the benefits and risks associated with negotiating terms. Terms (the other components of your offer) include increasing earnest money, being flexible on the closing date, letting a seller keep certain fixtures or keepsakes, or removing the protection of a mortgage loan contingency along with numerous other factors.
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All signs point to a strong real estate market in 2017. If you find yourself ready to put an offer in for your dream house, you may find that you’re not the only one dreaming of that home. Be in for the win by being prepared and working with your team of professionals. Contact us today to learn more.

Welcome LW Reedy’s New Neighbors!

We feel a bit like the old man on the block, having been here in Elmhurst for 65 years. We’ve watched Elmhurst change quite a bit over these past 65 years. But today, we’re excited to welcome our new neighbors.

Just around the corner, we welcome both Red Arrow Tap Room and Gloria Jean’s Coffees. How convenient to have a place to stop for coffee on the way to visit us in the morning AND a place to stop for a beer or some BBQ to celebrate after your closing! Gloria Jean’s took the place of the uptown Elijah’s Specialty Coffee and Tea (Elijah’s south Elmhurst location is still operating) while Red Arrow moved in right next door to the old Uptown Shop location. Red Arrow offers a unique drinking experience with 48 self-serve taps featuring independent craft beer from the Midwest.

 

 

Our next door neighbors are not the only new restaurants in town. We’re also pleased to welcome more new dining establishments to Elmhurst, some are already open, others coming soon:

 

 

We’re excited to see the changes being made to Bok Cho Asian Kitchen, formerly known as Wok ‘n’ Fire, and to Doc Ryan’s.

As the old man on the block, we are excited to see changes abound in Elmhurst. New restaurants attract new buyers to our wonderful town, increasing the value of homes for our Elmhurst homeowners. Check out our new neighbors. And be sure to let us know what you think!

The View from 101 York – February 2017

Love is in the air! Are you looking for some unique ways to celebrate Valentine’s Day this year? Or simply some fun activities to fill the time when it’s still so cold outside? From fun events for kids to fun for you and your friends, there’s plenty of things to do listed in our February edition of The View from 101 York.  

Valentine’s Celebrations

Valentine’s Day with Tannins – with dark chocolate sampler or warm lava cake
February 11 and 14
Tannins Wine Bar, Elmhurst

Drury Lane Valentine’s Dinner 
February 11
Drury Lane, Oak Brook

Morton Arboretum Valentine’s Dinner 
February 12 and 14
Morton Arboretum, Lisle

Brookfield Zoo Valentine’s Brunch 
February 12
Brookfield Zoo

Wine Ed: Chocoholics Anonymous 
February 12
Lynfred Winery, Roselle

Fun for Kids and Teens

 

Rock and Mineral Identification
February 4, 25 and March 11
Lizzadro Museum of Lapidary Art

Rockin’ Jewelry for Kids
February 4 and March 11
Lizzadro Museum of Lapidary Art

Elmhurst Rugby – Informational Meeting
February 7
Elmhurst Public Library

FREEze Day – Free Admission at Brookfield Zoo
February 12
Brookfield Zoo

Performances

 

Frank Sinatra – A Musical Journey
Feburary 10
Belushi Performance Hall – College of DuPage

 

The Illusionists – Live From Broadway
February 21 to 26
Oriental Theater, Chicago

 

The 50th Annual Elmhurst College Jazz Festival
February 23 to 26
Elmhurst College

Art Around Town

 

Watercolor Workshop with Judie Anderson
February 11
Elmhurst Art Museum

Artist Talk: Alberto Aguilar
February 16
Elmhurst Art Museum

Art from Elmhurst College’s Jazz Festival
February 18 to April 30
Elmhurst Art Museum

2016 Market Recap

The 2016 housing market in Elmhurst showed continued steady, healthy growth, extending the stable improvements we’ve seen over the past 3 years and consistent within national MLS data.

Average sales prices continued on a steady rise, which tells us that we have a strong Elmhurst market, a place people want to buy homes and live. Elmhurst’s average sales price increased 9.2% from $459,300 to $498,947 over the previous year, which was a significant amount higher than 3.8% achieved by the MLS as a whole.

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The number of closed sales in Elmhurst is down 5% compared to 2015, which is consistent with the national housing market. While there is a slight decrease, the number of closed sales per 12-month period has been steady at around 700 for the past 3 years, which indicates a stable market. 

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The Months Supply of Homes for Sale and Average Market Time data indicate strong demand for homes in Elmhurst.

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As we wrap up a strong and healthy housing market in Elmhurst in 2016, we look toward the coming year. What can homeowners expect in 2017? Here is what some of our favorite experts foresee:

  • Illinois Association of Realtors shares predictions from Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois: “Supply continues to be a problem, but prices of both regular and foreclosed properties increased, and the forecasts suggest that these trends will continue into the first quarter of 2017.”
  • According to the Realtor.com 2017 forecast, “the 2017 housing market will be a year of slowing, yet moderate growth, set against the backdrop of a changing composition of home buyers and a post-election interest rate jump that could potentially price some first-timers out of the market. Inventory is currently down an average of 11 percent in the top 100 metros in the U.S. The conditions that are limiting home supply are not expected to change in 2017. Median age of inventory is currently 68 days in the top 100 metros, which is 14 percent – or 11 days – faster than U.S. overall.”
  • Realtor.com predicts moderate growth in sales and average sales price for the Chicago Metro area.
  • According to Crain’s Chicago Business,  “Baby boomers heading into their sixties and millennials in their late twenties and early thirties are the “bookend generations, who together can make a big difference in how Chicago’s housing recovery goes this year,” said Jonathan Smoke, the chief economist for RealtorDOTcom, after speaking at a recent Chicago Association of Realtors market outlook event.”

What do we think? Well, despite some modest reports for the real estate industry in Chicagoland, Elmhurst continues to see healthy appreciation, which we expect to continue in 2017.  Elmhurst’s unique blend of strong schools and parks, vibrant downtown and accessibility to O’Hare Airport and Chicago continue to attract buyers of all ages and needs and that should continue in 2017. Be sure to subscribe to our blog and follow us on Facebook to receive our quarterly market updates.

Four Common Misconceptions About Real Estate Transactions: Part Three—Home Insurance vs. Home Warranties

What’s the difference between home insurance and home warranties? Do you need both? Let’s find out. At first, many homeowners think a home warranty is an unnecessary expense and believe they are already covered by their home insurance. However, while both types of protection help you in the event of loss or damage, they cover different issues.

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The difference between home insurance and home warranties becomes clear when thinking through examples of various kinds of peril and damage that can occur to your home and to the items within your home. Here are some examples:

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Understanding the differences between home insurance and home warranty can help you prevent unnecessary expense when the unexpected occurs. With both home insurance and a home warranty, you’re covered.

Wrap-Up

Look for the final installment in our series on four common misconceptions about real estate transactions next month. Next up: understanding earnest money. To learn more, contact us today. We would love to help. To keep up with important housing market updates, follow us on Facebook.

The View from 101 York – January 2017

The holidays are behind us and a new year has begun. What fun winter activities do you have planned? Princess day for your daughters? Foodie fest for date night? Discover fun events in and around Elmhurst in our January edition of The View from 101 York.  

Free Family Fun

Free Days at Museum of Science and Industry free
January 10-12, 16-19, 24-26 and 31
Museum of Science and Industry

Free Family Open Gym
Sundays, January 8 to February 19
Churchville Middle School

Free Family Open Swim
Sundays, January 8, 22
York High School

 

Elmhurst Museums

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Fossil Day

January 7
Lizzadro Museum

Painting Tour: Sense of Place with Tony Abboreno
January 14
Elmhurst Art Museum

 

 

Chicago Events

2017 Cubs Conventioncubs
January 13-15
Sheraton Chicago Hotel & Towers

2017 Chicago Ale Fest – Winter Edition
January 28
Nacy Pier Aon Grand Ballroom

Chicago Polar Bear Plunge
January 28
Oak Street Beach

More Area Fun


Bite Nite – A Foodie Fest Eventbitenight

January 27
Nineteenth Century Club in Oak Park, IL

Crazy For You
Through January 8
Drury Lane Theatre

Elmhurst Symphony Orchestra Concert: 1-2-3-4 Baroque
January 22
Elmhurst Christian Reformed Church

Princess Day at Wilder Mansion
January 29
Wilder Mansion in Elmhurst, IL

 

 

 

 

Elmhurst Then and Now, Celebrating 65 Years

When Larry Reedy, Senior, opened the doors of LW Reedy Real Estate 65 years ago, he probably had no idea that someday his name would be on a Pokémon stop, his grandson would be running the place, and real estate prices would be 20 times what they were that day. Then again, those who knew Larry, Senior may say that he knew it all along.

Larry, Senior knew everyone in town, and everyone knew him. You’d see him cheering on the York cross country team, handing out silver dollars at retirement homes, and tipping his hat to a stranger on the street. His business was built on caring about the people of Elmhurst, a tradition that holds strong with LW Reedy agents today.

While Larry’s legacy of caring about Elmhurst’s residents continues on, much has changed both in Elmhurst and in the real estate industry, and LW Reedy has changed along with it.

Just look around town. Here’s how a few places have changed from when Larry, Senior opened LW Reedy Real Estate in 1951 to today.

  • There used to be a High-Low Foods on St Charles Road just east of Route 83, right about where Whole Foods stands today.
  • Where Buffalo Wild Wings serves up wings and burgers, a clothing store called Ruby’s Family Fashions used to blast Madonna videos to attract teenagers.
  • Back in 1951, if you were shopping for toys, hardware, home décor, appliances or really pretty much anything, you’d stop over at Soukup’s Hardware Store. What’s there now? It’s near the new construction just south of York Classic Cinemas.
  • Can you believe we used to have a Sears on the northwest corner of York and Second Street where Unique Travel Service is now? In 1951, the Elmhurst Sears store had 35 employees and served a 25-mile radius. It closed in the mid-1960’s when Oak Brook Shopping Center opened it’s own Sears.
  • Where you may sit down for a tasty Kung Pao Beef at Red Dragon Restaurant, the Lions Club used to meet for lunch every Monday. Those days, the space was occupied by Cottage Hill Restaurant. When Cottage Hill Restaurant opened in 1929, it served a daily business lunch for just 50 cents! It closed in 1982.
  • There was no skirting the train tracks using the underpass back in 1951. It didn’t exist! How’d you get around the train? You didn’t. You just had to wait it out.

Just like Elmhurst, LW Reedy has changed quite a bit over the past 65 years.

  • Back in 1951, there were just a few people joining Larry, Senior at LW Reedy. These days, LW Reedy serves as a broker for over 90 agents.
  • LW Reedy agents used to meet with buyers and sellers at the office or in their homes to have them sign contracts. These days, most documents are signed via Docusign over the Internet.
  • The MLS launched in the 1950’s. At the time, it was regional and only accessible to real estate agents. As a buyer or seller, the only way you could get information on a home for sale was to talk with a real estate agent. Now national sites like Realtor.com mean basic information about homes for sale can be accessed by anyone with an Internet connection.

What hasn’t changed? Well, in Elmhurst, Hamburger Heaven still serves double deck hamburgers and root beer in the same place it stood when it opened its doors in May of 1948. And at LW Reedy, we still stand for the same values as Larry, Senior did when he opened our doors in 1951. We are grounded in tradition and inspired by innovation. We are a family to our agents, our clients and our community. We can just picture Larry, Senior handing out silver dollars to Pokémon Go players at his Pokémon stop on the Prairie Path just west of Pioneer Park.

Help us celebrate our 65th anniversary by sharing stories about your history in Elmhurst.

Thank you to the Elmhurst History Museum for a website full of information about Elmhurst businesses.

 

Four Common Misconceptions About Real Estate Transactions: Part Two—Appraisals vs. Inspections

 

Appraisals and inspections are often confused with each other, and for good reason. They seem similar. A professional walks through the home, examining similar features and asking similar questions. They’re both examining the condition of the home. But they’re actually very different processes, and understanding the difference can help you as a buyer, a seller and a homeowner.

Let’s start with the similarities.

  • Both appraisals and inspections involve a licensed, certified expert evaluating the condition of your home.
  • Both are common practices with most real estate transactions.
  • Both can significantly impact the home-buying process with their findings.
  • Both review similar features in the home, including the condition of the roof, appliances and flooring.

Understanding the differences between appraisals and inspections can help homeowners benefit from both processes and can help sellers and buyers prepare for the impact on the home purchase/sale process.

 

screen-shot-2016-12-03-at-1-41-32-pmUnderstanding the differences between an appraisal and an inspection can help you understand how to prepare for both kinds of evaluations and how those evaluations can impact the sale/purchase process.

Wrap-Up

Look for a continuation of our series on four common misconceptions about real estate transactions in upcoming issues. Coming soon: the difference between a home warranty and home insurance. To learn more, contact us today. We would love to help. To keep up with important housing market updates, follow us on Facebook.

The View from 101 York – December 2016

You better not cry … or pout. Santa Claus is coming to town. Whether you’re looking for holiday fun in LW Reedy’s home in downtown Elmhurst or in the surrounding areas, we’ve collected a list of fun holiday activities including parties, tree lightings, shopping and musical performances. 

Holiday Fun

Hometown Holiday Family Fun Day 
Dec. 10
Elmhurst City Centre Plaza

Sleigh Rides & Ice Sculptures
Dec. 17
Prairie Path Gazebo, Elmhurst

Elmhurst Art Museum Holiday Party
Dec. 17
Elmhurst Art Museum

Christmas in Elmhurst
Dec. 16 and 17
York High School, Elmhurst

Wonderland Express
Through Jan. 2, 2017
Chicago Botanic Garden

 


Holiday Shopping

christkindlmarketSanta’s Secret Workshop
Dec. 10
Wilder Mansion, Elmhurst

Chirstkindlemarket Chicago
Through Dec. 24
Daley Plaza, Chicago

Chirstkindlemarket Naperville
Through Dec. 24
Naper Settlement, Naperville

 


Holiday Lights


Wilder Park Tree Lightingmorton-illumination

Dec. 8
Wilder Park, Elmhurst

Illumination
Through Jan. 2, 2017
Morton Arboretum, Lisle

Zoo Lights
Through Jan. 1, 2017
Lincoln Park Zoo, Chicago

 


LW Reedy has been serving the Elmhurst community and surrounding areas since 1951. As the largest locally-owned real estate agency in Elmhurst, we have a passion for local news and events.

If you have questions about Elmhurst and the surrounding suburbs and real estate in these areas, we’re your go-to people. Contact us today!

A Silver Dollar for Coach Newton

LW Reedy’s long history of supporting the York Community High School cross country team started soon after Joe Newton’s inaugural season as head coach in 1960. A friend introduced Larry Reedy, Senior, an athlete and all-around sports fan and the founder of LW Reedy Real Estate, to Coach Joe Newton. Larry Senior’s friend, an Elmhurst police officer, had a son on Joe’s team. Knowing Larry Senior would appreciate Joe’s coaching style, he invited him to a cross country meet.

Joe and Larry Senior immediately hit it off, and Larry Senior looked for ways to support Joe’s team, including attending many practices and meets. Larry Reedy Senior become a loyal fan of the team and the coach. When the team won one of their first state championships, Larry Senior wanted to mark the occasion with a special treat. He took the runners and coaches to White Fence Farm to celebrate. Since then the coach and his teams have won state 28 times and come in 2nd place 12 times and 3rd place 6 times.

While the White Fence Farm visit did not become a tradition, another tradition soon took hold. Larry Senior was known for giving silver dollars to people who made an impression on him. He often gave them to people he met in retirement homes, children, and others he found interesting. When Joe’s team won state meets, Larry Senior gave each team member a silver dollar. Sadly, Larry Senior passed away in 1986, but the tradition of handing out silver dollars to the team members in Larry’s honor continues. Leo or Dick Reedy, Larry Senior’s sons, give silver dollars to the team members at the York fall sports awards.

The legacy continues. Fifty-six cross country seasons later, as Coach Newton passes the baton to Coach Charlie Kern, Larry Reedy, Senior’s grandson, also named Larry Reedy (in honor of his grandfather), prepares to celebrate L.W. Reedy’s 65th year in business. As Charlie Kern takes on the head coaching position and Joe Newton ends his last season as head coach, the LW Reedy family continues to support the team.

The entire LW Reedy family and agents wish Joe Newton a happy retirement on behalf of his old friend, Larry Reedy, Senior. Thank you for years of inspiring our local Elmhurst youth to work hard, believe in themselves and achieve their dreams. Coach Kern, we look forward to a future continuing the tradition of the long green line.

For more information about Coach Newton, please visit this article  in the Chicago Tribune, and this interview from GaryCohenRunning.com.