Monthly Archives: February 2017

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.

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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