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Planning to Sell Your Home Soon? Do This First

Put on your 'buyer hat' and walk through each room of your house with a notebook and a critical eye.  Make a list of all the items that need to be repaired or replaced, and also include things you can do to make your home more appealing.

Evaluate every area of your home, inside and out.  Be honest with yourself.  If you were looking to buy in your neighborhood, what would you think about your house?

For example, start in the entryway and ask yourself these questions:

Park Ridge, Illinois, Real Estate Market Update Year-End 2015

Park Ridge ended 2015 with increases in the median sales price, closed sales, and available inventory . . . promising signs of good opportunities ahead for both sellers and buyers in 2016.

There were 25.8% more new listings in 2015 than the previous year.  The increase in prices may have convinced more homeowners to sell, loosening up the tight inventory issue a bit.  The median sales price in 2015 in Park Ridge was $398,000 compared to $359,000 in 2014.  There were also more homes for sale at the end of this year than last as we move into 2016.

Closed sales were up slightly (1.4%) with 565 closed sales in 2015, and homes were on the market for an average of 84 days.

We're looking forward to many good opportunities for sellers and buyers in Park Ridge in 2016.  The trends and momentum are moving in the right direction.  Please contact me any time for help selling, buying, or for community information.  I'm here to help any way that I can.

New Mortgage Qualifying Guidelines - Just Announced

Fannie Mae announced that it will make an enhanced affordable lending product available to lenders sometime later this year.  The new program, called the HomeReady™ Mortgage, will offer expanded eligibility guidelines that will be real game changer for a lot of people who could not previously qualify for a mortgage.  

Finally, after years of research, Fannie Mae has recognized the many financial challenges many would-be homebuyers are facing.  Many can't afford a large down payment, they may have multiple student loans, and/or they may rely on income from non-traditional sources, such as parents or other family members.  These factors have impacted the ability of many people from qualifying for a mortgage.  Well, that may be about to change . . . perhaps for YOU!

Here are the new expanded guidelines for the HomeReady™ Mortgage: