Barrington IL Real Estate Market Update

August 2017 News

August 2017 News

Note: National Association of Realtors® (NAR) data below is from June (the most current national data)

National Association of Realtors® (NAR) data shows that sales of existing homes dipped in June owing to a low supply. While homes sold at a near record pace, activity ultimately ended up muted. Only the Midwest saw an increase in sales last month.

Total existing-home sales (measures completed transactions for single-family homes, townhomes, condominiums and co-ops) dropped 1.8% to 5.52 million in June from 5.62 million in May. Despite last month's decline, June's sales pace is 0.7 % higher than a year ago.

  Existing Home Sales By Region
NAR's chief economist, Lawrence Yun, indicated that the dip in contract activity in the prior three months translated to a pullback in existing sales in June. "Closings were down in most of the country last month because interested buyers are being tripped up by supply that remains stuck at a meager level and price growth that's straining their budget," Yun said. NAR's economist added, "The good news is that sales are still running slightly above last year's pace despite these persistent market challenges."

Housing Data Takeaways

  • June's median existing-home price for all U.S. housing types was $263,800, up 6.5% from June 2016 ($247,600). Last month's median sales price overtakes May as a new peak and represents the 64th straight month of year-over-year gains.
     
  • Total U.S. housing inventory at the end of June dropped 0.5% to 1.96 million existing homes available for sale, and is now 7.1% below a year ago (2.11 million) and has dipped year-over-year for 25 consecutive months. Unsold inventory nationally now offers a 4.3-month supply at the current sales velocity, which is down from 4.6 months a year ago.
     
  • First-time buyers drove 32% of sales in June, down from 33% both in May and one year ago. The annual share of first-time buyers for 2016 was 35%.
     
  • Freddie Mac data indicates the average commitment rate for a 30-year, conventional, fixed-rate mortgage fell for the third consecutive month, dipping to 3.90in % June from 4.01% in May. For all of 2016 the average commitment rate was 3.65%.

Make Your Offer Count!

Before making an offer on a home in today's competitive housing market, it is more important than ever for home buyers get their financial house in order when applying for a loan.

While there are online resources available that can provide a sense of one's overall financial position, be sure to review your credit report in person with your mortgage professional and get pre-approved for a loan before making an offer on a home.

A little preparation goes a long way and can make a big difference when it comes to closing on your dream home. Contact us today to get the right loan for your current needs!

 

Tips for Sellers

When preparing your home for sale, a number of simple cosmetic changes often provide the biggest return on investment. Here are three tips to upgrade your house without breaking the bank:

  • Bring in the light. The right light creates the right mood. Adding lights to dark rooms can make your home feel warm and inviting. Bring outdoor light inside by opening curtains and installing economical suntubes.
  • Create Space. Many of today's buyers are looking for open rooms. Consider removing unwanted walls to make your home feel more spacious. Buyers will often pay a premium to get a bit of extra room.
  • Replace Flooring. Get rid of that old carpet in the den and replace it with today's newer hardwoods and laminates. You don't have to spend a lot to make a big impression!

These simple tips can help you sell your home and take advantage of today's market. Please contact us if you have any questions about selling your home. We are here to help!

Contact Information

Photo of Carol Best | Luxury and International Certified Real Estate
Carol Best | Luxury and International Certified
Jameson | Sotheby’s International Realty
Deerfield-Barrington-Riverwoods-Inverness
North Shore & NW Suburbs IL 60015
Call or Text: 773-799-5939

                        


                        

           
All Information Deemed Reliable but Not Guaranteed. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity program of Midwest Real Estate Data, LLC. Real Estate listings held by brokerage firms other than Coldwell Banker Residential Brokerage are marked with the Broker Reciprocity logo or the Broker Reciprocity thumbnail logo (a little black house) and detailed information about them includes the names of the listing brokers. Some properties which appear for sale on this website may subsequently have sold and may no longer be available. The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
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