Barrington IL Real Estate Market Update

Existing-home prices have increased for 13 consecutive months according to a recent report by the National Association of REALTORS® (NAR). Existing-home sales, which include recently purchased single family, townhomes, condominiums, and co-ops are currently on pace to reach 4.92 million annual units, up 10.3 percent compared to March 2012.

NAR chief economist Lawrence Yun sees demand outstripping supply. "Buyer traffic is 25 percent above a year ago when we were already seeing notable gains in shopping activity," he said. "In the same timeframe housing inventories have trended much lower, which is continuing to pressure home prices. The good news is home construction is rising and low mortgage rates are continuing to keep affordability conditions at historically favorable levels. The bad news is that underwriting standards remain excessively tight, while renters are getting squeezed by higher rents."

Freddie Mac reports the national average commitment rate for a conventional, 30-year fixed-rate mortgage at 3.57 percent in March, up from 3.53 percent recorded in February 2013. Buyers were accessing rates of 3.95 percent in March 2012.

Gary Thomas, NAR president, explains that homes are selling faster. "The typical home sold in March was on the market for one month less than it took to sell a year ago," he said. "Multiple bidding is becoming more common, and more homes are selling above the asking price, so buyers need to move quickly and follow their Realtor's advice for contingencies when making contract offers."

It's important for sellers to do what they can to get their home to stand out. Here are five quick tips to generate some excitement for your home in today's market.

• Use Paint:  A new coat of paint can go a long way to make your home look up to date. Neutral colors work best because they appeal to the most people.
• Mow the Lawn: Take the time to mow the lawn and clean the yard. Rake leaves and grass and put away any tools that may be lying around. Don't turn buyers off with a messy yard. If they like what they see on the outside, you'll improve your chances of getting them to look inside.
• Plant Flowers: Seasonal or perennials can bring a splash of color to your home and brighten the view from the street. Flowers throughout the house will please the senses and make your house feel like a home.
• Spruce Up Your Walkway: Dressing up your walkway with bricks or paving stones will lead people to your front door. Inexpensive solar lighting can further enhance your entry.
• Window Treatments: Keep your home from looking plain or boring with some decorative shutters. Windows are very important to the overall appeal of your home. Add planter boxes underneath for an immediate improvement that doesn't cost a lot of money!

By following these tips, you will be able to capture the hearts and minds of today's buyers, as well as improve your chances for a quick sale at the best price possible.

When you are ready, contact me today for a personal market value analysis of your home. No hassles or obligation - just honest advice on how to get top dollar for your home!