Barrington IL Real Estate Market Update

September 2014

Existing-Home Sales Report

Existing-home sales rose in July to their highest sales pace of the year, 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 rose 2.4 percent in July to a seasonally adjusted 5.15 million annual units.

Existing Home Sales By Region

NAR chief economist Lawrence Yun credits economic health for the improved market. "The number of houses for sale is higher than a year ago and tamer price increases are giving prospective buyers less hesitation about entering the market," he said. "More people are buying homes compared to earlier in the year and this trend should continue with interest rates remaining low and apartment rents on the rise."

Nationally, total housing inventory increased3.5 percent during July to 2.37 million units. The median time for homes to sell was 48 days in July, up from 44 days in June. Forty percent of July home sales were on the market for less than a month.

Mortgage Affordability Update

Freddie Mac reports the national average commitment rate for a conventional, 30-year fixed-rate mortgage was at 4.13 percent in July, down for the third consecutive month. Recent mortgage rates have fallen to their lowest levels since June 2013 when mortgage rates were available at 4.07 percent.

Steve Brown, NAR President, explains that improved credit scoring methods by Fair Isaac Corp (FICO) will make home ownership more affordable. "NAR supports efforts to broaden access to credit for qualified homebuyers, especially those who have been shut out of the housing market or forced to pay higher interest rates because of flawed credit scores," he said. "A solid credit score is necessary to keep borrowing costs down."

Increased mortgage rates may soon be upon us, according to NAR chief economist Lawrence Yun. "Although interest rates have fallen in recent months, median family incomes are still lagging behind price gains, and mortgage rates will inevitably rise with the upcoming changes in monetary policy," he said.

This is an excellent time for home buyers to take advantage of low interest rates. Contact us for more information on today's opportunities.

Warranties for Older Homes

New homes come with warranties to protect the buyer in case of the unexpected.  But what about existing homes?  Fortunately, there are a number of companies today who offer warranties for existing homes.  Sellers can now offer their buyers a level of assurance that was previously reserved for new construction, and buyers can buy with confidence!

If you are in the market to buy or sell, ask us about the advantages of a home warranty.  You might be surprised at how much protection is offered at a very reasonable price.

 

Contact Information

Photo of Carol Best-Previews-Luxury-International Certified Real Estate
Carol Best-Previews-Luxury-International Certified
Coldwell Banker Barrington, IL | Homes-Real Estate
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Northwest Suburbs|Chicago IL
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. ©  Copyright 2014 Midwest Real Estate Data LLC, Inc. | Copyright © 1992-2014 Carol Best, Barrington, IL - All Rights Reserved. No text, artwork or images may be copied, or reproduced without the express written permission of Carol Best.
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