Barrington IL Real Estate Market Update

April 2016 News

Existing Home Sales Report

Nationally, we're seeing very low supply levels and steady price growth in several regions. In February, according to the the National Association of Realtors® (NAR), sales declined in all four major regions. This followed a climb to the highest level in six months. Please contact us regarding our local market and your particular needs.

Total sales of existing homes (transactions for single-family homes, townhomes, condominiums and co-ops), fell 7.1% to 5.08 million in February from January's 5.47 million. Still, sales were 2.2% higher than a year ago.

NAR's chief economist, Lawrence Yun, indicated that existing sales in February slowed nationally. "Sales took a considerable step back in most of the country last month" Yun said. He noted that "the lull in contract signings in January from the large East Coast blizzard, along with the slump in the stock market, may have played a role in February's lack of closings. However, the main issue continues to be a supply and affordability problem. Finding the right property at an affordable price is burdening many potential buyers."

Existing Home Sales By 

RegionHousing Data Takeaways

  • February's median price for all existing home types was $210,800, a rise of 4.4% from February 2015 ($201,900). This makes 48 straight month of gains year-over-year.
     
  • Total housing inventory by February's end grew 3.3% to 1.88 million existing homes for sale. This is 1.1% lower than a year ago (1.90 million).
     
  • First-time buyer transactions dropped to 30% in February from 32% in January, but are still higher than 29% a year ago.
     
  • Freddie Mac data shows the average commitment rate for a 30-year, conventional, fixed-rate mortgage fell from 3.87% in January to 3.66% in February, the lowest since April 2015 (3.67%). The average commitment rate for all of 2015 was 3.85%.

Viewpoint from NAR's President

NAR President Tom Salomone, indicated that many Realtors® are seeing multiple bids and affordable homes going under contract quickly. "With low supply this spring buying season, it's easy for buyers to get discouraged when their offer is rejected in favor of a higher bid," he said. "That's why it's important for buyers to stay patient and work with a Realtor® to develop a negotiation strategy that ensures success without overstretching their budget."

We invite you to email or call us to help craft the right strategy for your needs right here in our market.

How's Your Selling Strategy?

Sellers, you have an excellent opportunity to sell your home this season, if you have the right pricing strategy in place from the start! Studies show that the longer a property stays on the market, the less the seller will net upon the sale. It is very important to price your property at a competitive market value at the signing of your listing contract. The market is so competitive that even over-pricing by a few thousand dollars could mean that your house will not sell.

An Overpriced Home:
· Minimizes offers
· Decreases agents response
· Limits qualified buyers
· Decreases showings
· Decreases prospects
· Limits financing
· Wastes advertising dollars
· Nets less for the seller

When you are ready, contact us 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!

The Best Mortgage

Shopping around for a home loan or mortgage will help you to get the best financing deal. A mortgage - whether it's a home purchase, a refinancing, or a home equity loan - is a product, just like a car, so the price and terms may be negotiable. You'll want to compare all the costs involved in obtaining a mortgage. Shopping, comparing, and negotiating may save you thousands of dollars.

The US Department of Housing and Urban Development offers a free brochure to help guide you through this process. Download a free copy today, and please contact us for a list of preferred mortgage professionals in our area.

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-Bannockburn-Lake Forest-Glenc
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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