Barrington IL Real Estate Market Update

July 2014

Existing-Home Sales Continue Climb

Existing-home sales rose again during the month of May while sellers benefited with a lift in home prices, 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 4.9 percent in May to a seasonally adjusted 4.89 million units for the year.

Existing Home Sales By Region

NAR chief economist Lawrence Yun believes the increased inventory benefits our current market. "Home buyers are benefiting from slower price growth due to the much-needed, rising inventory levels seen since the beginning of the year," he said. "Moreover, sales were helped by the improving job market and the temporary but slight decline in mortgage rates."

Nationally, total housing inventory increased 2.2 percent during May to 2.28 million units. The median time for homes to sell was 47 days in May, roughly the same duration reported in April. Fourty-one percent of May home sales were on the market for less than a month.

Are Bi-Weekly Payments Right For You?

Many people ask about bi-weekly payment plans designed to reduce the interest paid out over the course of your loan. These programs help the borrower budget an extra payment a year, and over time this can knock years off the repayment schedule. Many people are surprised to learn that they can do this themselves without any special programs, simply by submitting an extra principle payment as they are able. By submitting an extra payment, you get the advantages of an early payout, without the extra contractual obligation. Want more information on other mortgage options? Contact us today for our list of preferred local mortgage experts.

Investing in Real Estate

Today's low interest rates and stabilized home prices have created some great investment opportunities!  Investing in real estate has unique advantages over other types of investments:

  • Interest in mortgage loans are tax-deductible.  Investors can lower their tax liability while increasing their equity.
  • Renters pay down your mortgage loan.  Investors reap the benefits of rental income, which offsets your mortgage cost and build equity.
  • Real Estate values increase over the long term.  Real Estate is limited and will always be in demand. 
  • 1031 exchanges are available to defer taxable income when you are ready to sell.

Many investors are taking advantage of these great market conditions. Have questions? Give us a call. We are happy to help!

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
Barrington-Inverness-Long Grove-Deer Park-Homes-To
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.
Note: If your home is currently listed for sale or lease with another broker, this is not a solicitation for business, simply an informational e-mail.
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