? The Housing Stats For August 2017 in Barrington IL 60010
Sales 3 Bedroom Homes
- 9 homes closed in August 2017 (Compared to July’s 11)
Sales 4 Bedroom Homes
- 40 homes closed in August 2017 (Compared to July’s 45)
Sales 5+ Bedroom Homes
- 18 homes closed in August 2017 (Compared to July’s 8)
Sales Condos and Townhomes
- 11 homes closed in August 2017 (Compared to July’s 13)
? Barrington IL Real Estate 60010 Market Report August 2017 – Summary
Closings were down in August compared to July, which in turn was down on June. This is very common in our area. June and July are schools out for summer months and they always have an effect on sales, year in, year out. I expect to see it climb in September but more so for October and November.
I have heard a few mutterings from sellers not able to sell about taking homes off the market in 8 weeks and waiting for next spring. I never approve of this idea, there are buyers in all seasons. If you have not sold during the summer and listed back in spring, it’s not the buyers, it’s you. There’s always a reason a home sits, price, presentation, location, condition all factor in. My advice, review your presentation and price and adjust because next year is not a magic pill.
?What Does This Mean For Home Sellers
- There are a lot of homes for sale in 60010 as shown in our graphic above.
- With average marketing times of 189 days for single family homes, it’s not getting brighter. Last month it was 156, so be warned of expecting fast sales like our neighbors, you have to be patient and remember it is a competition.
- Attached homes do better with 69 days average on market in August. That’s better than last month by a considerable margin!
- More and more price cuts happening. Be careful not to test the market and over-price, it will harm you!
- Not getting updates from your agent? Contact them now to review your situation. Or call us.
?What Does This Mean For Home Buyers
- 155 new listings came to the Barrington real estate market in August 2017. That’s a decrease compared to July of about 25%.
- 19 of those are under contract. Following a declining pattern.
- 3 have already closed.
- Buyers have 805 Barrington homes to choose from today. (Includes Inverness that has a zip code of 60010.)
- Mortgage lenders can close your loan in 30-45 days now.
- A buyer’s agent works for you, avoid the listing agent, they work for the seller not you.
- There’s plenty of inventory to choose from in all price ranges.
As of August 30th – US 30 Year Mortgage Rate is at an average of 3.97%, the rate has dropped a little since last month. There’s no doubting mortgage rates seem to be holding steady around 4%. No warnings of rising rates seem to have taken hold. 15 year mortgages are 3.2%, so if you can afford to pay more each month this is a great deal. Jumbo rates are very similar.
Contact Corinne Guest, Barrington Realty Company at 847-363-3686 for assistance.