There are less homes for sale in Barrington Illinois than there have been in quite a while.
High inventories and low activity created a mindset in buyers of:
- zero urgency
- waiting for the near perfect home
- making low offers
- lying in wait for price reductions before acting
- that they were in complete control
As we slowly swing away from a buyers market those mindsets need to change. After all, we all witnessed the opposing sellers mindset 10 years ago when there were so few homes for sale that multiple offers were expected, prices were rising at an almost astounding rate year by year, and a sale – especially for a great property – was almost a slam dunk. Sellers were slow to adapt and they felt the financial strain in their pockets as well as emotionally.
Buyers Need To Act When Choosing Homes in Barrington
Last week I wrote about Barrington’s home sales in January and the change in inventory. We only had a gain of one property. In January that indicates an active market and as February nears the end I’ll be interested to see if we achieved a gain or if the inventory declined.
Buyers should certainly know what’s happening in the market because a changing landscape forces you to think a little differently. The goal is to change as fast as the market, not be slow. If buyers are slow to adapt, the houses they might consider buying will be gone before they act.
Reading this blog is a great way to keep up to date with the home buying market here in the Barrington area. We publish regular market reports for all the areas we serve:
- Barrington ( Includes Lake, South, North and The Hills, The Village, Deer Park, Tower Lakes)
- Lake Zurich Area (Includes Kildeer, Hawthorn Woods, Long Grove)
- Hoffman Estates – Coming Soon
If you are ready to buy, have researched the homes for sale in Barrington, or any of the other areas we serve, and are ready to view homes and make offers; be ready with your mortgage approvals, forget low balling the seller, and listen to your buyers agent Corinne Guest, REALTOR®. We know the market and we know the likely reaction to anything you decide.
Inventory is declining, the landscape is changing in favor of sellers, the best homes are selling fast and close to asking price. You snooze you lose comes to mind.
Q. Corinne, what about the homes that have been on the market a long time, what if I like one of those?
A. Here’s where the benefits of hiring a buyers agent can really help. My experience will help you not only ensure it is the right house but that you pay the right amount. Contact Corinne today by phone 847.363.3686 or of you prefer email to hire me as your buyers agent.