I never managed to get a market report completed for September and here we are already in November. As we head into the time of year we all get to celebrate with family and friends, the real estate market activity here in the midwest always cools, just like the temperatures. I have already had a quiet week and with Christmas ads on the TV and a new frost this morning, we know the holidays and winter are coming.
September 2015 Market Report For Barrington IL Home Sales
First let’s back track to September and take a look at market activity. Closings were good, up on both 2014 and 2013. Let’s see by how much.
Although just a snapshot in time of 2015 that’s an impressive increase in sales for one month. Of course we always need to look at home sales over a longer period of time to get a true feeling for a market. But for fun let’s now do the same for October 2015.
October 2015 Market Report For Barrington IL Home Sales
Here we see sales have declined compared to September but also that in general October has been a steady month year on year.
October was the start of TRID. TILA-RESPA Integrated Disclosure. The way in which loans are now applied for and approved will likely mean November’s sales will be down. The new documents are forcing a slower pace and November and December 2015 will be the months we witness a slow down while we all get used to the new methods.
Recent Home Listings and Current Inventory
As far as the inventory of Barrington homes is concerned, what’s for sale, and what’s new, let’s take a look for September and October and current listings.
- In September there were 94 new properties listed.
- 74 homes, inventory increased by 20.
- In October there were new 119 properties listed.
- 54 homes sold, inventory increased by 65.
Interesting that for both months the inventory of homes in Barrington increased.
The inventory of Barrington homes for sale currently stands at 624. There are 82 under contract and another 21 pending, which means ready to close. In total that’s 727 Barrington homes for sale that are yet to get or close a contract. With an increase in inventory for September and October and a slow down in sales it swings in favor of late year buyers!
And Then We Have The Holidays!
Thanksgiving and Christmas along with the gift giving and over eating are upon us. It’s a great time and with family coming over, decorating for the holidays and maybe some vacation time as well, real estate sales add an extra twist. Sellers taking homes off the market and buyers postponing the search.
So what happens if:
- Sellers take their homes off the market for the holidays?
- Do buyers really halt their search?
- What are the numbers?
Let’s jump right to question three and answer: I don’t know and cannot find out. No it’s not an excuse, it’s just that the inventory changes every day and I cannot see let alone predict who may take their home off the market for the holidays. Every seller that does so is likely going to do that on a different day over the coming weeks. I cannot see the reasons why a home is removed and it might not be because of the holiday season at all. Maybe they are just giving up the idea for good, for a while, or even wanting to change Realtors. That information is not available to me.
There are other actions that will affect the inventory of Barrington homes for sale. Closing being the most common but others include listings that expire, simply they “run out”, and don’t get renewed. I will look at the end of November and December to see what the inventory is doing.
Do buyers really halt their search? Ok let’s be real here. No-one turns their computers and phones off, right? So how can they? Granted buyers might tell their agent they want to focus on the holidays and will resume the search after the New Year or even later in Spring, but they still look. With more homes listed than sold there are new ones for those buyers to look at. Each listing will be online which is where buyers do their research. Buyers may also continue to get properties for sale emailed direct from their Realtor daily. I think it’s fair to say they have not stopped at all, they have just shifted priorities for a bit.
I wonder what that buyer is going to do when a new home that is perfect for them is listed in late year. Do we think they’ll say I like it but will wait? Or do we think they’ll call their agent and beg to go look at it. The latter is more likely. Of course we must factor in their circumstances. Do they have a home to sell first? Did they extend a lease? Are they local or out of area? There is no one size fits all in real estate.Personally I doubt most buyers would let that dream new listing slip through their fingers, not at all.
Sellers Taking Their Homes off the Market.
Realtors are often asked “should I take my home off the market for the holidays?” I’ve talked about this before and the answer usually depends on each sellers circumstances. Often families want to focus on the holidays. Sellers might also think it’s the trend and no harm in doing it. Just think about this though. If others do take their Barrington homes off the market for anything from a couple of weeks to several months, buyers have less to choose from and you have a better chance of success.
It can be an effective time to list for sale too. If you list now or stay on the market throughout, you’ll want to pay attention to how the holidays effect showing your home. There’s absolutely nothing wrong with showing decorated homes. In fact it can make your home seem very warm and inviting. Add some colorful curb appeal now the green of grass and trees has gone. I seasonal door wreath with red berries and a wow ribbon is a great idea. The holiday period is extended, why not extend a welcome to your visitors. holiday cookies, candy and drinks (non alcoholic) always go down well.
If you choose to take your home off the market, be aware you may miss out on a sale. This is more important in a market where average days to sell is counted in months not days. There’s a chart below that shows our average days on market before a sale.
What About Winter?
Whether we get a mild winter or an awful one, as far as real estate is concerned, it cools but does not freeze. There will always be buyers and sellers in the market during winter, those people that have to move. If you are a seller that needs to sell it’s unlikely our weather will prevent your buyer looking except on really bad snow days. So keep your home on the market!
Market Action of Homes For Sale to Homes Sold
The real estate market in the country is different by location. How long it takes homes to sell in Barrington is totally different to Phoenix Arizona or Manhattan New York. Sadly the media speaks in general terms and this gives a slanted view. We are listening to how fast home prices are rising in Florida and think the same is true here. Some of our neighbors like Palatine and Schaumburg have a much faster turn around of homes too. So before making decisions to buy or sell, Barrington homeowners need to understand our market.
The diversity of homes for sale in Barrington in terms of price means we must also break down our sales into at least quartiles. I have divided the average sales time into four sections with $499,000 being our median single family home price sale about now. Because the majority of our sales are single family homes I am precluding attached homes. This makes the answers more true.
As you can see our average marketing time ranges between 4 months and 5½ months. Many of the surrounding towns are as low as two months. This does not means some of our Barrington homes have not sold faster, many have, here we are talking averages. This gives sellers the right expection as to how long their Barrington homes might be for sale.
If your home price is in the upper quartile be aware that there’s a limited buyer pool for the above $2 million homes. Your marketing time is likely going to be longer than 160 days.
When To List and Join In The Choice of Homes For Sale in Barrington
We are fortunate. Our homes here in Barrington are anything but cookie cutter. There will never be the same two Barrington homes for sale. So no matter whether we have too many or too little homes choices in Barrington, it’s not ever a bad time to add yours to the selection. At the end of the day if it’s time to sell, it’s time to sell, and that makes adding one more a problem only for your competition, not for you.
We’ve talked about the holidays and winter as times to put a home on the market but what about spring. As Realtors we also get asked that question too. When? When is spring? When do buyers start looking? Should I list or wait? My answer always has been if you are ready to sell, list your home then. If you want to wait for the New Year then January 2nd is as good a day as any. Why January 2nd? It’s as simple as both existing buyers and new buyers making use of their work days off to continue or start a home search.
Sellers should also bear in mind that it’s going to take longer to get from contract to closing now with the new TRID rules coming into play. New lending rules are always a learning curve. They are government mandated and lenders will refine their systems and get better at them. For now we’ve been told to allow 60 days from contract to closing. 30 day closings may be gone but I think we should be able to get to 45 day closings. Therefore even if you were to list on January 2nd, you’ll be looking at a late Feb to early March closing anyway, even if you sold on day 1.
Tip: There are some exclusions to the new rules and here in Barrington your buyers loan may be one of them. Ask your Realtor for more information.
Then there’s the rush to market. It’s still common for sellers to consider March – April as the optimum time to list, thinking the buyers will all be coming out of hibernation as the warmer temperatures arrive. Why not get a jump start? The internet is a game changer in real estate. Buyers can cruise homes listed for sale any day and anytime of day. Catch the early bird!
Popular Home Choices in Barrington
If you are ready to buy a home in Barrington you’ve most likely already decided our location is for you! As you start your search for the perfect Barrington home, with over 600 homes currrently for sale in Barrington, you’ll need to make a few decisions to help your home search along a little. I have always said that Barrington is a lifestyle. We are different to most of our neighbors. Within Barrington there are sub lifestyles. For example:
- Country suburban with acreage.
- Equestrian properties.
- Gated communities with luxury homes for sale.
- Gated golf & home communities.
- New construction developments.
- In town location.
- Historic homes.
- Active adult community.
- Condo living.
- First time buyer homes.
- Estate sized homes, even Mansions.
- Homes with sport facilities.
- Swimming pool homes.
- Mini farms.
It’s quite simply a menagerie of home and lifestyle choices. There are popular home choices in Barrington in terms of style. Colonial homes are readily available and seem to stand the test of style time. Traditional homes which for most of us mean brick and stone homes with a the country layout; these are freely available and well liked too. By country I mean main living spaces at the back of the house, i.e. family room, kitchens and breakfast. At the front the formal rooms left and right of the staircase. You’ll still find these styles in our new construction choices too. View The Enclave at Heritage Estates for brick traditional new homes. For luxury choices South Barrington Village Enclave is a new subdivision.
Another popular choice are ranch homes. These are available for sale in all price ranges too. Other styles found in Barrington include Tudor, Victorian, Queen Anne, Georgian and Contemporary.
New construction is not common in Barrington as most of our homes for sale have been around a while. That said you can always seek out a vacant parcel and build a dream home. Or visit our new homes page to see what choices are available. There’s never nothing!
Choosing a Barrington Community
Before looking at what’s for sale, buyers may want to learn about each. We have the Village of Barrington which is where buyers can find homes on smaller lots and the historic choices in the village center. If you chose you can actually buy a home right in the center and walk to the shops, cafes, schools, even the Metra train station if you commute to Chicago.
All other Barrington communities are country lifestyle villages, with homes on acreage and a car would be needed. Each has a character it’s own, each has subdivisions and neighborhoods offering different housing options. The price points are different too. Ask your Realtor which community might be right for you.
Choosing The Right Realtor
If you want to buy or sell a home in Barrington, it’s wise to choose a local real estate agent. There are things about our homes that Realtors who live in other areas would not know. For example: Well and Septic systems are common here, most of the homes for sale in Barrington’s country areas have wells for a water supply and septic sewer systems. If you chose a Barrington real estate agent you’ll find we are well versed in which homes have them, why they exist and what buyers and sellers need to do when buying or selling a home. If buying a lifestyle make sure your Barrington Realtor understands what your lifestyle is. For example if you want to have horses or chickens or run a business from home, a local professional can educate you about your choices, where you can and cannot do what you wish.
Local Barrington Realtors have Barrington as a road map in their heads. Those of us that work only in Barrington, and that’s very few of us, learn our area. We live here too, our kids attend or have attended schools here. We know the closest location for milk or a bar of chocolate 🙂 . We know loan officers, home inspector, attorneys and other professionals that know and work in Barrington like we do.
I would also suggest hiring a Barrington Realtor that works full time. We are more likely to know throughout the year what homes are for sale, what sold, what the market is like for you and your sale or purchase. The winter and holiday periods may scare some agents away, they may be too busy with other thingsor not willing to work in the cold and snow. Not this one. I don’t mind showing property for sale in the deep of winter. As long as I consider it safe for you and I, then we’ll go look at what you like that’s on sale.
Short Sale Homes – Foreclosure Choices
We don’t have many options, either short sale or foreclosure. The activity in the distressed market is quite low now. Barrington did not suffer as bad as many local communities. Although job losses were common, Barrington is a wealthy suburb and many could ride it out. Some could not.
A short sale is still an option for defaulting home owners, before they are foreclosed on but few seem to take the chance. I think of buying a short sale or foreclosure home as one of luck. With so few available, if you want to buy a short sale or foreclosure as a primary home you’ve got one choice. Wait or wait. It might be better to look at all options. Any distressed sale is likely going to need work. If you are up for that you may stumble upon one that’s perfect for you, then you may not. Just keep an open mind and don’t expect the sale of the century.
Barrington Chicago Homes
As often as not buyers from out of town will add Chicago in their online search phrase, usually because they are not sure of the location when searching for a home. We’ve added a map below to help you see that Barrington and Chicago are quite a distance apart. If you want to buy in Barrington but will be commuting to Chicago check out our information to help you. As you can see we are about an hour away by train or car. We have I-90 close to us for a commute to Chicago or if air travel is in your future, O’Hare international is a real easy trip about halfway between Barrington and Chicago.
Start your Home Search without Restriction and Without Ads.
We created this web site to help our buyers find a home. We don’t ask you to sign up, it’s an open book and all the homes for sale can be viewed in total anonymity. Also note that we’ve got all the listings because they come from the MLS. Other sites do NOT have all the MLS listings.
Unlike other sites where you have to give your details, that’s not how we choose to service our future clients. All we ask is this. If you are not yet working with another Realtor, consider how easy we made this for you and consider us to be your future buyers agent. If you are working with another Realtor consider this: what level of service is being provided to you now and why don’t they offer a website like this one!
Are you ready? You’ve got all the information about the late year real estate market here in Barrington Illinois. You know with 624 homes for sale there’s a great choice of homes for sale. You know you have the advantage with an increased inventory.
We are here to help. Just give Corinne a jingle at 847-363-3686 and let her know you would like the services of a full time, dedicated and experienced, Barrington area buyers agent.