Contrary to what you might think the No.1 challenge for luxury home buyers in Barrington Illinois is not finance. Jumbo and super jumbo loans are readily available with very attractive interest rates. Granted you’ll need a sizeable down payment but usually buyers at this level either have that safely tucked away at the bank or it’s available as equity in an existing home that will be sold.
The no. 1 challenge for luxury home buyers in Barrington Illinois is finding the right property. Barrington, South Barrington, Barrington Hills and Inverness all have luxury properties for sale, our inventory of homes above $1 million is currently 161 properties. $1 million in the Barrington area almost does not speak to the true luxury market. Properties priced $2 million and up is a better example of luxury homes here and that choice extends to 47 homes at the time of writing.
My experience with luxury home buyers in the Barrington area is that the No. 1 requirement for a home is style, both outside and inside.
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Home Styles For Luxury Home Buyers in Barrington
Luxury homes in the Barrington area offer plenty of styles, the most common being:
- French Provincial
- English Country
If you prefer other styles there is a more limited choice of:
If you absolutely must have a Tudor style you current choice amounts to 2. That’s going to make it very hard to find what you desire. Most buyers are open to a variety in styles and it can be as much about how a home makes you feel as you take in the curb appeal and then view the inside, as focusing on a specific design.
Lack Of Inventory Of Luxury homes?
If you’ve got $2 million or more to spend on a new home you might indeed find a lack of inventory. Out of those 47 homes, 13 are priced over $4 Million, which if too rich for you, immediately reduces the homes available. There will always be reasons a property is or is not on your short list. For example:
- You may or may not want a large lot, say 5+ acres.
- You may or may not want a swimming pool.
- You may need a second kitchen or living quarters for a nanny.
- A finished basement may be on your must have list or extra garage spaces.
Just like all buyers you’ll have a wants, needs and wish list for the new home. Unlike most buyers you will not have as many homes to choose from. So yes while that might sound utterly ridiculous, there may well be a lack of inventory for you to choose from.
Patience is needed, there’s usually no rush at all when buying luxury homes in Barrington.
Let Us In On Your List of Wants, Needs and Wishes
As a luxury home buyers agent in Barrington our goal is to find you the best of the best. To do that we’ll need to know what is on your list. We’ll get to learn more about you and the things you love as we view homes, but to start we need ideas from you. Don’t worry, we’ll never hold you to the list. As often as not it is going to change as the dynamics of locating the perfect property come into play. Experience tells us that luxury home buyers usually stick to the things they do NOT want, so make sure we know about those too.
Start Your Luxury Home Search
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Contact us if you have any questions or would like to discuss your luxury home buying plans.