If you are in the market to buy real estate and looking at luxury homes in Barrington Hills IL, I think it’s fair to say that right now, August 2014, it’s a buyers market. As your Barrington Hills buyers agent we’ve gathered some quick stats for you.
- There are 103 active homes for sale in Barrington Hills
- 60 of these homes are priced at or above $1 million
- 25 of these homes are priced at or above $2 million
- 13 of these homes are priced at or above $3 million
That’s a lot of high priced homes for sale and it’s a good idea to look at how many sales are occurring in each price point.
In the last 12 months there have been:
- 18 homes sold with a price at or above $1 million
- of those 18, only 3 were at or above $2 million
- and zero sales above $3 million
Those stats put buyers at a huge advantage because the choice of luxury homes in Barrington Hills IL to look at is good. The opportunity to get the best home is good. The opportunity to buy a good investment could be good. Price changes are happening at those high levels for homes that continue to sit on the market.
Luxury Homes in Barrington Hills IL Are Investments
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Although buying any luxury home is usually for the purpose of a home for the family, when buying a home in the millions, buyers are usually also considering the property as an investment. Prudent decisions are required in addition to that emotional attachment most buyers experience when buying a home. Regardless of what the real estate market is doing when you buy or sell luxury homes in Barrington Hills IL, there are some decisions that could result in a good investment and others that may make it less than a wise one.
- Buying a home close to a major road should offer a significant discount. Would you spend $3 million or more on a house when all you hear is traffic noise?
- Regardless of price, any amount, I consider this a poor investment choice.
- Overpaying for an older home. I understand that every home has history and emotion, but homes when being sold are a commodity. Look at the aging commodity for future maintenance investment or renovation. Most million dollar buyers expect perfection and you’ll need to keep it there.
- Do the math as you look around older homes, how much do you think it’s going to take? What about what you cannot see! Now re-look at the starting price.
- School District. Only parents should decide whether school matters to their children but there is no doubt that here in Barrington Hills it will make a huge difference to your investment.
- Barrington’s School District 220 is very well thought of by parents and a major reason many people move here. The ACT scores are high too.
New Homes in Barrington Hills
There’s no shortage of luxury homes in Barrington Hills IL that are less than 10 years old, indeed some of them were built before the real estate market collapse and have never been lived in. If you want a great home which will not require the investment an older home might incur, you won’t be disappointed at the choice. Then again, if new is really your style, there are plenty of lots where you can build your dream luxury residence.
When buying a new or almost new home, consider the surroundings too. Are you buying in a stalled new development, how might that affect you in 5, 10 or even 20 years time?
Whether buying or building, spend wisely. It’s a balancing act between finding the perfect home, a great investment and making sure that as life moves along, you’ll be better situated for a re-sale.
Here are a few featured new or almost new homes in Barrington Hills
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