It’s a new year and already there is an increase in enquiries about Barrington homes for sale, buying land to build a custom home but buyers not finding what they want. Our weather is odd to say the least but our coldest month is almost done and we’ve escaped without a lot of snow so far. I am a firm believer that while sellers might want to wait until spring to put their homes on the market they are missing out on a pent up group of buyers who wait for the holidays to be over and then get started with their home search very early in the year. These buyers have been searching Barrington homes for sale online, which is how most buyers start the process, and they have been doing that for months now. Some of these buyers are going to need to sell a home too and they may already be well under way with that process, may even be under contract.
Is There a Shortage Of Homes For Sale in Barrington
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No. There will always be buyers not finding what they want, especially if they started their search at the end of a prior year. So while they maybe waiting for new inventory, we are not a sellers market or a buyers market. Since 2013 Barrington real estate sales have been very steady, the result being shorter marketing times. Our market is still seeing price cuts to achieve a sale. Much of that is likely caused by Barrington home sellers trying for top dollar and getting just a hair too aggressive with their pricing.
Buyers are educated. The internet is a great resource for buyers to find out all the information they need about the available homes for sale in the Barrington communities. With lots of photos, virtual tours even video and aerial photos, it’s easy to sit in the comfort of a home and browse, browse, browse. While doing that they compare, compare, compare. Homes that did not sell last year may already be on a short list to view soon. They may also be getting overlooked all the time.
Before spring starts if you have been on the market for more than six months, as long as your home is not in the top tier of listings, time to take a look at your Realtors marketing. How does your home present outside, inside, on showing day? What changes can you make? Consider that as we head into the busiest selling season of our year, there are more Barrington home owners ready to list their homes for sale. It could happen today, next week, next month or in March/April. One thing is for sure with more Barrington homes for sale, your competition just got stiffer and your competitors may bump you to the back of the queue again.
Spring Inventory of Barrington Homes For Sale
At the present time we have 496 attached and single family homes for sale in the Barrington area. That includes condos and town homes. Last year we had 734 sales. That gives us an inventory that would last about 6.5 months. Also known as the absorption rate. That’s a level market, does not favor either buyers or sellers. I expect the amount of listings to rise over the next few months. Don’t be surprised to see it rise to 600!
If you are one of the existing homes on the market for sale, spring is a great time to freshen some of your exterior photos. Once the grasses start to green and the trees begin to bud, get rid of the winter photos. You can always do them again in summer if need be. Take a look at your photos as part of a marketing review. There are really only 3 things you need to achieve a sale. Location, exposure and presentation. Pricing may have something to do with your lack of sale, but it may just be time that you need given the stats above.
What Buyers Want in a New Barrington Home
The best match to their wish list and the best their money can buy. Most buyers in the Barrington real estate market have an idea of what they want to spend. Most also have an idea of what they want to buy. Those wishes do not always match up and they can either adjust how much to spend or will have to adjust that wish list.
New construction is a topic that comes up a lot from out of town buyers. The inventory of homes in Barrington IL has some choice in new construction but our town has been here for quite some time. We are not land locked but there is not much left. We do have a reasonable amount of vacant lot for buyers to build a dream home but they are not all premium locations. Land sales certainly slumped but are beginning to pick up again. What we do not have as much of is land space for developments. Each area apart from Barrington village center has one or two small developments under way. Most new homes are built to order, rather than being ready to buy and move into; I guess the builders got a little shy of making that leap of faith.
Totally updated Barrington Homes please! Actually this is not true. There’s no doubt that homes that have kitchens and bathrooms that are not too old can elevate a Barrington home above it’s competition, and they are likely to sell faster. Yet plenty of homes that do not have renovated rooms sell. Location is a big thing as is School District. The list of wishes for buyers is long. Somethings may be important to one buyer that are not at all to another. For example one buyer might want close proximity to the Metra station, others want acreage and want to be away from the village center. You have to believe me; there is a buyer for every single home in Barrington, big and small, pretty and ugly.
Home Buyer Resources
If you’ve got a little more time for some home buying research we may have answers to your questions! Here are some subjects you might be interested in:
- Buying homes without an agent
- Are you my Mother?
- What to tell your Barrington real estate agent
- 7 Home buying costs you need to know
- Why hiring a buyers agent makes it easier to look at homes
- Let’s go home shopping
- Making an offer on your dream Barrington home
- Attorneys, Reviews, Inspections, RESPA-TILA
- Mortgages after Bankruptcy, Short Sale and Foreclosure
- Barrington Home Buyers FAQS
We are always adding information to help our buyers but you may have a question. Use the easy form below to ask or send Corinne an email at email@example.com Ready to buy and looking for a buyers agent in Barrington? Give Corinne a call, it’s what she does! 847-363-3686.