If buying Wynstone Golf Club Real Estate is a goal for 2014 it might be the best year yet to buy in this prestigious subdivision before prices really start to climb along with mortgage interest rates. Let’s take a look at some statistics to give you an idea of how Wynstone Golf Club real estate home sales have been over the last few years.
Wynstone Golf Club Real Estate Sales 2008 to 2013
We have 12 days left in 2013 and with two homes under contract, one since October, the other since late November, I am going to stick my neck out and predict two more closings this year. That will increase the closings this year from 26 to 28.
As you can see from the sales over the last 5 years 2008 to 2010 were slow years and the red line shows average marketing time for the homes that sold. Clearly 2010 was a horrible year for sales in Wynstone with 2011 to 2013 showing a progressive increase in sales and a better average marketing time.
Here’s how average marketing times and sales volumes can help you understand home pricing and values. Once sales start to increase then market times start to decline. We are seeing sales go up albeit it a little slowly since 2011. Market times have declined from the peak and are currently hovering around 540 days.
Remember that average market times are just that, average. Wynstone Golf Club real estate offers homes in the higher prices and will always take longer to sell. This can skew the average perhaps more than is real for the majority of sales. For example a 4 bedroom $800,000 home in Wynstone sold in 237 days. A $1,600,000 5 bedroom home sold in 1442 days.
When Do We Expect Wynstone Golf Club Real Estate Price To Rise?
With the data showing homes sales going up and marketing times coming down, my prediction is that 2014 will see more homes sold in Wynstone and the average marketing time will come down some more, but I am not yet confident enough to say prices will rise this coming year.
However mortgage rates are a subject that might make 2014 the year to take the plunge and move into a golf club home in Wynstone North Barrington. We’ve been luxuriating in some extremely low rates for a number of years and the predictions are that through 2014 and 2015 we are likely going to see fixed rates climb above 5.00. Add to that the small decline in jumbo loans from $417,000 to $410,000, a mere $7,000 extra on your mortgage could push your loan into a higher monthly price.
While on the subject of jumbo loans these are still very attractive but this honeymoon will not last forever.
In summary the price of Wynstone Golf Club real estate may not increase in 2014 but the cost of borrowing to buy that house most likely will. So yes I believe that if you are in the market to buy a home in Wynstone this coming year, it’s the right time to do so and waiting will only make it cost more.
Warning!! A 1% rise in mortgage rates on a $400,000 fixed loan will set you back $2,850 or so a year. Over the average time owners stay in homes of 7 years that’s a grand total of nearly $20,000.
So there you have it. My reasons to go and buy Wynstone Golf Club real estate in 2014. Start your search by viewing available Wynstone homes and call me if you have a home to sell, let’s get the process started early.