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The first quarter of the year is usually slow in Barrington. Many of the closings are actually contracts agreed at the end of the prior year, another part of our year that slows down in real estate sales here in Barrington. And then there’s the weather! How strange a winter and early spring has it been? Not particularly good for home sellers.
What is the Luxury Home Market in Barrington?
The easiest way to consider our luxury market in Barrington is the top 10% of sales by price. That gives us a number today of $900,000. This quarterly report is looking at homes sold and available at $1 Million or above. It represents about 125 available homes for sale. How many real buyers were there for the first quarter of 2018? 6, yes 6. Real buyers are those that actually bought a home. There are many more looking, but for one reason or another they are not ready to pull the trigger and make an offer. Many of them are actively looking at homes for sale.
Luxury Homes Sold in Barrington During First Quarter 2018.
As we mentioned a minute ago, there were 6 homes closed in the first quarter. The chart below shows the sales and the listings in several price points. As you can see, with a high amount of listings to few buyers, we are in a buyers market.
This puts pressure on the prices and gives sellers three options:
- Hold firm on your price and wait.
- Assess your price, maybe you are over-priced, maybe not. Take a look at relevant homes both sold and for sale. Are you getting good opinions on price from your current broker, or maybe you don’t care?
- Reduce your price and hope to be one of the next few that sell. Buyers want a good deal and that’s true at the higher prices more than anywhere else. Consider your monthly running costs when making price reductions, a reduction could help you in the long run.
At the rate of 6 out of 125 homes it would take 21 months to sell them all. However next month will give us a better idea, because more sales will close and more buyers will come to the market in earnest.
Barrington Homes Luxury Market Report
In summary luxury home owners need to know it’s going to take time to sell in Barrington Illinois.. The very few are lucky to get a quick sale. The majority must do several things to market their home to the best of it’s ability.
- Pick the best Broker for the job. A member of the Institute for Luxury Home Marketing is a great place to start. (Corinne Guest is a member.)
- Prepare your home for sale. You have plenty of time to make those little fixes, de-clutter, stage, spruce the gardens, prepare your landscaping, even wait for some green grass! Seek guidance from your expert REALTOR®.
- Hire the broker that hires the professional photographer. A floor-plan is a great idea and Drone aerial photos are too. Never let your REALTOR® take the photos for any online or print materials.
- Don’t discount your brokers professional fee. If they give that up to you, you give up the professional presentation, the professional marketing and think how easily they’ll give up negotiating on your behalf. You become the discount client with a discount house. Does that sound like you or your property?
- Be patient. You are not going to get a rush of buyers like sellers in the low end of the market do. They will come one at a time. No buyers at all? Be patient again, wait a month at least before you re-think your price.
- The luxury home selling market does not fall inline with what the media tells you. They publish very general information by country and at best by state.
- Understand your market by reading market reports like this one.
Marketing Luxury Homes in Barrington
How good is the reach of a luxury home marketing specialist? Are you and your home getting the best exposure? Do you know? Do you think the MLS is enough? Is your broker able to offer additional marketing for a luxury home? What are those ideas?
Where is your luxury home expert going to market your luxury home. Be sure to ask, not all Brokers have the same tools.
Are you thinking of selling? For a discreet and confidential marketing consultation, contact Corinne Guest today. Call her at 847-363-3686, or fill in the following form which is sent directly to her email.
We’ll reach out to set a mutually convenient appointment and look forward to hearing from you.