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Barrington IL Real Estate Market Report April 2017 – It has been a busy month with buyers making offers on homes and sellers listing their homes for sale. We have 188 homes under contract from early stage to pending and ready to close. The highest priced home under contract is $2,500,000. That means May and June’s closed sales are set to be very good.
The Housing Stats For April 2017 in Barrington IL 60010
Sales 3 Bedroom Homes
- 15 homes closed in April 2017
Sales 4 Bedroom Homes
- 27 homes closed in April 2017
Sales 5+ Bedroom Homes
- 11 homes closed in April 2017
Sales Condos and Townhomes
- 9 homes closed in April 2017
Barrington IL Real Estate Market Report April 2017 – Summary of Stats
Aprils closings were up from 51 in March to 62 in April. That’s an expected rise in sales as is normal for our area. Spring is here, market activity is up. Sales volume is rising.
What Does This Mean For Home Buyers
- 163 new listings came to the Barrington real estate market in April 2017, slightly down from March’s 169.
- 35 of those are already under contract.
- Buyers have 559 Barrington homes to choose from today in prices across the spectrum of $139,900 to $14,888,000. This includes condos, townhomes, single family homes and our luxury properties in Inverness, South Barrington and Barrington Hills. There’s plenty of equestrian choices and a few foreclosures.
As of May 10th 10.10am – US 30 Year Mortgage Rate is at 4.18%, the rates have fallen a little. A 15 year mortgage rate is as low as 3.39% and these are becoming more common with savvy buyers. They are borrowing less and paying off debt sooner. A 5/1 ARM is 3.46% and jumbo loans above $417,000 are charged 4.14%. It’s been a while now that jumbo loans are lower than a standard non jumbo loan.
What Does This Mean For Home Sellers
Sellers can feel quite confident that there are many buyers looking and with mortgage rates still very low that’s likely to continue through the spring and summer months. Take advice from your real estate agent about pricing. No correction, DO NOT IGNORE advice from your REALTOR®! We are still seeing two quite defined scenarios, well priced homes that are going under contract in 30-60 days and many more under going price cut and price cut and are still too high.
Emotional pricing fails, 100% of the time.
I am currently working with a buyer that is looking at a good price range and so far we have found two homes they want to buy. The first we made an offer based on comparable sales, $100,000 under asking price. Of course the seller disagrees. The second we’ve decided not to bother because the asking is $150,000 over comparable sales. That’s just too big a gap for any mortgage appraisal to pass. My buyers want to buy, they have no home to sell but the house sellers are asking too much. Frankly the REALTORS® should not be agreeing to list that high, and sellers need to accept we are not 2006 anymore.
Mortgage approvals appear good. Appraisals are on target for correctly priced properties but will fail if over-priced by far too much.
It’s nice to see green grass, mowed lawns, trees in bloom and leafing. The spring real estate market is the best time to add some color to your front entry to make it pop in photos and when your buyers come to look. Heed those weeds though, they grown faster than anything else!