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The Housing Stats For October 2017 in Barrington IL 60010
Sales 3 Bedroom Homes
- 5 homes closed in October 2017 (down from September’s 12)
Sales 4 Bedroom Homes
- 26 homes closed in October 2017 (up 1 from September’s 25)
Sales 5+ Bedroom Homes
- 12 homes closed in October 2017 (up 2 from September’s 10)
Sales Condos and Townhomes
- 16 homes closed in October 2017 (same as September)
Barrington IL Real Estate 60010 Market Report October 2017 – Summary
Although closings are not as high as in the summer, October’s closings kept pace with September. As we are now in November I expect to see more closings although contracts likely will slide a bit as we head into darker evenings, cooler temps and Thanksgiving being just 3 weeks ahead. A slow down is typical in the area for winter.
What Does This Mean For Home Sellers
If you have a home on market now, take a final look at why you have not sold. Price, condition and presentation, location are the top culprits, it’s rarely anything else. Homes are still going under contract, it is not a dead stop. Whether you come off market and wait for spring is up to you but I have buyers and I am therefore sure other agents do too. Spring is 6 months away. Maybe you don’t want to or need to move now, maybe waiting is a good option for you. Re-visit your plan before deciding.
If you have a high priced home for sale and are asking your agent to accompany all showings, are you sure showing requests are not being declined? Recently I had 2 showings declined due to lack of agent ability to attend. While I fully understand we cannot always be available, please understand this can adversely affect a buyer’s perception. Some won’t come back if they cannot arrange a better time or if they think you are not serious.
What Does This Mean For Home Buyers
- 108 new listings came to the Barrington real estate market in October 2017. That’s a decrease compared to September of 47 units.
- 18 of those are under contract. Holding steady compared to September so inventory is declining.
- 1 has already closed.
- Buyers have 554 Barrington homes to choose from today. (Includes Inverness that has a zip code of 60010.)
- Mortgage lenders can close your loan in 30-45 days now.
- A buyer’s agent works for you, avoid the listing agent, they work for the seller not you.
- There’s plenty of inventory to choose from in all price ranges although not as much as there was in the summer.
As of October 25th – US 30 Year Mortgage Rate is at an average of 4.13%, the rate has been slowly inching up over the last 3 months with a little up/down fluctuation. This is true for 15 and 30 year fixed, ARM’s and jumbo loans. The HELOC rates have also climbed with the treasury raising the prime lending rates this year.
Contact Corinne Guest, Barrington Realty Company at 847-363-3686 for assistance when buying your new home.