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Selling high priced homes in Barrington can take a while, but how long should sellers wait before taking action. What action should a seller take if a high priced home has not sold?
How Long Will It Take To Sell a $2 Million Home in Barrington?
It’s important to know that our prices in Barrington don’t stop at $2 Million. Although it is above the median value of $600,00 there are always plenty of homes for sale at $2 million or more. Currently in the Barrington and Inverness area there are 51 homes priced $2 million or higher. That represents about 10% of the available market.
Selling any home always comes down to the laws of supply and demand. There’s a steady demand for homes at the median level. That demand declines slowly as we climb the ladder. It’s also fair to say that each area will have a greater or lesser demand for the higher priced homes. What I mean by that is whether the high price points are expected in an area or unusually high for the area. South Barrington, Barrington Hills, Inverness and perhaps Wynstone in North Barrington are common locations for homes above $2 million. Deer Park, Barrington, Lake Barrington will have very few.
Selling High Priced Homes – The Data For 60010
None of us have a crystal ball to give you the answer. All homes are different in ways other than the price too. Homes can have emotional triggers for some buyers both positvely and negatively. Outdated rooms versus updated rooms, styles, locations, colors, room sizes, all of these and more are trying to appeal to buyers. With all these variables how can we possibly give you an accurate answer?
Data is the best source because it can give you an average. It’s a starting benchmark.
- 2013 – Average market time for homes $2 – $3 Million – 71 days – 5 Sales
- 2014 to date – Average market time for homes $2 – $3 Million – 175 days – 3 sales
- 2013 – Average market time for homes $3 – $5 Million – No Sales
- 2014 to date – Average market time for homes $3 – $5 Million – No Sales
- 2013 – Average market time for homes $5 Million and above – No Sales
- 2014 to date – Average market time for homes $5 Million and above – No Sales
Although the real estate market is recovering well in Barrington if you have a home in the Barrington area priced above $3 Million, there is no current data to help you understand how long it might take to sell. We haven’t had many buyers at that level for a long time.
In 2012 a high priced sale at $9,500,000 took 950 days to sell. in 2011 the time was 886 days for a home listed in at $3,975,000. A similar time for one sale in 2010. Every year there many be one sale above $3 million. I think it’s fair to say for every home above $3 million, it could take 3 years to sell.
What Can Sellers Do While They Wait For A Sale?
Now you have the data here are some things you should consider:
- Interview Realtors and find the right one. This is not a hire and fire time every 6 months. Unless your Realtor is simply ignoring you, stick with the one you chose. It’s not their fault you didn’t sell in six months. It’s simply the law of supply and demand. Understand what your Realtor will do to market the home, is this in line with your thoughts?
- Showing events will be few and far between. Depending on where your price is consider whether you want your Realtor to see proof of ability to buy before you allow buyers to visit. Time wasters are unlikely but security is always top of mind.
- Be committed to the process. There’s very little point in listing for 6 to 12 months. You may get a sale but you may not especially if your price is at the top end.
- Understand your time frame. Many sellers will get nervous, anxious, irritated, bored with waiting and all number of other emotions. Somehow you’ll have to keep them all in check because it may be a long wait.
- Prepare for a surprise. There’s a buyer for every house. Even at the high price range your home may be perfect for a buyer who is ready to buy today, the day you list for sell.
- Pricing. This may be more of a challenge than any of us realize, if there are no sales we have nothing to go on. We may have to look at competing listings, sales over the last 5 years, consider an appraisal to find cost to rebuild, or a combination of all.
So there you have it. Some thoughts and data on selling high priced homes in the Barrington area.
Ready to sell in Barrington. Give us a call at 847-363-3686