Health & Fitness
Low Inventory = Sellers Market
Good News! The lack of housing inventory in Barrington is helping to create a "buyers market"! Almost 6 years in the making, mutiple offers are once again being seen in the Barrington housing market!
Wow! I have waited for over 6 years to be able to say - It's turning into a sellers market!
Inventory is so low that homes are receiving multiples offers! In January 2012, 534 homes were for sale and this January 2013 we only have 368 homes for sale.
We have also seen an increase in the average sales price from $399,685 in 2012 to $560,321 in January 2013.
Find out what's happening in Barringtonwith free, real-time updates from Patch.
January 2013 55 homes sold in Barrington vs. 36 in January 2012.
Now, before we get super excited, I need to remind you that we are still dealing with "shadow" inventory, which is being held by the banks. I am sure we will continue to see Bank owned property being released into the market at a reduced price which in turn will affect pricing. Also, many homes are still "underwater" (owing more on your mortgage than your home is worth) and the lack of equity is still an issue affecting more than 27.5% of all homeowners with a mortgage.
Find out what's happening in Barringtonwith free, real-time updates from Patch.
If you have been thinking about selling your home, now is the time! Here's a hint, don't wait until April when everyone else is putting their home on the market. Be a trailblazer and take advantage of the lack of competition!
And always remember, the most important factor in selling your home is condition and price.
Cheers,
Judy
