Wynstone Real Estate - North Barrington Market Report End 2010

Real estate in Wynstone North Barrington has not been very active this year. With only 7 homes sold the average marketing times of those sales was a wopping 864 days. If we compare this to 2009 there were 14 homes sold and an average marketing time of 361 days. 2009 was very similar to 2008 with 13 sales and an average marketing time of 331 days.

What about 2005? This was the last year that I consider we were a sellers market and there were 33 sales that year with an average market time of 300 days.



What has happened to the median price range during the last 5 years? Here's a quick chart:

2010 - $717,000
2009 - $730,000
2008 - $956,250
2007 - $1,162,500
2006 - $980,000
2005 - $1,154,000

As you can see since 2005 we have lost value in Wynstone Real Estate in North Barrington and the higher priced homes have not sold-the highest sales 2010 was for $1,300,000. So how many homes are for sale in Wynstone today? We have 53 listings of which 52 are single family homes, there is 1 golf villa. There are also 7 vacant lots for sale and 6 homes available for rent.

Of the 53 Wynstone homes listed 4 are under contract. The list prices of those are $519,900, $789,000, $795,000 and the last which is being sold as a short sale is listed at $1,000,000.

The data speaks for itself, only the lower end homes are selling, as to the reasons why, I think you could likely draw your own conclusions.

Contact:

Corinne Guest
Real Estate in Barrington
Royal Advocate Realty
Info@CorinneGuest.com
(847) 363-3686

Lake Zurich Real Estate Market Data-Single Family Homes-2010

In 2009 there were 171 sales of  Lake Zurich Single Family Homes. So how well are we doing in 2010, are we on target, has the median price gone down, is the marketing time more or less?

In 2009 the median sales price for Lake Zurich Single Family Homes was $277,000
In 2009 the average sales price was $300,334
In 2009 the average marketing time was 190 days.
In 2009 the list to sales price ratio of all the homes sold was an average of 94% of final list price.
In 2009 the list to sales price ratio of homes sold was 89% of the original list price.

The lowest sale in 2009 was $35,000 and the highest in 2009 was $799,900. This was Lake Zurich Single Family Homes only and did not include land or commercial properties.

Now lets compare 2010 to date:

In 2010 there are 176 sales of  Lake Zurich Single Family Homes to date.
In 2010 the median sales price for Lake Zurich Single Family Homes is currently $285,000.
In 2010 the average sales price is currently $301,707
In 2010 the average marketing time is 189 days.
In 2010 the list to sales price ratio of all the homes sold is currently an average of 94% of final list price.
In 2010 the list to sales price ratio of homes sold is 90% of the original list price.

The lowest sale in 2010 to date was $72,450 and the highest was $759,507. The was Lake Zurich Single Homes only and did not include land or commercial properties.

Search for all Lake Zurich Properties if you are interested in buying, there are lots to choose from and interest rates seem to have calmed done a little from recent weeks.

Sales this year over last are very similar, currently only a difference of 5. Median price has increased a little but again numbers are very similar, as are average marketing times and list to sales price ratio. In summary Lake Zurich's real estate market data shows stability at last. We are still a buyers market, however it appears we are no longer declining.

Contact:

Corinne Guest
Real Estate in Barrington
Royal Advocate Realty
Info@CorinneGuest.com
(847) 363-3686

North Barrington Homes-Market Report Year to Date-Dec 2010-Real Estate in Barrington

In 2009 there were 36 sales of  North Barrington Homes. So how well are we doing in 2010, are we on target, has the median price gone down, is the marketing time more or less?

In 2009 the median sales price for North Barrington Homes was $492,500
In 2009 the average sales price was $565,415
In 2009 the average marketing time was 286 days.
In 2009 the list to sales price ratio of all the homes sold was an average of 91% of final list price.
In 2009 the list to sales price ratio of homes sold was 62% of the original list price.

The lowest sale in 2009 was $194,000 and the highest in 2009 was $1,300,000. The was North Barrington Homes only and did not include land or commercial properties.

If you are in the market to buy, search all the North Barrington Homes for sale by price range.



Now lets compare 2010 to date:

In 2010 there are 31 sales of  North Barrington Homes to date.
In 2010 the median sales price for North Barrington Homes is currently $542,000.
In 2010 the average sales price is currently $549,465
In 2010 the average marketing time is 442 days.
In 2010 the list to sales price ratio of all the homes sold is currently an average of 92% of final list price.
In 2010 the list to sales price ratio of homes sold has fallen to 53% of the original list price.

The lowest sale in 2010 to date was $165,000 and the highest was $1,300,000. The was North Barrington Homes only and did not include land or commercial properties.

This report shouts out loud the importance of pricing homes right at the very beginning. For sales in 2009 and 2010 to be selling at such low list to original sales price has such dire effects for the home sellers. It has been proven over and over, that if you over price your home to start you'll ultimately sell than less than had you listed at the right price to start with.

Open to discussion is the effect of the higher priced homes in Wynstone and the slow sales over the last 2 years. How are these contributing to North Barrington's low sales percentage? Maybe that's for a separate post.

Contact:

Corinne Guest
Real Estate in Barrington
Royal Advocate Realty
Info@CorinneGuest.com
(847) 363-3686

How Can I Get My Barrington Home Sold

We are nearing the end of the year and as usual activity in our market has decreased. There may still be buyers looking to buy but the urgency often declines due to families and the holiday season taking priority.



If your home has been on the market for a while you might be wondering what you can do to get your Barrington home sold. Here are some questions for you and your Realtor.

1. Have you established the market value for your home in the last 60 to 90 days. You may still be over-priced. Adjust now.
   
2. What is the average marketing time for homes in your part of Barrington in your price range. It may still be early days.
3. Your home is in the MLS-isn't it? Check.
4. Your MLS photos-do they need updating-seasonal.
5. Do you have a virtual tour or at least multiple photos?
6. What other marketing is being done-ask your Realtor if any of it has bought inquiries either direct or from other Realtors. This can be hard to measure as often you'll never know how a buyer found your property, but it's worth looking at the marketing again.
7. Is your property being marketed on a blog. A well written and marketed Barrington blog will attract many readers. A monthly post about features of your home will draw new readers and intrigue existing ones
8. Is your Barrington home on TV?  Comcast has a real estate search channel. TV is becoming more popular as a means of searching for homes. Luxury homes especially should be featured on this channel.
9. Do you have brochures for buyers to take when they visit? Serves as a reminder especially the photos.
10. Does your Barrington Home have a web site and how well will it be found by the search engines.
11. Does the home need any updating? Why do you think your buyers will want to do updating?
12. Have you had any constructive feedback-can you address any of those issues?

As you can see there is a lot to look at if your home has not sold. A pro-active approach is needed. Get on this now, do not leave it 2 or 3 or even 4 more months. There is always something that can be done.

Contact:

Corinne Guest
Real Estate in Barrington
Royal Advocate Realty
Info@CorinneGuest.com
(847) 363-3686

South Barrington Homes-Market Report Year to Date-Dec 2010-Real Estate in Barrington

In 2009 there were 37 sales of  South Barrington Homes. So how well are we doing in 2010, are we on target, has the median price gone down, is the marketing time more or less?

In 2009 the median sales price for South Barrington Homes was $900,000
In 2009 the average sales price was $980,358
In 2009 the average marketing time was 260 days.
In 2009 the list to sales price ratio of all the homes sold was an average of 89% of final list price.
In 2009 the list to sales price ratio of homes sold was 85% of the original list price.

The lowest sale in 2009 was $370,000 and the highest in 2009 was $3,000,000. The was South Barrington Homes only and did not include land or commercial properties.

If you are in the market to buy, search all the South Barrington Homes for sale by price range.



Now lets compare 2010 to date:

In 2010 there are 46 sales of  South Barrington Homes to date.
In 2010 the median sales price for South Barrington Homes is currently $755,000.
In 2010 the average sales price is currently $921,071
In 2010 the average marketing time is 242 days.
In 2010 the list to sales price ratio of all the homes sold is also currently an average of 89% of final list price.
In 2010 the list to sales price ratio of homes sold also holding at 85% of the original list price.

The lowest sale in 2010 to date was $407,500 and the highest was $2,480,000. The was South Barrington Homes only and did not include land or commercial properties.

Whilst the median price has dropped considerably this is skewed by the lack of very high priced sales. The average price has also dropped by about 6%. The good news is that more South Barrington Homes have sold this year and we still have 3 weeks left in the year.

Contact:

Corinne Guest
Real Estate in Barrington
Royal Advocate Realty
Info@CorinneGuest.com
(847) 363-3686

62% of Lake County, IL Foreclosures Lurking in Shadow Inventory - Barrington Real Estate

Santa Barbara, CA ---- December 1, 2010 ---  RealtyStore (realtystore.com) the nation’s premier provider of local residential foreclosure listings, announces its Lake County Foreclosures Review  reveals 1,208 recorded local foreclosures, or REOs. Of the total, RealtyStore determined that 457 REOs are listed available for re-sale to the public. The remaining 751 foreclosures are not yet listed for re-sale and are considered standing “shadow inventory”.

“Of 10,727 homes presently for sale in Lake County, 4% are REOs owned by banks or government service enterprises such as Fannie Mae or HUD,” said Peter Ranck, Vice President at RealtyStore. “It is important to note that the foreclosures listed for re-sale to the public are only a small portion (38%) of the total foreclosures recorded in Lake County.  The remaining 62% of county foreclosures have been fully repossessed, but have not yet been brought to the market for public sale. These homes comprise Lake County’s standing shadow inventory of repossessed homes.”

Standing shadow inventory is a relatively new phenomenon that has been building as foreclosure activity accelerated over the past two years. The market impact of this dormant inventory is not fully understood. However, because this inventory is available, but not actively being marketed, local for sale inventories can appear artificially low. This in turn can influence home prices.

RealtyStore also compiled foreclosure pricing for Lake County. The current median foreclosure list price is $113,100, which is 56% below Lake County’s median home price of $257,900. Lake County foreclosure list prices range from $30,000 to $2.1million. “It is understood that home specifications and locations will influence prices across the county, however, foreclosures presently offer, on average, an attractive financial opportunity for buyers,” said Peter Ranck. 

While foreclosure prices are generally below the market average, it remains to be seen how and when the impact of shadow inventory could affect prices in the future

 “Foreclosure activity varies greatly across the county,” said Corinne Guest, Realtor and Owner/Broker with Royal Advocate Realty (www.realestateinbarrington.com) in Barrington, IL. “While a significant number of foreclosures have not yet entered the market, we do not anticipate a large number of pending listings to enter the market rapidly. Additionally, it appears banks are carefully managing their foreclosure inventories to gain the most return possible from re-sale, so properties are priced competitively to specific market values. As such, prices are not expected to change materially.”

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If you are waiting for that perfect Barrington or Inverness luxury foreclosure you might want to consider some of the re-sale listings. It is still a buyers market in Barrington. Start your Barrington real estate search today or contact me for a list of foreclosures or short sale listings.

Contact:

Corinne Guest
Barrington, IL Realtor®/ Royal Advocate Realty
Info@CorinneGuest.com
(847) 363-3686

More information can be found at my Palatine Real Estate website. Research all the villages of Palatine, Deer Park, Inverness and Tower Lakes. Search all the Palatine IL Homes For Sale with no registration required. Sign up for new listings by email.

Providing buyers real estate services in the communities of the Palatine Villages, Palatine IL Homes For Sale, Lake Zurich, Hawthorn Woods, Long Grove and Kildeer.

See The Nice Side of Winter in Barrington Illinois

December 4th 2010, after a longer than normal wait, my favorite season of the year is under way. Here in the northern part of Illinois we normally see snowflakes dancing in the sky from mid November and sometimes even in late October. Earlier in the week we got a dusting of snow which always puts me in a good mood. Some think I am crazy, after all who wants to be cold.

I prefer to see the nicer side of winter here in Barrington. Aside from it being Holiday Season which should lift the spirits of all, nature has a way of bringing to us some beautiful things. Outside my kitchen window I have some Viburnum shrubs which provide plenty of food for the birds at this time when food on the ground gets hidden. The berries are now ripe and will stay on my bushes all through winter, until they all get eaten.

Birds often get fed via bird feeders but don't forget they need water which can be a hard thing to find when everything is frozen.

The covering of snow brings a blanket of clean to everything. Evergreen trees all look like Christmas Trees with snow covered branches. The rooftops of homes are now all uniform white, the patchy parts of the lawn are hidden in the soft white blanket.

It's not difficult to deal with snow here in Barrington. The snow plows cleared our road at 6.58am, in plenty of time for those that need to venture out to be safe on the roads. It's not that cold either, just below freezing, a good warm coat, boots and gloves will keep you toasty.

The 4 inches of snow on top of my bird feeder have even given this sparrow somewhere to sit while he has breakfast-he seems to prefer the seed and fat mix no doubt to insulate his body against the cold.

Next door the kids have come out to play and in 20 minutes there's a snowman in their yard. Of course that turns to a snowball fight afterward but it gets them out of the house for a while for fresh air and some exercise.

No doubt the Coyotes will be hunting for vole in the early hours and that's fun to watch, they are like little puppies pouncing on a toy. The deer will eat what they can find and often that's the bark off my trees yet the trees survive. They'll also eat from the yew bushes.

So for me there is no downside to the snow. I know of lots that hate it but maybe they just don't see what I see.

Contact:

Corinne Guest
Barrington, IL Realtor®/ Royal Advocate Realty
Info@CorinneGuest.com
(847) 363-3686

More information can be found at my Palatine Real Estate website. Research all the villages of Palatine, Deer Park, Inverness and Tower Lakes. Search all the Palatine IL Homes For Sale with no registration required. Sign up for new listings by email.

Providing buyers real estate services in the communities of the Palatine Villages, Palatine IL Homes For Sale, Lake Zurich, Hawthorn Woods, Long Grove and Kildeer.

How To Approach That Over-priced Listing You Want to Buy-Barrington Real Estate

We've seen a number of Barrington homes together, some below your budget, some spot on the budget and others above the budget. You've narrowed it down to a short list and we've been for a second showing on the favorites. Sitting high up there on the first placed podium is the over-priced favorite.

You know - the one with the fabulous kitchen, larger than large master bedroom, sumptuous bathroom and the list of wants and needs has almost all been checked off. Your new home in Barrington has been found. You asked for the data to see how much the property should be sold at and clearly it is over priced for the market, so what are you going to do? Should you try? What will be the strategy for making your offer?



Our seller might not be ready for what he considers a low ball offer but if the market tells us a lower price than we should ignore the asking price altogether. It is irrelevant,  and absolutely you should try. I cannot promise you the seller will see that our numbers support our offer and if that happens there is not much we can do. They may make the mistake of rejecting our offer and a year down the line accepting less than you were ready to pay.

We'll come up with an offer strategy based on where the sales price should be, not where the asking price is. If you want to buy the house and it is over-priced don't feel like it is not worth the effort. Try it. To start your Barrington real estate search visit my website today.

Contact:

Corinne Guest
Barrington, IL Realtor®/ Royal Advocate Realty
Info@CorinneGuest.com
(847) 363-3686

More information can be found at my Palatine Real Estate website. Research all the villages of Palatine, Deer Park, Inverness and Tower Lakes. Search all the Palatine IL Homes For Sale with no registration required. Sign up for new listings by email.

Providing buyers real estate services in the communities of the Palatine Villages, Palatine IL Homes For Sale, Lake Zurich, Hawthorn Woods, Long Grove and Kildeer.

December is Here But My Snow is In Idaho and England-Barrington Real Estate

As I sit in my home office all the leaves have fallen from the burning bushes outside my window and I stare outside waiting for the snow to fall.

The sky is overcast and it's cold enough, so I peer through the branches again, my eyes straining for a glimpse of the white stuff. I have a new coat and new boots for winter, my gloves and scarf are ready to go into action. Heck the snow blower is charged and fueled, my car will flick to 4 wheel drive instantly, I filled the bird feeders and put some on the floor for our little chipmunk. How more ready could I be?



So where is my white stuff? Yep you got, in my Moms back yard. She is back home in England and snow is piling up outside. Now that might not sound unusual but in southern England snow is rare. We used to wish for white Christmases and never get them. About once every six years we would see a fall of 6 to 8 inches and 2 days later-gone.

Here in Barrington Illinois snow is expected several times during the winter season, in fact it usually starts in mid November but this year it's late. How can it be late! So I watch the national forecast to see what's up. Where oh where is it. Idaho! So my colleagues in Idaho have pinched it. They are getting slammed with snow. Kevin, Marte, wish I was there!

The envy is building, perhaps I should consider moving to Idaho, my colleagues tell me what a great place it is to live. No that's out, bit too long of a commute for my husband. Maybe a visit? Nope clients want to see homes before the snow comes. So I wait, I stare, I watch The Weather Channel and look for the little white flakes that tell me it will arrive.



Wait, yes wait, there are little white granules falling from the sky. My path has a little edge of white. At last, a little late and nothing to write home about but December has arrived and it is at least trying to snow. Quick grab the camera.



If you are going to be looking for Barrington real estate soon, I'll take you out in snow and sun, we'll find you a new home and then me and your kids, we'll be outside building a snowman.

Contact:

Corinne Guest
Barrington, IL Realtor®/ Royal Advocate Realty
Info@CorinneGuest.com
(847) 363-3686

More information can be found at my Palatine Real Estate website. Research all the villages of Palatine, Deer Park, Inverness and Tower Lakes. Search all the Palatine IL Homes For Sale with no registration required. Sign up for new listings by email.

Providing buyers real estate services in the communities of the Palatine Villages, Palatine IL Homes For Sale, Lake Zurich, Hawthorn Woods, Long Grove and Kildeer.