In the past few weeks, home sales are in the air. After running numbers (stats)for our Barrington areas the numbers back up the talk around the real estate community.
April sales of previously owned single-family homes and condominiums are still seeing a month over month gain for the third consecutive month. This includes the home sale statistics in zip code areas 60010 covering home sales in zip code 60010 including Barrington (all areas including:The Village of Barrington,Barrington Hills, Deer Park, South Barrington, Lake Barrington, Port Barrington, Tower Lakes & North Barrington) and zip codes 60067 Palatine and 60047 including Lake Zurich, Long Grove and Kildeer are both down.
Housing Market Stats so far and the month is not even over:
3/1/09 – 3/31/09 Sales Avg SP vs 4/1/09 – 4/29/09 Sales Avg SP
60010 17 $601725 23 $724810
60047 25 $322485 15 $391267
60067 56 $202250 36 $252625
Our team and agents we converse with feel we are heading in the right direction and now it is 3 months in a row.
For home buyers, it seems like they are starting to act on all that is in their favor. $8000 non-repayable federal tax credit for anyone that has not owned a home in the last 2 years buying a home as their principal residence by December 1st of 2009. Fixed rate mortgages are at or around 5%. Home prices are much more realistic and reasonable in many areas, with all the foreclosures and short sales as competition.
Buyers are starting to realize that it is time to move on with their lives and take the next step in purchasing a home. We have had so many more showings and offers on our listings that are priced right for the market now that have sat there for months with little or no interest.
Nationally 53% of the sales are from first time home buyers. We are seeing first time home buyers, investors and home sellers that are buying up and realizing that the best opportunity for this is now. Also we are advising all rental calls to see if they can and should buy now.
What homes are selling? There are traditional homes for sale and distressed sales. The traditional homes sales are sellers that realize the market and need to sell. The distressed sales are short sales and foreclosure (REO) sales. A short sale is when the seller tries to salvage what he can as far as his/her credit score and the lender accepts less than what is owed, ask a CDPE or Certified in Shortsales and Foreclosure sales agent like our teamfor more explanation or to list your home. Sometimes a seller does a short payoff with the lender and has a deficiency judgement for the balance.
Distressed homes for sale are for some buyers but not all. Many distressed properties with the low price come repairs, cosmetic and major and the longer process involved.
Spring is here and our area is getting the message of the great housing market.
Posted By: Julie Anne – The Julie Anne Real Estate Team at Keller Williams Success Realty
CDPE – Certified for Short Sales & Foreclosures – GRI – ABR