Barrington – Deer Park – Housing Market picking up!

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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.

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Posted By:   Julie Anne – The Julie Anne Real Estate Team at Keller Williams Success Realty

Northern Illinois Real Estate AgentBarrington – Deer Park Real Estate Expert and surrounding areas


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