Barrington, Illinois, is located just outside Chicago to the northwest, outside the city, but within commuting distance. Barrington real estate is in the suburbs but still close to one of the country's most valuable real estate markets, making it very valuable. If you plan to sell your Barrington real estate, you want to make sure you’re getting the best possible price. Evaluate the local real estate market to see how your Barrington homes for sale compare to others in the area and sell when the market is right.
Sell during a seller’s market
If you want to make the greatest possible return on your investment, you should sell during a seller’s market. A seller’s market
is when there are more prospective buyers than homes available in a given market. This means that buyers have to compete with each other for the limited number of homes. They essentially have to outbid each other, which drives prices up and allows you to make a greater return on your investment. Make sure you sell your Barrington real estate during a seller’s market. If you’ve owned the real estate for many years, the value has appreciated well above what it was when you bought it, so you’ll make a good return. But if you want to make the best return, then sell when the market is right.
In a small suburb like Barrington, it can be challenging to gauge what kind of a market it is. Being part of the greater Chicago area, the Chicago housing market statistics may be a good (if not perfect) indicator. Talk to a local real estate agent to get a better idea of the local market. They will have a good idea of just how many listings there are in their town and how many people are interested in buying them.
Barrington real estate is increasing in value
Housing markets have been doing incredibly well, and Barrington is no exception. Barrington homes for sale currently have a median home sold price of $550,000, up from $390,500 as recently as March 2019. This doesn’t necessarily mean that your Barrington real estate has increased by $160,000 in the past three years, but it’s indicative of how in-demand the real estate in the area is.
When more buyers are interested in houses in a given area, homeowners can list and ultimately sell their homes for more. This increase can’t just be attributed to the appreciating value of homes. This increase in value is due to factors in the market. Rapidly increasing home values could indicate high demand, indicating a seller’s market, which might be the right time to sell.
If you’re still on the fence about selling right now, there is little to indicate that anything will change this trend of increasing values, so you could always wait for a while and then sell when Barrington real estate is even more valuable.
Mortgage interest rates to rise later this year
The Federal Reserve has said that they will increase interest rates
later this year, including mortgage interest rates. If you’re planning on selling your Barrington real estate, this may not affect you directly, but it’s still something you should pay attention to, as it could affect potential buyers. Buyers know that the current mortgage interest rates are low, but they won’t stay this way forever.
If they know they’ll have to pay less interest on their mortgage, buyers might feel compelled to buy soon and even offer more for a home. If you’re thinking about selling Barrington real estate, it may be in your best interest to put your house on the market soon to meet buyers where they are.
Know your competition
If you’re selling Barrington real estate, it’s essential to understand that you’re competing with other people in the area who are selling their homes. It might be worth checking out some other homes for sale, seeing the shape they’re in and the listing price, and comparing them to your own home. This could be a good way of figuring out how much you should list your house for and how your house compares to others in the market.
If you’ve owned your Barrington real estate for many years, your home may require a few renovations. Renovations can be time-consuming and costly, but they are one of the best ways to increase your home’s value
. Just how much value a renovation will add depends on a variety of factors, like the age of your house or if the upgrades improved the interior.
Selling Barrington real estate
If you’re ready to get the process of selling your Barrington real estate started, contact a trusted and knowledgeable realtor like Kim Alden. She knows the area and will be able to help you gauge the local market so that you can get the greatest possible return on your investment.
Barrington homes for sale are precious for the square footage because of their coveted location outside of Chicago. If you’re thinking about selling, you can make a great return on investment.
The housing market in Barrington is in great shape, and home values are rapidly increasing. If you’ve had your Barrington real estate for many years, you’ll be able to make incredible returns.
Mortgage interest rates are low, but they won’t stay that way forever, so it might be worth putting your house on the market soon while buyers feel compelled to buy. If you have an older home, consider a renovation that will significantly increase its value.
Ready to get started preparing your home for the market? Reach out to one of the trusted local agents on the Kim Alden team