Property Market Letter

Wow! Barrington Country’s Q4 2014 property market dynamics, especially December, were astounding. The number of homes under contract in December was up 77.8% to 48 from 27 a year ago and the average price per square foot of homes sold in the Barrington area is up 22% year over year at $150/sqft vs $123/sqft. This tracks with the average price of homes sold up 21% for the same period. So, what does this mean? Prices are going up as is the number of homes for sale which is exactly what I mentioned in the last Property Market Letter; the market is getting stronger. Home buyers are hoping to take advantage of low interest rates before they increase and before property values increase as well. The Home Data Index is projecting that homes values will increase 5% on average in 2015 with the Midwest outpacing the rest of the country.

Market dynamics for Barrington Country are strong, and the average number of days a home has been for sale has decreased nearly 20%. If you’re thinking of putting your home on the market, get it listed soon, as our spring market started just after the Super Bowl. Make sure you choose a Broker who can help you differentiate your home and justify the unique value your home offers in this market. Remember that correctly pricing, properly presenting, and effectively promoting are the best ways to get your home in front of qualified buyers. Oh, and the first 4 or 5 showings are online so invest in great photography and excellent writing to convey the true essence of your home.

Stories are the best way to capture the essence of your home. Stories can reflect how lives were lived there and they can portray your home with feelings of positive energy that potential buyers hope and believe might transfer to them. Savvy brokers demonstrate the essence of your home to qualified buyers in your market range through web pages, video, quotes and photo albums that show how beloved your home has been over the years.

First steps, cold nights in front of the fire and junior prom. Birthday and Anniversary parties, when you first heard of college acceptance or of your child’s engagement. Show how the trees and landscaping have matured with your family and show how the seasons can be enjoyed: from the blossoms of spring to back yard camp outs. Many of the same reasons you originally bought your home will more than likely be the same reasons someone else will buy your home. Help them connect to their future through your memories.

Buying or selling a home is very personal and should be handled with the care it deserves while maintaining complete confidentiality and discretion. Many professionals forget the personal aspect, especially with the higher end homes where it’s “supposed to be all business.” It is still very important to get it right. It’s never perfect, but it must be right. Real Estate Brokers and other professionals can get caught up in the business of the “deal” through the justification of negotiating the best outcome for you, “the client.” Although in most instances that’s true, I have to apologize that we professionals in real estate (brokers, attorneys, appraisers, inspectors, etc.) sometimes lose sight of the fact that you don’t do this every day like we do. That’s why I use tools and resources to keep every client protected and informed where you would have quick and immediate access to every communication and why you will never feel abandoned during or after the process. That is why many of my clients have become lifelong friends.

Confidentiality trumps everything. Trust is paramount. Working with the right person can be a blessing even in tough situations just as working with the wrong person can make you feel miserable and violated. Character and integrity cannot be taught in a classroom. It is usually caught and attained through years of careful parenting and graceful guidance. Whomever you choose to represent you, don’t forget, they also become an extension of you. Strive for excellence, not perfection.

I wish all the best for you.

– CONNIE ANTONIOU

If you would like to discuss these details or your unique real estate needs you may call or text me at 847.508.7775 |or email
connie.antoniou@sothebysrealty.com

Property Market Letter

Barrington Country’s property market dynamics are much stronger Q3 2013 over Q3 2014. The average price per square foot of properties sold in the Barrington area is up 5.7%. The average number of days a sold property has been on the market is down 3.6%, and the number of properties under contract for the same time frame is up 15.4%. While these dynamics are strong, the number of properties for sale is up 32.9%. In Q3 2013 there were 836 homes for sale vs 1,111 Q3 of this year. During the same period the number homes sold is down 6.1%. With inventory up and the number of homes sold, down, the economics show us that price, presentation and promotion are the best ways to get your home sold in this market.

Pricing can be a scary proposition for most sellers and you should consider many factors and variables not merely an agent’s “CMA”. The above metrics must be considered as well and then put through the filter of your motivation for selling within a certain time period. Upon arriving at a logical, fact-based price, we must add for amenities and features while subtracting for updating and deferred maintenance. This is a delicate dance and must be monitored in a candlestick fashion range, just like you would analyze a stock. Oh, and don’t forget to price it just below market to get showings and interest; again just like the Bid/Ask you are familiar with when you sell stock in this dynamic market.

Presentation is the factor that elicits the greatest emotional response from every home owner and every prospective buyer. No one is immune. The new real estate paradigm shows us that, at least the first four showings of a home are online at SothebysRealty.com, HFSIR.com, myhomeresearch.com, realtor.com, Zillow, Trulia, or the myriad of other search sites out there; this is why it is imperative to present the home by sharing the home’s stories in an engaging way. I coach all of my agents to interview each home owner to best capture the “Essence” of the home. We need to remind a potential buyer that lives were lived in this home. Stories convey how a new family might enjoy this home with their own family. “What is the coziest place in the home?” “What is the favorite window?” “What will you remember most about this home?” These are just a few of the questions we ask so that we can present the essence of the home through photography, videography and the written word. The essence interview helps us view the home through the filter of love and respect.

Promotion is how we convey the essence to the world and lay a global trail of bread crumbs online and in print to lead families who are seeking this
specific lifestyle to the door of their potential new home. In addition to promoting every home with proper architectural and artistic references, Sotheby’s International Realty promotes every qualified home, in all price points, online through The New York Times, The Wall Street Journal and James Edition, just to name a few. We have been very fortunate locally because one of every four homes we submit is featured as “Home of the Day” or “House of the Week” on each of these sites. Now that’s promotion.

A few factors to consider:

(1) Keep your home on the market over the holidays, there is far less inventory and those who actually look, are serious buyers.

(2) It is okay to live in your home while it is listed for sale, but try to keep it uncluttered and by all means don’t over-stage.

(3) Lifestyle trumps everything; capturing this and effectively communicating your home‘s essence through all media is paramount to an effective home marketing campaign.

(4) The market metrics, through your Broker, sets your home’s price range; the home owner sets the listing price; while the buyer sets the selling
price.

I wish you all the best in finding solutions to your real estate needs and wants as well as health and happiness through this Holiday Season. –

CONNIE ANTONIOU

If you would like more details you may download my report at hfsir.com/HomeMarketingOverview. If you would like to discuss these details or your unique real estate needs call or text me at 847.508.7775 |or email connie.antoniou@sothebysrealty.com