If you have a property in Barrington Hills that has strengths as a potential horse property or is already set up for equestrian buyers, your goal is to sell, not to let it sit on the market and hope for a sale. Like any property seller you can start with some preparation and education before listing that will make your sale a successful one. So where do you start?
Know The Local Market
In general we all know the Barrington real estate market is rebounding, but do you know exactly what to expect for your type of property and in your location. As about 90% of the horse property is located in Barrington Hills, let's look at the sales numbers for March 2015.
Barrington Hills Sales Information - March 2015
- Homes Sold - 2
- Price Range $340,000 to $1,240,000
- Average Market Time - 140 Days
- Average Sales Price as a Ratio of List Price - 93%
Most of the property in Barrington Hills is zoned to allow for horses but the sale at $340,000 was not on a large enough lot for horses. The sale at $1,240,000 was zoned for horses but did not have any paddocks, fencing or barns. Two sales in a month is not many but Barrington Hills is a very small real estate market. Sellers might be able to get a general feel for the market.
So far we've had 2 sales in Barrington Hills in April.
One property sold at $470,000 was zoned for horses but not equipped for them. It sold in 35 days at 94% of asking price. The second sold at $1,250,000 and although was zoned for horses with 22 acres of land, again it was not equipped with any equestrian facilities. The market time was 464 days and sold at 78% of asking.
If you were a buyer looking for horse property, you might skip these as they are not ready for horses. The reality for buyers is not many equestrian zoned properties that come up for sale are in fact ready.
Sales data extracted from the MLS and assumes all sales are reported accurately and on time.
Barrington Hills sales Equestrian Ready
We need to look at an entire years sales to see if horse property is selling. In fact there were 17 sales in Barrington Hills last year (2014) with barns and prices ranged from $392,000 to $3,600,000. There was one marked as Barrington but it was actually North Barrington, another marked Barrington instead of Barrington Hills, finally 3 in North Barrington. As far as I can tell nothing in Unincorporated Barrington. In summary we had 22 sales of equestrian equipped property, to one degree or another. What do I mean by that? Well many properties that were once active horse properties may no longer be active but still have barns, fencing, paddocks but that part of the property is now being neglected.
Barrington Hills Active Market - March 2015
- Homes Under Contract (With outstanding contingencies) - 9
- Homes Pending (Waiting For Closing) - 3
- Available homes for sale - 105
- Price range $254,900 to $18,775,000
This is a fair amount of properties available and most will be zoned for horses. A check of the listings only has 14 of them showing barns. The following chart shows an increasing supply of property in Barrington Hills. This is high because spring always brings sellers to the market, but also because we have some substantial asking prices. The highest asking price right now is $18,775,000. The median price is $1,200,000.
22 months of inventory in Barrington Hills, are you ready to compete?
A Successful Sale of Horse Property Requires Successful Marketing
Now you have an idea of what sold over the last 12 months, let me remind you that properties that have a lifestyle attached to them need to be marketed as such. When reading through sales and listings in the MLS the laser focus is on the house. That's all good and dandy but what about the barns, paddocks, fencing. What about the water, electric, number of barn stalls. What about the extra generator. All this things and more are constantly missed and there's no good reason for it.
Many Realtors might think buyers are not searching for horse property with equestrian facilities. They would be dead wrong. We get buyers asking us all the time for more information on listings because it's not being marketed well. Buyers are looking for horse properties in Barrington Hills from all over the country. Without good marketing they won't find what they want, meaning your property is going to get missed.
While we agree the house is important, there's no argument here about the importance of what else your equestrian farm has to offer.
The odd thing is some sellers want to dress up a non horse farm as one and expect a magic buyer to say yes. For example we would never class a barn with a concrete slab floor as a horse barn. At best it could be a hay barn, but the horses really need a mud floor. And if you've got 5 acres are in an area zoned for horses, buyers can be educated about that but should never be expecting to find ready to go paddocks, with fences if they don't exist.
Marketing is all about accuracy. If you have equestrian equipment, let's make it known. If you don't let's be sure we don't dress up a property to be something it is not. Photos can also do a great job at showing what's available. If you've got fenced paddocks, let's make sure buyers see them.
The best Realtor to market horse property is one that understands how internet buyers are searching. We have buyers looking for equestrian properties in the Barrington area all the time. Some are happy to wait for the right property, others are more imminent, but all are confidential buyers that we hope to match with the perfect home for humans and horses.
Pricing is Still Critical To Horse Property Sales
Just as describing a property is the key to attracting buyers, the pricing is key to attracting offers and successful sales.
- Consider your property compared to sales, not to other listings.
- Be realistic about the value of fencing, barns, stalls.
- Think about your potential buyer.
- Don't alienate buyers who want your home but not the horse equipment.
- Remember that what you paid for equipment has devalued, it may even be worthless.
- Be aware that your property sale is not based on what you desire, it's based only on what the market will bear.
- Look at your tax bill valuation. Inflating excessively means your emotions are involved. None of us can fight a valuation and get a tax reduction based on a lower value, then turn right around and expect a buyer to cough up $100,000 or even more to buy.
- Consider the type of horse property sale you have. Are you a residential property with space for personal horses or are you an agricultural zoned property open as a business.
Lastly, when you've got a handle on the market, an idea of pricing, and understand the best Realtor to hire, remember that for every property on the market there's an expectation that may not quite match reality. Is your expectation reality or not? When considering selling horse property sellers must understand the market time will be longer than for non equestrian homes. There just are not as many buyers. Fortunately for us, Barrington is one of the equestrian locations in the suburbs of Northern Illinois, that is closest to Chicago. We've got well respected schools, it takes an hour to commute to the city and there are riding trails all over the Hills. There's a polo club and riding club. Our prices are higher than McHenry County so we attract buyers with larger budgets, especially for the luxury homes. We attract buyers looking to move closer to a community rather than being stuck on the outskirts of our metro area, or beyond.
Start Your Successful Barrington Hills Equestrian Property Sale
Don't request an online property estimate! You need us to come and preview your property!
Call Corinne at 847-363-3686 today for an appointment.