Market Update Fox Valley August 26 2017-New & Closed Homes
Market update Fox Valley August 26 2017. The market slowed down this week. 256 new homes listed this week compared to 295 last week. 220 homes closed this week compared to 253 last week. Most area schools have started back up so this might be the reason for the slow down in the market. Everyone needs to get settled back into a schedule of school and all the activities. Closings should pick up next week with the end of the month. Take a look at the communities with the most activity this week:
Aurora-New 35 Closed 36
Batavia-New 12 Closed 12
Bolingbrook-New 18 Closed 16
Geneva-New 13 Closed 11
Montgomery-New 6 Closed 12
Naperville-New 58 Closed 34
Oswego-New 11 Closed 10
Plainfield-New 28 Closed 26
St Charles-New 20 Closed 12
Yorkville-New 3 Closed 11
Market Update Fox Valley August 26 2017-Sellers Accepted Contracts This Week
Sellers accepting contracts was also down this week. 213 this week compared to 254 last week. Short sales accepted this week were up. 12 short sales this week compared to 3 last week. These will still need mortgage company approval before they can proceed. So far this is just seller accepting the contract terms.
Contracts were accepted this week that the buyer has to close on their current home before purchasing. These homes are contingent on the close of the buyers home. 5 accepted contracts with a 72 hour kick-out clause, 7 with 48 hour and 3 with 24 hour kick-out. If the buyers home does not close on time it will delay the closing for the seller. If you accept a contract contingent on a close of a buyers home you need to remain flexible and know that the closing date could change.
Sellers also accepted contracts this week that the buyer has not sold their home. Either it is not on the market or it is on the market but no contract yet. 5 with a 72 hour kick-out clause and 4 with a 48 hour kick-out. You will want to know as much as you can on the buyers home under this condition. It needs to be priced right.
Consult with your real estate Attorney with both of these contingencies before proceeding. Make sure you understand what might happen so you are well informed.
Take a look at the communities this week that accepted the most contracts:
Aurora- 33 4 of them are short sales
Bolingbrook- 15 2 of them are short sales
Plainfield- 19 2 of them are short sales
St Charles- 13 1 of them was a short sale
The other communities that accepted contracts with short sales were
North Aurora- 1
Contact us if you are thinking about purchasing a home in the near future. We can talk to you about the process and what you need to do to get ready. We can recommend loan officers to contact so you can get pre-approved and check on your credit score to see if there is anything you need to do to improve it so you get the best interest rate when you are ready. You can also take a look at CFPB that shows you the process of getting a loan. Down Payment Resource is another place to look to see if there is anything to help you.
This is a great time to be a seller! Inventory remains low and prices are up. Let us do a home valuation for you to show you the value in your home in the current market. We can tell you what to do to get it market ready so you get the best price for your home.
Search for a home anytime. You can keep an eye on the market. We make it our business to find the perfect fit for your needs. Give us a call at 630-503-6555 Jeffery Szymczak-Broker ext 104, Bobby Burson-Broker ext 105 or Kristine Heiman-Managing Broker ext 101. You can also use our contact form if you prefer and let us know the best way to contact you. Best Homes Fox Valley Market update Fox Valley August 26 2017.