Market Update Fox Valley September 2 2017
Market Update Fox Valley September 2 2017. We hope you are enjoying your Labor Day weekend! I am late posting this Market Update I was at my niece’s Wedding yesterday. New Listings of single family homes were down this week. 248 this week compared to 256 last week. Inventory of homes for sale continues to be an issue. It has increased prices.
Closed homes this week were up. 295 this week compared to 220 last week. This is due to the end of the month which is more desirable if you are getting a mortgage so you can bring less to closing. The earlier in the month the more you bring in for interest if you are getting a loan.
Take a look at the communities with the most activity this week:
Aurora-New 27 Closed 56
Batavia-New 12 Closed 10
Bolingbrook-New 16 Closed 19
Montgomery-New 8 Closed 15
Naperville-New 42 Closed 42
North Aurora-New 12 Closed 6
Oswego-New 12 Closed 10
Plainfield-New 32 Closed 45
St Charles-New 23 Closed-15
West Chicago-New 11 Closed 12
Yorkville-New 8 Closed 12
Market Update Fox Valley September 2 2017-Accepted Offers This Week
Sellers accepted more offers this week compared to last week. 256 this week compared to 213 last week. Despite low inventory and school starting in most communities buyers are still actively looking for homes.
Short sales were also down this week. Sellers accepted 7 this week compared to 12 last week. Now they will move on to get approval from the mortgage company.
Offers were accepted that are contingent on the buyers home closing. Buyers have already accepted an offer on their home but need to close before purchasing. 6 of them have a kick-out clause of 72 hours, 20 with 48 hours and 1 with 24 hours.
Sellers also accepted offers that are contingent on the buyer selling their home. They might already have their home on the market or might not but they need a contract on their home and then need to close before purchasing. 2 have a kick-out of 72 hours and 4 with 48 hours.
Take a look at the communities that sellers accepted the most offers this week:
Aurora-37 – 1 with a short sale
Bolingbrook-16 – 2 with a short sale
Plainfield-26 – 1 with a short sale
St Charles-11 – 2 with a short sale
North Aurora was the only other community that seller accepted a short sale this week.
Contact us with all of your real estate questions. We are keeping an eye on the market. If you would like a home evaluation to let you know the value of your home in the current market let us know.
Buyers need to get pre-approved with a lender to begin looking at homes. We can give you a few recommendations of loan officers to contact so you can decide who you think will be best to work with. You can also go to CFPB to learn more about the loan process. Down Payment Resource is another place to go to see if you qualify for help. You can start searching for homes anytime.
Give a call at 630-503-6555 Jeffery Szymczak-Broker ext 104, Bobby Burson-Broker ext 105 or Kristine Heiman-Managing Broker ext 101. If you would like to fill our our contact form instead we will get back to very soon.
We make it our business to find the perfect fit for your needs. Best Homes Fox Valley Have a great week!