Market update Fox Valley May 23 2020
Market update Fox Valley May 23 2020. New listings of single family homes this week were almost identical to the week before 281 this week compared to 280 last week. We are still short on inventory though. We need more homes for the amount of buyers out there wanting to buy.
Closed listings this week were up just under 7%. 190 this week compared to 178 the week before. We are getting close to the end of the month so they are increasing. Most buyers want to close at the end of the month so they can bring less money to closing.
Take a look at the communities with the most activity this week:
Aurora-New 31 $98,000-$724,900
Bolingbrook-New 14 $204,900-$529,900
Montgomery-New 8 $189,000-$325,000
Naperville-New 54 $264,900-$1,200,000
Oswego-New 16 $115,000-$435,900
Plainfield-New 37 $210,000-$589,900
Plainfield-New 15 $125,000-$429,900
St Charles/Campton Hills-
New 25 $234,900-$825,000
Yorkville-New 8 $249,900-$1,249,000
Contracts accepted this week
Contracts accepted this week are up 19.85%. 320 this week compared to 267 the week before. This is a great time to sell! The pandemic slowed down the market in April but this month it is going strong. We need more listings of homes. There is not enough out there to show the demand of buyers,
Look at the communities that sellers accepted the most contracts this week:
St Charles/Campton Hills-31 Sycamore-10
3 short sales were accepted by sellers this week. 1 each in Naperville, Plano and Sugar Grove.
Sellers accepted contracts that are contingent on the buyer closing on their current home. 13 with a kick-out clause of 72 hours, 12 with 48 hours and 8 with 24 hours.
Also, sellers accepted contracts that are contingent on the buyer selling and closing on their current home. 6 with a kick-out clause of 72 hours, 4 with 48 hours and 1 with 24 hours.
2020 by the month
MonthNew Closed Contracts accepted
January 1,105 566 858
February 1,267 529 1,024
March 1,186 707 1,079
April 648 786 775
May 1,102 798 1,124
Totals 5,308 3,386 4,860
Next Saturday I will compare to the last couple of years since we will be at the end of the month. So check back with us to see how we compare.
Call us at 630-503-6555 for all of your real estate questions. Your goal is our goal. We will do everything we can to help yu reach your goal.
Right now the market is hot here in the Fox Valley. It is a great time to sell. Let us update the value of your home in today’s market. We will provide you with a net proceeds that shows you the expenses to sell your home. This will be updated when an offer comes in and we know all the terms so you can make a good decision.
If you are thinking about purchasing you will need to talk to a loan officer to get pre-qualified so you know what type of loan and what price range will work out best for you. They will provide you with a letter showing what you are pre-approved for. This will go with an offer when you find the home you like.
Covid-19 and buying/selling a home
Covid-19 has changed the way we do things. Things might start to open up next month but I think we will continue to do what we have been doing since the beginning of this. We discourage in person meetings and showings. Zoom video meetings is the way we go over paperwork and then we upload the documents to have you sign through docusign. Some sellers are still allowing showings but if you do not feel comfortable letting people in your home we can do virtual showings.
Home inspectors are doing the inspection alone and then giving you the report and talking to you later. You used to be able to follow along and they would show you different things like how to maintain the home. Now they will send you a report with photos and explain everything to you.
Closings the seller will meet with their attorney and sign documents ahead of time. Buyers will go to the title company to sign. Some title companies even do curbside closings where they bring the documents out to your car to sign.
Even if we go to the next phase I think we will still keep these practices in place. We follow the CDC guidelines.
Check out some great resources:
- Types of loans and the process
- VA loans and the requirements
- Current interest rates
- Down payment assistance
- Illinois homeowner assistance and some community assistance
We are here to answer all your real estate questions. Check back with us every Saturday for the market update.
Market update Fox Valley May 23 2020. Have a great week!