2021 market update week 3

2021 market update week 3.  Welcome back for our market update this week.  New listings of single family homes are up by 9.  148 single family homes listed this week compared to 139 the week before.  We are headed in the right direction but we really need to ramp this up to relieve the frustration of all the buyers out there trying to find a home.

Multiple offers is still the norm.  You need to be ready to jump when a new home hits the market in your price range and be ready to be creative to get the sellers attention to your offer.

Closed listings of single family homes were down by 11.  157 this week compared to 168 the week before.  Next week is the last full week of the month so they should increase because that is when most buyers want to close.

Look at the communities with the most activity this week:

Aurora-New 23 $25,000-$379,900

            Closed-25 $65,000-$560,000

Bolingbrook-New 8 $189,997-$479,900

                    Closed-10 $155,000-$338,000

Naperville-New 36 $281,785-$4,700,000

                 Closed-24 $215,553-$770,000

Plainfield-New 16 $215,000-$503,000

                Closed-19 $212,500-$520,000

St Charles/Campton Hills-

                 New 16 $159,900-$1,295,000

                 Closed-13 $229,900-$915,000

Yorkville-New 14 $285,000-$689,900

               Closed-7 $275,000-$351,000

The picture above shows other communities that had activity this week.  You should be able to click on it to make it larger.  If you are not finding the price range in the community that you are looking to move to, you might need to look in other communities.

Contracts accepted this week

Contracts accepted this week were up by 66. 245 sellers accepted contracts this week compared to 179 the week before.

If you are waiting for Spring market don’t.  Buyers are out there right now and prices are up because of low inventory.  It is a great time to sell!

Look at the communities sellers accepted the most contracts this week:

Aurora-28                             Batavia-11

Bolingbrook-14                     Geneva-12

Naperville-63                        Oswego-19

Plainfield-23                          St Charles/Campton Hills-12

3 short sales were accepted by sellers this week.  1 each in Oswego, Plainfield and Winfield.  Now they will be submitted to the lender to see if they will also accept.

Sellers accepted contracts that are contingent on the buyer closing on their current home.  3 with a kick-out clause of 72 hours, 7 with 48 hours and 2 with 24 hours.

Also, sellers accepted contracts that are contingent on the buyer selling and closing on their current home.  2 with a kick-out clause of 72 hours, also 2 with 48 hours and 1 with 24 hours.

2021 market by the month

Month                  New     Closed     Contracts accepted

January                 423           490                 583

Next week will be the last full week of the month so I will compare to 2020 and 2019 so you can see how this year is going.

Contact us

Call us at 630-503-6555 with all your real estate questions.  Your goal is our goal.  We will do everything we can to help you reach your goal.

Thinking about selling this year?  Request a home valuation so you can see what your home is worth in today’s market.  I will provide you with a net proceeds that shows you an estimate of expenses.  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 buying this year you will need to contact a loan officer to get prequalified first.  Get together 2 years of tax returns, pay stubs, car payment information, credit card information and any other monthly payments you make.  A loan officer will let you know what else you need to get to them so they can see what you can afford and what type of loan will work out best for you.  They will give you a letter that shows the price and type of loan that you qualify for.  I will send this with an offer when you find a home so the seller knows that you qualify for their home.

Resources to check out:

• Types of loans and the process
• VA loans and the requirements
• Current interest rates
• Down payment assistance
• Illinois homeowner assistance and some communities
• IDHA loan program

Also, check with your loan officer to see what programs they offer or know about.  If you are looking for other information let us know and I will point you in the right direction.

We will guide you through the process.  Make recommendations for real estate attorneys and home inspectors if you don’t know one already.

2021 market update week 3.  Have a great week!

Kristine Heiman, Designated Managing Broker

Best Homes Fox Valley-Search for a home today!

200 Webster St

Montgomery, IL 60538

630-503-6555 ext 101