2021 market update week 4
2021 market update week 4. New listings of single family homes were way down. 120 this week compared to 148 the week before. They need to be increasing to satisfy all the buyers that are out there waiting for something new to come on the market. You can always consider new construction. Let us help you with this process as well.
Closed listings of single family homes were practically identical from last week. 159 this week compared to 157 the week before. These numbers would be so much higher if there were more homes on the market. Buyers have not slowed down because of the pandemic or because it is winter. It is almost like time of year really doesn’t matter. They have been waiting for so long to find a home.
Take a look at the communities with the most activity this week:
Aurora-New 8 $174,900-$389,900
Bolingbrook-New 12 $150,000-$429,900
Naperville-New 29 $314,900-$1,250,000
Oswego-New 4 $285,000-$325,000
Plainfield-New 18 $250,000-$1,200,000
St Charles/Campton Hills-
New 15 $214,900-$1,535,000
Contracts accepted this week
Contracts accepted this week were right on point. 246 this week compared to 245 the week before. Now for the home inspection and attorney review period.
Look at the communities that seller’s accepted the most contracts this week:
Plainfield-29 St Charles/Campton Hills-18
2 short sales were accepted by seller’s this week. 1 each in Plainfield and Winfield. Now they will be submitted to the lender to see if they will also accept.
Seller’s accepted contracts that are contingent on the buyer closing on their current home. 3 with a kick-out clause of 72 hours, 4 with 48 hours and 2 with 24 hours.
Also, seller’s accepted contracts that are contingent on the buyer selling and closing on their current home. 1 with a kick-out clause of 72 hours, 5 with 48 hours and 1 with 24 hours. 1 was marked home sale but not defined.
2021 by the month and a look back at 2020 and 2019
Month New Closed Contracts accepted
January 543 649 829
January 1105 566 858
January 878 407 568
In 2020 there were 5 weeks so that is the difference there. Closed is the column that is most important and actual numbers. New and contracts accepted can be counted more than once if a listing was relisted as new and if a contract doesn’t go through it will be counted again when it gets another contract.
At the end of each month I will show you the 3 years so you can see how this year is going with something to compare too.
Call us at 630-503-6555 with all of 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 to get more or less space? Right now it is a seller’s market. Inventory of homes for sale is extremely low so you do not have much competition and the prices are going up. Request a home valuation and give us some information about any updates that you have completed. We will give you a net proceeds that shows you an estimate of expenses to sell. 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 you will need to contact a loan officer first to get prequalified. Get together a couple of years tax returns, check stubs, bank statements, credit card information, car payment info and any other monthly expenses you have to give to the loan officer. They will give you a letter that shows what price and what type of loan that works out best for you. We will give this along with an offer when you find a 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
- IHDA programs
Do you need recommendations for a home inspector or real estate attorney? We can provide you with a few to contact so you can decide who you would like to work with.
A zoom meeting can be set up to go over the process to get started. We will guide you through the process.
2021 market update week 4. Have a great week!
Best Homes Fox Valley-Search for a home today!
200 Webster St
Montgomery, IL 60538
630-503-6555 ext 101