2021 market update week 7

2021 market update week 7 here in the Fox Valley area of Illinois.  New listings of single family homes were down.  133 this week compared to 148 the week before.  We are not going in the right direction. It was extremely cold this week and next week we should head into the 30’s so that should help.

Closed listings of single family homes were up.  134 this week compared to 116 the week before.  We are heading into the end of the month so they should even be higher next week.

I included the graph this time so you can see the information presented that way as well.

Take a look at the communities with the most activity this week:

Aurora-New 12 $150,000-$425,000

            Closed-25 $145,100-$435,000

Geneva-New 10 $285,000-$949,900

              Closed-4 $237,500-$657,500

Naperville-New 25 $325,000-$7,250,000

                  Closed-29 $342,000-$1,200,000

Oswego-New 9 $269,900-$974,800

               Closed-10 $270,000-$520,000

Plainfield-New 24 $249,900-$629,712

                Closed-15 $168,000-$449,900

St Charles/Campton Hills-

                New 13 $232,900-$2,000,000

                Closed-4 $286,000-$410,000

The graph above shows minimum list price $144,900, median price $369,00, average price $439,234 and maximum price $7,250,00

Closed sale price minimum $145,000, median $325,656, average $360,137 and maximum $1,200,000.

Contracts accepted this week

Contracts accepted this week on single family homes was up.  242 this week compared to 228 the week before.  Even with the extreme temperatures it did not keep the buyers from getting out there looking and writing offers.  So no reason to wait to get your home on the market today.

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

Aurora-42                                     Batavia-13

Bolingbrook-10                             Geneva-16

Naperville-45                                Plainfield-30

St Charles/Campton Hills-16

Only 1 short sale was accepted by a seller this week.  It was in Aurora.  Now it 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, a seller accepted a contract that is contingent on the buyer selling and closing on their current home.  1 with a kick-out clause of 48 hours.

Contracts accepted minimum price was $105,000, median $353,220, average $403,289 and maximum $2,150,000.

You can see the median and average prices of new, closed and contracts accepted are all in the $300,000 and into the $400,000 price range.  That is not affordable to the average buyer out there.  We need more listings under those price ranges so more buyers can purchase.

2021 market update by the month

Month                  New     Closed     Contracts accepted

January                 543           649                   829

February               409           396                   721

Totals                    952         1045                 1550

Check back with us every Saturday for the market update.  At the end of each month I will compare this year to the previous 2 years so you can see how the market is doing.

Contact us

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.

E-learning had changed things this year and last.  People are not working around the school schedule like they normally would.  Buyers are not waiting for Spring market to close and move at the end of May through August.  They are have stayed out there looking for homes because of the shortage of inventory and it really doesn’t matter when they move.

Right now is the time to get your home on the market if you are thinking about selling this year.  Low inventory has really increased the prices.  Request a home valuation so I can let you know what your home is worth in today’s market.  I will provide you with a net proceeds that shows you the expenses to sell.  When an offer comes in and we know all the terms this will be updated so you can make a good decision.

Thinking about buying a home this year.  Get in touch with a loan officer right away so you can get prequalified so you are ready to go.  They will give you a letter that will go with an offer when you find a home. It will show what price and type of loan you qualify for so a seller will know that you qualify for their home. Be ready to go look as soon as a home comes up in your price range and be ready to make an offer.  Some homes are getting offers the day they put it on the market if it is priced right and in good condition.

Resources to check out:

• Types of loan and the process
• VA loans and the requirements
• Current interest rates
• Down payment assistance
• Illinois homeowner assistance and some community assistance
• IHDA programs

Even if you do not think you might qualify for assistance it is worth checking out.  Some lenders also offer assistance you need to ask them.

If you are looking for other information let us know so we can point you in the right direction.

2021 market update week 7.  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