Market update Fox Valley week 33

Market update Fox Valley week 33.  New listings of single family homes were down this week.  264 this week compared to 279 the week before.  We are not heading in the right direction.  Inventory is extremely low already.  We need to increase new listings to meet buyer demand.  Interest rates are fantastic right now so if you want to get a larger home or maybe now is the time to downsize it is a great time to do that.

Closed listings were almost the same.  340 this week compared to 338 the week before.  We increased by 2.  Closed homes will increase as we head into the end of the month.

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

Aurora-New 37 $110,000-$565,000

             Closed-48 $84,000-$539,000

Batavia-New 9 $315,000-$519,900

             Closed-12 $218,900-$528,000

Bolingbrook-New 13 $212,500-$399,900

                     Closed-22 $172,000-$444,900

Geneva-New 17 $234,000-$650,000

             Closed-11 $200,500-$722,500

Montgomery-New 7 $184,900-$339,900

                      Closed-17 $109,900-$317,000

Naperville-New 59 $299,900-$1,790,000

                 Closed-49 $290,000-$1,250,000

Oswego-New 14 $149,000-$519,900

              Closed-22 $197,500-$448,066

Plainfield-New 21 $221,900-$439,900

                Closed-54 $157,000-$493,000

St Charles/Campton Hills-

                New 21 $164,900-$1,050,000

                Closed-25 $168,000-$1,200,000

West Chicago-New 9 $199,000-$549,900

                       Closed-10 $140,000-$495,000

Yorkville-New 5 $229,000-$312,788

              Closed-14 $230,000-$575,000

Contracts accepted this week

Aurora-48                                   Bolingbrook-23

Geneva-19                                   Montgomery-14

Naperville-60                               North Aurora-12

Oswego-17                                  Plainfield-44

St Charles/Campton Hills             West Chicago-13

Yorkville-14

3 short sales were accepted this week.  All 3 were in Plainfield.  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.  10 with a kick-out clause of 72 hours, 17 with 48 hours and 4 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, 4 with 48 hours and 3 with 24 hours.

2020 by the month

Month                         New     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                          1,352     1,010           1,444

June                          1,232        908           1,534   

July                           1,417     1,453           1,852

August                          543        678              734

Totals                         8,750     6,637           9,300

Closed listings is the main one to concentrate on for what the market did so far this year.  New listings can be canceled and relisted.  Contracts accepted doesn’t mean they will close.  It means that buyers thought the home fit their needs and negotiated an offer that was accepted.  Sometimes they don’t make it past home inspection and attorney review.  They might of accepted another contract with other buyers.  That is why that number is larger than new listings.  Some buyers found another home others did not.

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.

It is still a great time to sell!  Let us update the value of your home for today’s market.  We will provide you with a net proceeds that shows you the expenses to sell and what you might walk away with. This will be updated when an offer comes in and we know all the terms.

If you are wanting to buy a home you need to get your documents in order and call a loan officer to get pre-qualified.  They will give you a letter showing what you qualify for and what type of loan that works out best for you.  We will attach this letter to an offer when you find a home.

Take  a look at some great resources:

• Types of loans and the process
• VA loans and the requirements
• Current interest rates (check daily)
• Down payment assistance
• Illinois Homeowner assistance and some community assistance

Let us know what communities you are wanting to look at.  We can set you up to receive listings as they hit the market so you don’t miss out on a thing.  You need to be ready to go when they hit the market because they do not stay on the market long right now unless they are priced too high.

Market update Fox Valley week 33.  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

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