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
Batavia-New 9 $315,000-$519,900
Bolingbrook-New 13 $212,500-$399,900
Geneva-New 17 $234,000-$650,000
Montgomery-New 7 $184,900-$339,900
Naperville-New 59 $299,900-$1,790,000
Oswego-New 14 $149,000-$519,900
Plainfield-New 21 $221,900-$439,900
St Charles/Campton Hills-
New 21 $164,900-$1,050,000
West Chicago-New 9 $199,000-$549,900
Yorkville-New 5 $229,000-$312,788
Contracts accepted this week
Naperville-60 North Aurora-12
St Charles/Campton Hills West Chicago-13
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.
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!
Best Homes Fox Valley-Search for a home today!
200 Webster St
Montgomery, IL 60538
630-503-6555 ext 101
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