How many FHA deals closed in week 31
How many FHA deals closed in week 31? Some are getting accepted. Not as many as other types of loans. We will go into more detail in a little bit.
First we will start out with new and closed listings this week and what communities are seeing the most activity.
New listings of single family homes was pretty consistent. 264 this week compared to 265 the week before. That is pretty consistent!
Closing listings of single family homes was down. 340 this week compared to 365 the week before. This is still pretty good for the first full week of the month. Usually it drops down. Most buyer’s want to close at the end of the month
Take a look at the communities with the most activity this week:
Aurora-New 52 $118,000-$479,000
Batavia-New 15 $185,000-$939,900
Bolingbrook-New 15 $179,900-$515,000
Montgomery-New 11 $190,000-$349,900
Naperville-New 29 $280,000-$1,550,000
North Aurora-New 5 $249,900-$424,990
Oswego-New 15 $289,000-$719,900
Plainfield-New 36 $174,900-$551,106
St Charles-New 18 $159,900-$820,000
West Chicago-New 13 $189,900-$575,000
Yorkville-New 12 $199,900-$739,900
Financing and median list and closed price
So many buyer’s out there are having a hard time getting their FHA offers accepted. Some are getting through. We will show you how many Conventional, Cash, FHA and VA deals closed. We will start out showing you the median list and closed price.
The median list price this week is $350,000, and last week it was $373,700.
Closed median price this week is $365,000, and last week it was $390,000.
The median list and closed prices have been fluctuating up and down each week, but have stayed in the same range.
Conventional deals closed this week 248, and last week 281.
Cash deals closed this week 39, and last week 38.
Conventional was down, but cash stayed consistent.
FHA deals closed this week 41, and last week 38.
VA deals closed this week 12, and last week 8.
FHA was up slightly, and VA was slightly down. A lot of first-time buyer’s are going with FHA financing, and they are having a hard time especially with multiple offer situations. Hopefully they will get a break soon.
Contracts accepted this week
Contracts accepted this week were down. 281 this week compared to 297 the week before. We don’t know what type of financing was chosen until they close.
Look at the communities seller’s accepted the most contracts:
St Charles-14 Sycamore-10
West Chicago-10 Yorkville-13
1 short sale was accepted buy a seller in St Charles. It will now be submitted to the lender to see if they will also accept. With the prices increasing not too many people have to sell for less than what they owe. This is a great time, if you are in a bind, to sell.
Seller’s accepted contracts that are contingent on the buyer closing on their current home. 1 with a kick-out clause of 72 hours and 8 with 48 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 2 with 24 hours.
2021 by the month
Month New Closed Contracts accepted
January 543 649 829
February 561 604 778
March 993 1099 1455
April 1006 926 1387
May 1088 1228 1289
June 1450 1686 1671
July 1118 1182 1210
August 264 340 281
Totals 7023 7714 8900
The numbers are so tight. We started out the year with more closed then new listings, but normally the new listings would have a bigger gap between them and closed. The contracts accepted is higher, because some homes that get a contract accepted come back on the market because of home inspection or attorney review issues. Some appraisals are coming in lower than the contract price and it can’t go through without seller dropping price or buyer coming in with the difference in cash.
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 seller’s market so if you are thinking about selling, request a home valuation. We will let you know what it is worth in today’s market. Provide you with a net proceeds that shows you the expenses to sell so you can see what you have to work with. This will be updated when an offer comes in and we know all the terms.
Thinking about buying this year? You need to get in touch with a loan officer to get pre approved. Get them all our financial information so they can get you through the pre approval process. Just getting a pre-qualification is just not good enough anymore with most homes having multiple offers. You need to be ready to go look as soon as a home hits the market and ready to write an offer. They go fast.
- Types of loans and the process
- VA loans and the requirements
- Current interest rates
- Down payment assistance
- IDHA programs
Let us know what other information you re looking for. We will point you in the right direction.
If you need recommendations for loan officers, real estate attorney and home inspectors we can provide you with a few so you can decide who you want to work with.
How many FHA deals closed in week 31. Have a great week!
Kristine Heiman, SFR, SRS, AHWD
Designated Managing Broker
Best Homes Fox Valley-Search for a home today!
200 Webster St
Montgomery, IL 60538
630-503-6555 Ext 101