Fox Valley home prices March 26 2022

Fox Valley home prices March 26 2022

Fox Valley home prices March 26 2022.  Will the Spring real estate market arrive this year?  Just like the weather here in the Fox Valley that is not sure if it is still Winter or Spring.  Some weeks are better than others.

If you are a seller you are loving this market, but when you go to buy, you are finding it a challenge.

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

Aurora-New 19 $160,000-$899,900

            Closed-28 $105,000-$600,000

Bolingbrook-New 8 $235,000-$485,000

                     Closed-15 $225,900-$740,000

Naperville-New 43 $259,900-$2,925,000

                  Closed-27 $310,000-$1,709,000

Plainfield-New 22 $275,000-$650,000

                 Closed-11 $287,000-$662,000

St Charles-New 13 $260,000-$2,300,000

                  Closed-14 $240,000-$1,225,000

Click on the photo above to see what other communities had activity this week.

Financing used, median prices and 2,000 square feet or more

The median home price of new listings this week was $390,000, last week $389,950.

Closed median home price this week $370,000, last week $372,250.

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Stats for home prices this week

Conventional financing was used to close on 117 homes this week with a median price of $405,000 in 36 days average market time, last week 119 homes with median price of $395,000 in 42 days average market time.

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Conventional financing used this week

Cash was used to close on 18 homes this week with a median price of $457,750 in 21 days average market time, last week 24 homes with median price of $385,000 with 32 days average market time.

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Cash used to close on homes this week

FHA financing was used to close on 28 homes this week with median price of $269,500 in 20 days average market time, last week 24 homes with median price of $287,500 in 26 days average market time.

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FHA financing used to close this week

VA financing used to close on 8 homes with median price of $498,750 in 41 days average market time, last week 9 homes with median price of $419,900 in 66 days average market time.

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VA financing used to close this week

People looking for a home that is 2,000 square feet or more closed on 93 homes this week with a median price of $462,500 in 34 days average market time, last week 100 homes with a median price of $451,750 in 50 days average market time. Minimum price this week was $277,000, last week $175,000.

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2,000 Square feet or more this week

Contracts accepted this week

Fox Valley home prices March 26 2022-Contracts accepted this week

Contracts accepted this week on single family homes was down this week.  222 this week compared to 237 the previous week.

Look at the communities seller’s accepted the most contracts this week:

Aurora-34                            Bolingbrook-17

Geneva-12                            Naperville-47

Plainfield-26                        St Charles-15

West Chicago-10

No short sales were accepted by seller’s this week.  Prices have increased so much that most people that are having difficulty can still sell and not sell short.  If you are having difficulty, let us take a look at what you owe, and what your home might sell for and see what you can do.

Seller’s accepted contracts that are contingent on the buyer closing on their current home.  3 with a kick-out clause of 72 hours, 3 with 48 hours and 4 with 24 hours.

There were no contingencies this week on buyer’s that still had to sell and close before purchasing.

The median price for the 222 homes that went under contract this week was $394,500 in 20 days average marker time, last week 237 homes went under contract with a median price of $387,000 in 24 days average market time.

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Contract accepted stats this week

2022 by the month

Month        New   Closed   Contracts accepted

January          422         492                623

February        523         520                724

March            734         904                890

Totals      1679     1916         2237

Check back with us each Saturday for the real estate market update.  At the end of each month we will also take a look back at 2021 an 2020 so you can see how this year is going.  March ends next Thursday so we will do this next week.

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.

Are you getting your home ready to sell this year?  Request a home valuation and tell us a little bit about your home and what has recently been updated.  We will give you an estimate of what it is worth and 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.

If you want to buy a home this year you need to talk to a loan officer that will not just pre qualify you but run it through underwriting so you know you are approved up to a certain price and you just need to find the home get appraisal completed and update the title.  You will be up against other people wanting the same home so you need to be farther along in the process to be considered by the seller.  Get all your financial information together and get it to the loan officer.

Resources

Types of loans and the process

VA loans and the requirements

Current interest rates

Down payment assistance

IHDA programs

Contact your loan officer to see what interest rates you will be offered.  It depends on your credit score.  They can also help you bring up your score if it needs a little help.  

This is a fast paced market.  If you wait until the weekend you might lose out on a chance for a home. 

It is nice for seller’s right now because you are not inconvenienced for a length of time drug out for weeks with occasional showings.  If it is priced right it will sell.  Once you get past the home inspection after accepting a contract the next person to come through will be the appraiser. 

We will guide you through the process and work with your real estate attorney on any issues that might come up with the home inspection and attorney review.

We can set you up for email alerts that will automatically email you listings of homes with your criteria as soon as they hit the market.

All data provided today is from our MLS.  MRED, LLC.

Fox Valley home prices March 26 2022.  Have an awesome week!

Kristine Heiman, SFR, SRS AHWD

Designated Managing Broker

Best Homes Fox Valley

200 Webster St

Montgomery, IL 60538

630-503-6555

Search for home today!

Kriss New profile for FB 123121

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