Market update Fox Valley June 6 2020
Market update Fox Valley June 6 2020. New listings of single family homes were up a little over 30% percent this week. 326 this week compared to 250 the week before. That is fantastic. We have to continue with this trend. Inventory has been so low and the buyers are out there waiting to find the right home.
Closings this week were also up 12.74%. 239 closings of single family homes this week compared to 212 the week before. Usually the first week of the month the numbers are down. Appraisals have been slow to get done so I think a lot of these were delayed closings.
Take a look at the communities with the most activity this week:
Aurora-New 34 $125,000-$899,900
Closed-33 $154,500-$550,000
Batavia-New 14 $195,000-$719,900
Closed-7 $325,000-$635,277
Bolingbrook-New 23 $189,900-$696,300
Closed-17 $185,000-$725,000
Geneva-New 16 $299,900-$849,900
Closed-7 $260,000-$485,000
Montgomery-New 11 $139,900-$300,000
Closed-6 $150,000-$330,000
Naperville-New 64 $309,900-$1,599,000
Closed-48 $160,000-$1,225,000
Oswego-New 22 $179,900-$375,000
Closed-New 6 $145,000-$385,100
Plainfield-New 37 $209,900-$729,900
Closed-36 $204,745-$857,500
St Charles/Campton Hills-
New-23 $179,990-$1,650,000
Closed-14 $178,000-$935,000
West Chicago-New 10 $199,900-$625,000
Closed-6 $170,000-$410,000
Yorkville-New 11 $246,885-$599,900
Closed-15 $180,000-$422,000
Contracts accepted this week
Contracts accepted this week of single family homes were up 12.5%. 360 this week compared to 320 the week before. Not all of these contracts accepted will close. Some will have issues with home inspections or financing not going through. It does give you an idea of how many buyers are out there ready to go and make a decision . Interest rates are fantastic so it is a great time to buy.
Look at the communities sellers accepted the most contracts this week:
Aurora-44 Batavia-14
Bolingbrook-33 Geneva-17
Naperville-70 North Aurora-10
Oswego-22 Plainfield-45
St Charles/Campton Hills-15 Yorkville-11
3 short sales were accepted this week by sellers. 1 each in Batavia, Plainfield and Plano. 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. 13 with a kick-out clause of 72 hours, 19 with 48 hours and 1 with 24 hours.
Also, sellers accepted contracts that are contingent on the buyer selling and closing on their current home. 4 with a kick-out clause of 72 hours and 7 with 48 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 326 239 360
Totals 5,884 3,837 5,540
May was definitely a fantastic month. June is starting out to be even better. If you are thinking about buying/selling this year now is the time to make a move.
Come back every Saturday for the market update. At the end of each month the market update Fox Valley will include a comparable to the last couple of years so you can see the trend.
Buying/selling a home
If you are thinking about buying a home this year your first step is to get pre-qualified with a loan officer. They will provide you with a letter showing what price and what type of loan will work out best for you. If you need recommendations just let us know. Once you have been pre-qualified you are ready to start looking.
Are you thinking about selling this year? Now is the best time of the year to sell. Homes that are in good condition and priced right are selling fast. A fresh coat of paint does wonders. Start clearing out everything that you do not need. Clear off all surfaces so it is easier to maintain for showings and looks cleaner. Tidy up the yard and plant some flowers to make it appealing. We will update the current value on your home and provide you with a net proceeds that shows you what the expenses are to sell.
Check out some great resources:
- Types of loans and the process
- VA loans and the requirements
- Down payment assistance
- Illinois homeowner assistance and some community assistance
- Current interest rates
Contact us
Call us at 630-503-6555 with all of your real estate questions. Your goal is our goal.. We will do whatever we can to help you reach your goal.
Covid-19 has changed the way we do business. Things are starting to open up but we are still taking precautions. If you prefer we can talk on the phone or set up video meetings. You can even walk us through your home using face time or through messenger. We use docusign so you can sign all the documents for listing or buying a home.
Some Home Inspector will let you be present for the home inspection and others will do the inspection and then call you to go over everything and email you a report.
If you are selling a home the attorney will meet you before closing to sign all the documents and then have you sign power of attorney for anything that comes up the day of closing so you don’t have to go. If you are buying you will still need to go sign on closing day.
The process has been streamlined and is working out pretty well.
Market update Fox Valley June 6 2020. Have a great week!
Best Homes Fox Valley-Search for a home today!
200 Webster St
Montgomery, IL 60538
630-503-6555 ext 101