Market update Fox Valley May 2 2020
Market update Fox Valley May 2 2020. New listings were up slightly over 22% this week. 254 this week compared to 208 the week before. This is great news! People are getting more comfortable with our new normal.
Closed listing this week were also up this week by 34 1/2%. 261 this week compared to 194 the week before. Most of those closed between Monday-Thursday the end of the month of April when most buyers like to close.
Take a look at the communities with the most activity this week:
Aurora-New 30 $114,900-$515,000
Closed-34 $48,000-$552,000
Batavia-New 13 $232,900-$679,900
Closed-14 $181,000-$547,500
Bolingbrook-New 12 $170,000-$425,000
Closed-16 $100,000-$623,500
Geneva-New 14 $229,000-$695,000
Closed-15 $222,500-$600,000
Montgomery-New 7 $139,000-$294,900
Closed-12 $134,000-$295,000
Naperville-New 53 $250,000-$1,325,000
Closed-29 $302,000-$728,000
North Aurora-New 8 $179,900-$425,000
Closed-10 $130,000-$375,000
Oswego-New 12 $179,900-$593,999
Closed-15 $181,000-$520,000
Plainfield-New 28 $214,900-$945,800
Closed-32 $183,590-$470,555
St Charles/Campton Hills-
New 18 $269,900-$849,450
Closed-26 $160,000-$800,000
West Chicago-New 11 $164,900-$525,000
Closed-7 $277,500-$570,000
Yorkville-New 11 $239,900-$579,900
Closed-9 $237,000-$422,000
Contracts accepted this week
Contracts accepted this week were up over 17%. 278 this week compared to 237 the week before. Buyers have not stopped looking during this pandemic. They still want to find a home so get yours on the market today!
Look at the communities that sellers accepted the most contracts this week:
Aurora-39 Batavia-13
Bolingbrook-18 Montgomery-11
Naperville-44 Oswego-18
Plainfield-37 St Charles/Campton Hills-25
3 short sales were accepted this week by sellers. 1 each in Aurora, Bolingbrook and Plainfield. Now they will be submitted to the lender to see if they will also accept.
Sellers accepted contracts this week that are contingent on the buyer closing on their current home. 7 with a kick-out clause of 72 hours, 10 with 48 hours and 2 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, 6 with 48 hours and also 6 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 254 261 278
You can see Covid-19 had an impact on the market but it is increasing now. People are getting used to how we need to do business at this time.
Some sellers are allowing showings others are not. No more than 4 people can go to a showing on the homes that they allow showings. Most showings follow the IDCEO guidelines. Some are requiring you to wear a face covering. We are not allowed to do any Open Houses at this time Some are doing virtual Open Houses.
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.
We have been doing a lot of Zoom video meetings. Let me know if you would like me to set one up to discuss how we are doing business at this time. We can go over everything with you and even share documents to go over them. We are using Docusign to sign documents so we do not have to meet in person to get them signed.
You can take us through a walk through your home so we can see it with your phone. We will do a market analysis to update the current value of your home. Provide you with a net proceeds to show you the expenses to sell your home so you have an idea of where you are at. This will be updated when an offer comes in so you can make a good decision.
It is very important to get in touch with a loan officer to get pre-approved at this time. You need to find out the type of loan and price range that will work out best for you. You will need to keep in touch with them as things change in the market with loans.
We can recommend a home inspector and real estate attorney if you don’t already have one. You can choose who you think will work out best for you.
Check out some great resources:
- Types of loans and the process
- VA loans and the requirements
- Current interest rates
- Down payment assistance
- Illinois homeowner assistance and some community assistance
Market update Fox Valley May 2 2020. 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