Market update Fox Valley week 42
Market update Fox Valley week 42. New listings of single family homes were down slightly over 17%. 212 this week compared to 256 the week before. Multiple offers and back-up offer situations will continue as long as the inventory continues to remain extremely low. Prices are edging higher with some of them that are priced too high having a hard time once the appraiser comes through and gives their report. It is hard for sellers to understand you have to prove your price with comparable homes sold in your area. Unless it is a cash sale, the buyer would need to bring in the difference between appraised price and the sale price if you can’t negotiate down to the contract price.
Closed single family homes were up 8%. 283 this week compared to 262 the week before. These numbers should continue to go up as we head to the end of the month when most buyers want to close.
Take a look at the communities with the most activity this week:
Aurora-New 26 $75,000-$674,900
Bolingbrook-New 16 $175,000-$560,000
Geneva-New 14 $239,900-$700,000
Closed-18 $266,900-$777,777(lucky number?)
Naperville-New 36 $264,900-$1,495,000
Oswego-New 10 $265,000-$467,500
Plainfield-New 23 $244,900-$624,400
St Charles/Campton Hills-
New 24 $204,900-$1,749,900
West Chicago-New 4 $249,900-$419,000
Contracts accepted this week
Contracts accepted this week on single family homes were up just slightly under 3%. 297 this week compared to 289 the week before. The market in Fox Valley is staying consistent even through a pandemic.
Look at the communities sellers accepted the most contracts this week:
Plainfield-28 St Charles/Campton Hills-31
Only 1 short sales was accepted this week by a seller. It was in Yorkville. Now it 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. 4 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. 3 with a kick-out clause of 72 hours and 6 with 48 hours.
2020 market by the month
Month New Closed Contracts accepted
January 1105 566 858
February 1267 529 1024
March 1186 707 1079
April 648 786 775
May 1352 1010 1444
June 1232 908 1534
July 1417 1453 1852
August 1037 1335 1436
September 1176 1503 1503
October 468 545 586
Totals 10888 9342 12091
Closings are the column to keep an eye on. These are actual numbers. So far September is the best month this year. New listings can be canceled or expire and relisted so these are not actual numbers. The same with contracts accepted. Not all contracts that are accepted end up closing. Some do not make it past the home inspection and attorney review. Some do not make it after the appraisal comes in. They go back on the market and are counted again when they receive another contract.
Check back with us every Saturday for the market update Fox Valley. At the end of the month we will compare this year with 2019 and 2018 so you can see how things have changed.
Call us at 630-503-6555 with all your real estate questions. Your goal is our goal whether you are buying or selling a home. I will do everything I can to help you reach your goal.
If you are thinking about selling your home let us update the value of your home by request a home valuation. We will provide you with a net proceeds that shows you an estimate of expenses to sell so you know where you are at. This will be updated when an offer comes in and we know all the terms.
Are you thinking about buying a home? The first thing you need to do is get all your financial information together in a folder and contact a loan officer so they can pre-qualify you. They will give you a letter stating what you qualify for and what type of loan will work out best for you. This will be submitted with an offer once you find a home so you can show the seller that you qualify for their home.
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
Your interest rate will be determined on your credit score. If you need to work on bringing up your score the loan officer will guide you in what helps the most to bring your score up.
Market update Fox Valley week 42. Have a great week!
Best Homes Fox Valley-Search for a home today!
200 Webster St
Montgomery, IL 60538
630-503-6555 ext 101