Market update Fox Valley-February 29 2020
New listings are slightly down this week. 309 this week of single family homes compared to 318 the week before. Not too bad but it is going in the wrong direction. We need new listings. Spring market is here so get your property market ready and let’s get it on the market.
Closed listings are up 87% from the week before. 208 closed listings of single family homes compared to 111 the week before. It is the end of the month. This is a dramatic way to show you the difference. Buyers want to close at the end of the month so they bring less interest to closing. They want to come into closing with the least amount of money to close.
Take a look at the communities with the most activity this week:
Aurora-New 28 $100,000-$574,900
Batavia-New 14 $230,000-$729,900
Bolingbrook-New 19 $199,000-$789,000
Geneva-New 10 $235,000-$1,120,000
Naperville-New 73 $289,000-$1,899,000
Oswego-New 23 $184,900-$449,900
Plainfield-New 29 $210,000-$549,900
St Charles/Campton Hills-
New 28 $199,900-$1,150,000
Yorkville-New 20 $200,000-$614,900
Contracts accepted this week
Contracts accepted this week were up just under 10%. 303 accepted single family homes this week compared to 276 the week before. This is good news and if the new listings of single family homes continue to come on the market this will continue to go up. We still are dealing with an inventory problem. There is not enough homes on the market for the buyers that are wanting to find a home.
Look at the communities that sellers accepted the most contracts:
Plainfield-47 St Charles/Campton Hills-22
5 short sales were accepted this week by sellers. 2 in Plainfield and 1 each in Elburn, Winfield and Yorkville. 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. 9 with a kick-out clause of 72 hours, 9 with 48 hours and 1 with 24 hours.
Also sellers accepted contracts this week that are contingent on the buyer selling and closing on their current home. 2 with a kick-out clause of 72 hours, 5 with 48 hours and 2 with 24 hours.
2020 activity by the month and look back at 2019 and 2018
Month New Closed Contracts accepted
January 1105 566 858
February 1267 529 1024
Now take a look back to 2019
January 878 407 568
February 1032 463 832
Take a look at 2018
January 808 489 606
February 1040 444 856
We are headed in the right direction.
Call us at 630-503-6555 for all your real estate questions. Your goal is our goal. We will do everything we can to help you reach your goal.
Spring is here already so don’t wait to put your home on the market. You don’t want to miss the busiest time of the year. Let us update the value of your home in today’s market. We will provide you with a net proceeds that shows you the estimated expenses to sell so you will have an idea of what kind of equity you have to work with. This will be updated when an offer comes in and we know all the terms so you will be able to make a good decision.
Thinking about buying a home this year? After you have talked to a loan officer and pre-qualifed let us know the price range and type of loan that will work out best for you and we will help you find the home that meets your goals. Let us know the vision of the home that you are looking for and what towns you would like to look. You need to be ready to go when a listing comes up so you don’t miss out.
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 communities
- School ratings
Let us know if there is other information you are looking for. We are happy to point you in the right direction. If you need recommendations for real estate attorneys or home inspectors once you find a home or you get a contract accepted on your home we can give you a few to contact so you can make the decision who to work with.
Market update Fox Valley-February 29 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
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