Market Update Fox Valley 1-4-2020
Market update Fox Valley 1-4-2020. Happy New Year to all of you! I hope everyone’s new year is off to a great start. The last couple of weeks we have had a holiday in the middle of the week so numbers have been off. 3 days of last year are on this weeks numbers. Next week will be the first full week of the year.
New listings of single family homes this week more than doubled. 138 this week compared to 58 the week before. Not only were buyers busy getting ready for Christmas the REALTORS® were busy too getting ready for the holiday the week before. That is the difference in the 2 holiday weeks.
Closed listings of single family homes this week were not too far. This week 118 listings closed compared to 106 the week before. These numbers will increase as we head to the end of the month and no more holidays to interfere with banks and title companies closed.
Take a look at the communities with the most activity this week:
Aurora-New 15 $128,500-$430,000
Bolingbrook-New 13 $150,000-$359,000
Naperville-New 27 $319,900-$1,197,000
Oswego-New 13 $199,900-$1,099,000
Plainfield-New 15 $245,000-$400,000
St Charles/Campton Hills-New 12 $140,000-$786,009
These are the communities that are consistently with higher numbers of new listings and closed homes. Is it the schools, work, roads or what the communities have to offer?
Contracts accepted this week
Contracts accepted this week on single family homes was not too far off of the week before. 107 this week compared to 98 the week before. I am looking forward to getting back to normal next week. No more holidays for awhile.
Are you wondering why I keep track of when contracts are accepted? I like to keep track of all kinds of activity. This lets me know that there are buyers out there ready to submit offers instead of just looking. Sometimes they do not close but they are ready to go. When it gets really active buyers do not have much time to think about what they want to do. They have to make a decision faster. Right now inventory is very low so even though numbers are down you still need to make a decision or move on and wait for more homes to come on the market.
Communities that sellers accepted the most contracts this week:
1 short sale was accepted this week in Yorkville. Now it will be submitted to the lender to see if they will also accept it as written.
Sellers accepted contracts that are contingent on the buyer closing on their current home. 2 with a kick-out clause of 72 hours and 1 with 48 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 5 with 48 hours. Sellers still feel confident they will sell and close.
2020 by the month
Month New Closed Contracts accepted
January 138 118 107
We are only 4 days into the new year. 3 of these days are from December of 2019. Last year is the first year I kept track of the months for the year so it will interesting to compare this year to last as we go along.
Activity happens year round. A lot of it has to do with the amount of inventory of homes on the market. Some months are definitely busier than others.
Now is a great time to have your home on the market so you don’t have so much competition as you do in the Spring market. Location, price and condition are the 3 factors that matter to get a home sold. If it is priced right for the location and condition it will sell.
Call us at 630-503-6555 with all of your real estate questions. Your goal is our goal. We will do everything we can to help you reach your goal.
Let us update the value of your home in today’s market. We will provide you with a net proceeds that shows you an estimate of expenses to well. This will be updated when an offer comes in and we know all the terms so you can make a good decision.
Thinking about buying a home this year? You need to contact a loan officer to get pre-qualified so you know what type of loan and what price range will work out best for you. We can make some recommendations if you do not know who to call.
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
- School ratings in Illinois
Market update Fox Valley 1-4-2020. Have a awesome week and start to the New Year!
Kristine Heiman, Designated Managing Broker
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