Market update Fox Valley week 49
Closed listings of single family homes were up 52.33%. 294 this week compared to 193 the week before. When you have a holiday at the end of the month some of the closings get pushed back to beginning of the next month. It is hard to get them all in in 3 days.
We are heading into the final weeks of the year. Most of the sales now will most likely close in the new year unless it is a cash sale.
Take a look at the communities with the most activity this week:
Aurora-New 18 $129,900-$459,000
Bolingbrook-New 16 $209,900-$450,990
Geneva-New 3 $410,000-$958,900
Montgomery-New 3 $270,000-$335,000
Naperville-New 27 $288,050-$1,298,700
Oswego-New 6 $199,900-$389,900
Plainfield-New 10 $185,873-$999,800
St Charles/Campton Hills-
New 11 $250,000-$824,900
West Chicago-New 6 $214,900-$339,900
Yorkville-New 9 $235,000-$429,900
Contracts accepted this week
Contracts accepted this week were down 5.08%. 187 this week compared to 197 the week before. Not too bad when the week before we were way down in new listings. Not a lot of choices for the amount of buyers that are out there. We are still seeing multiple offers.
You need to have a good strategy in place right now if you are a buyer. You need to be ready to go look and not hesitate to write an offer.
Look a the communities that sellers accepted the most contracts this week:
St Charles/Campton Hills-17
2 short sales were accepted this week by sellers. 1 each in Aurora and Batavia. 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. 5 with a kick-out clause of 72 hours, 2 with 48 hours and also 2 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 48 hours.
2020 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 843 1116 1159
November 567 985 699
December 130 294 187
Totals 11960 11192 13550
The closed column is the most important one. These numbers show you what actually happened. New listings and contracts accepted columns are inflated with homes that could of been relisted as new or received a contract and did not go through and then received another contract.
September so far is the best month for closed homes. Usually it drops off a little after school starts but not this year. It is still a sellers market. There are more buyers than homes for sale. This has caused prices to rise. Interest rates are still fantastic!
Some people don’t realize how good the market is right now. They think because of the pandemic the market is not moving but it sure is.
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.
Thinking about selling your home? Request a home valuation and we will let you know what your home is worth in today’s market. We will provide you with a net proceeds that shows you an estimate of expenses to sell so you will have an idea of what you have to work with. This will be updated when an offer comes in and we know all the terms so you can make a good decision.
Are you thinking about buying a home? Your first step is to get a couple of years tax returns, pay stubs, bank statements and any other thing that you pay monthly like credit cards or car payments together. Call a loan officer to get prequalified. They will provide you with a letter showing the type of loan and the price that will work out best for you. When you find a home we will need to send this with an offer to show sellers that you qualify.
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
If you need any other information let us know and we will point you in the right direction. Do you need recommendations for real estate attorneys, home inspectors or information on radon? Let us know and we will provide you with people that we have worked with before or we can send you pamphlets on the information that you are looking for.
Market update Fox Valley week 49. Have a great week!
Best Homes Fox Valley-Search for a home today!
200 Webster St
Montgomery, IL 60538
630-503-6555 ext 101