What financing was the most common for week 30

What financing was the most common for week 30-Cover

What financing was the most common for week 30?  We will fill you in on that shortly.  First we will look at how many new listings of single family homes in the Fox Valley area of Illinois.  New listings were down.  265 this week compared to 289 the week before.

Closed listings of single family homes were up.  365 this week compared to 306 the week before.  A great ending to the month of July.

What financing was the most common for week 30-New an Closed
New and Closed listings

Take a look at the communities with the most activity this week:

Aurora-New 40 $160,000-$770,000

            Closed-49 $100,000-$725,000

Batavia-New 11 $265,000-$775,000

            Closed-8 $265,000-$700,000

Bolingbrook-New 22 $195,900-$498,900

                    Closed-23 $200,000-$535,000

Geneva-New 15 $240,000-$695,000

            Closed-17 $324,000-$861,606

Montgomery-New 6 $220,000-$345,000

                     Closed-14 $200,000-$390,000

Naperville-New 38 $224,900-$1,500,000

                 Closed-67 $290,000-$1,335,000

Oswego-New 11 $215,000-$699,500

              Closed-15 $232,000-$540,000

Plainfield-New 37 $214,900-$675,000

                Closed-46 $188,000-$680,000

St Charles-New 18 $185,000-$2,350,000

                  Closed-39 $195,000-$1,845,000

Yorkville-New 9 $39,900-$590,000

               Closed-13 $243,000-$577,000

If you are looking to buy and did not see the price range you are looking for in these communities click on the picture to see the other communities and see if you find your price range there.

As you can see from the communities listed that only one community had more new listings than closed.  That was Batavia.  It will continue to be a seller’s market until this tips the other way.

What financing was the most common for week 30?

It makes a big difference in what financing you choose to go with.  Of course cash is king if the price is right, but not everyone has that opportunity.

What financing was the most common for week 30-Conv cash 073121
Conventional and Cash

Conventional financing this week 281 last week 238.

Cash this week 38 last week 27

What financing was the most common for week 30-FHA VA 073121
FHA and VA

FHA this week 38 last week 36

VA this week 8 last week 5

So many people are using Conventional financing, because that is what the seller’s are choosing when they have multiple offers.  FHA and VA are harder to get accepted even if you are not asking for help with closing costs.

It has been hard for buyers that need to use FHA financing.

Median list price this week $373,700 last week $360,000.

Median closed price this week $390,000 last week $379,000.

What financing was the most common for week 30-Stats 073121

As prices increase more buyers are left out of the market.  It is wonderful for seller’s.

Contracts accepted this week

Contracts accepted this week were down.  297 this week compared to 322 the week before.

What financing was the most common for week 30-Contracts accepted this week

Look at the communities seller’s accepted the most contracts:

Aurora-42                        Bolingbrook-25

Geneva-19                        Montgomery-12

Naperville-41                   Oswego-17

Plainfield-34                    St Charles-27

West Chicago-10              Yorkville-10

No short sales were accepted by seller’s this week.

Seller’s accepted contracts that are contingent on the buyer closing on their current home.  3 with a kick-out clause of 72 hours, 4 with 48 hours and 1 with 24 hours.

Also, seller’s accepted contracts that are contingent on the buyer selling and closing on their current home.  2 with a kick-out clause of 72 hours, 3 with 48 hours and 2 with 24 hours.

2021 real estate market update so far this year and a look back at 2020 and 2019

2021

Month               New     Closed     Contracts accepted

January             543          649               829

February           561           604               778

March               993         1099              1455

April                1006          926              1387

May                 1088         1228              1289

June                1450         1686              1671

July                  1118         1182               1210

Totals             6759         8191               8619

2020

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

Totals            8207          5959              8566

2019

January           878            407                568

February        1032            463                832

March             1731            915               1375

April               1594           792               1307

May                1645           995               1280

June               1643         1253                1218

July                1423         1008                1090

Totals            9946         5833               7670

So many more homes were closed this year than the previous 2 years.  New listings steadily declined from 2019 until this year.  Inventory of homes were low in 2019, but look where they are this year.  This is why the prices have increased so much.

Communities need to increase housing either with new construction or repurposing commercial property to help increase inventory so buyers have a chance.

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.

Request a home valuation if you are thinking about selling your home.  We will let you know what your home is worth in today’s market. A net proceeds, showing you the expenses to sell, will be provided so you can see where you are at.  When an offer comes in this will be updated when we know all the terms so you can make a good decision.

Thinking about buying a home?  You need to contact a loan officer and get them all your financial documents so they can get you pre approved.  You need to take this extra step, because seller’s want to see that your information has been submitted to an underwriter, and that you have been checked out.

Resources:

We will guide you through the process. 

Do you need recommendations for real estate attorneys, home inspectors or loan officers?  We can recommend a few so you can decide who you want to work with.

What financing was most common for week 30 was conventional.  It will continue to be until this market changes and we start getting more homes on the market.

All data was obtained by connect MLS MRED, LLC.

Have a great week!  Let us know how we can help you.

What financing was the most common for week 30-Kristine Heiman, Designated Managing BrokerKristine Heiman, SRS, SFR, AHWD

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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