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

            Closed-35 $130,000-$735,000

Bolingbrook-New 16 $175,000-$560,000

                     Closed-18 $136,500-$415,761

Geneva-New 14 $239,900-$700,000

             Closed-18 $266,900-$777,777(lucky number?)

Naperville-New 36 $264,900-$1,495,000

                 Closed-54 $272,000-$1,265,000

Oswego-New 10 $265,000-$467,500

              Closed-11 $177,500-$490,000

Plainfield-New 23 $244,900-$624,400

                Closed-30 $165,000-$460,000

St Charles/Campton Hills-

                New 24 $204,900-$1,749,900

                Closed-23 $155,000-$900,000

West Chicago-New 4 $249,900-$419,000

                       Closed-11 $230,000-$532,500

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:

Aurora-44                            Bolingbrook-19

Geneva-10                           Minooka-10

Naperville-46                       Oswego-23

Plainfield-28                        St Charles/Campton Hills-31

Yorkvlle-20

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.

Contact us

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!

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