Market update Fox Valley April 11 2020
Market update Fox Valley April 11 2020. New listings went down a little over 13% this week in the Fox Valley. 168 new single family home listings this week compared to 194 the week before. This is not the normal direction for this time of year. These are not normal times. We will keep an eye on this and continue to report to you as time goes on.
Closed listings were also down almost 27%. This is the beginning of the month when the numbers are usually lower anyway. We will see how things go getting towards 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 20 $65,000-$415,000
Closed-22 $95,000-$443,000
Bolingbrook-New 10 $174,900-$429,900
Closed-11 $143,000-$387,500
Geneva-New 7 $309,900-$635,000
Closed-12 $108,000-$530,000
Naperville-New 34 $239,900-$2,079,000
Closed-37 $240,000-$890,000
Plainfield-New 26 $224,900-$599,000
Closed-31 $159,000-$705,000
Plano-New 11 $144,900-$230,990
Clsoed-1 $238,655
St Charles/Campton Hills-
New-10 $175,000-$1,395,000
Closed-13 $202,000-$825,000
Yorkville-New 4 $224,500-$305,000
Closed-12 $141,000-$395,000
Contracts accepted this week
Contracts accepted this week were very consistent. 176 single family homes accepted by sellers this week compared to 172 the week before. Homes are still selling even during this pandemic.
Look at the communities that sellers accepted the most contracts this week:
Aurora-22 Bolingbrook-10
Naperville-33 Plainfield-23
St Charles/Campton Hills-18 Yorkville-11
2 short sales were accepted by sellers this week. 1 each in Naperville 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. 7 with a kick-out clause of 72 hours, 7 with 48 hours and 3 with 24 hours.
Also, sellers accepted contracts this week that are contingent on the buyer selling and closing on their current home. 3 with a kick-out clause of 72 hours and 7 with 48 hours.
2020 by the month
Month New Closed Contracts accepted
January 1105 566 858
February 1267 529 1024
March 1186 707 1079
April 362 426 348
At the end of the month I will compare it to the last couple of years so you can see the difference.
New process during the pandemic
The Governor has ordered a “stay-at-home” during this pandemic until April 30th. We will let you know if this gets extended. We are classified as “essential services” during this time. It is not business as usual. We are not allowed to do Open Houses during this time. We are encouraging virtual showings also. Some homes are still allowing showings. It is a good time to drive by and see if the setting is something you would like and to look at photos to see if the home might fit your needs. If after a virtual showing you think this might be the one we will try to set up a physical showing.
Home inspections are now done by the inspector and they will give you a report. They will be the only ones going in.
Talk to your loan officer to see how they are having you start the loan process. They will also update you on any changes in the market.
Some title companies are still having you come to closing and others are doing curbside closings. They have the sellers sign documents ahead of time and only the buyer signs the day of closing. We are not to be there. Only the people that need to sign and attorneys are welcome.
We know that you might have a lot of questions during this time. We would be happy to do a video meeting with you to go over everything and answer your questions whether you are wanting to sell a home or buy a home. You can also call or email us. We want to communicate with you the way it works out best for you.
Contact us
Call us at 630-503-6555 for all of your real estate questions. Your goal is our goal. We will do everything we can to help you reach your goal.
If you are wanting to sell a home let us update the value of your home in today’s market. We will provide you with a net proceeds that shows you the expenses to sell your home. This will be updated when an offer comes in.
If you are wanting to buy a home you need to contact a loan officer to get pre-approved. They will give you a letter showing what you qualify for and the type of loan that will work out best for you. This will go with an offer when you find the right home.
If you need recommendations for a loan officer, real estate attorney or home inspector we can give you a few to choose from.
Check our 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
- Covid-19 updates in Illinois
Market update Fox Valley April 11 2020. Happy Easter and a wonderful week!
Kristine Heiman, Designated Managing Broker
Best Homes Fox Valley-Search for a home today!
200 Webster St
Montgomery, IL 60538