Market Update Fox Valley-August 4 2018

Market update Fox Valley-August 4 2018.  This week we saw a very nice increase in new listings of single family homes.  363 this week compared to 294 last week.  Sellers are finishing up with their vacations and getting down to business of putting their homes on the market.

Closed listings were also up this week. 294 this week compared to 268 last week.  Most of those closing probably happened on Monday and Tuesday the last 2 days of the month.  These next 2 weeks might be unusually more active with buyers wanting to close before school starts.  Buyer usually try to close the end of the month so they bring less money to closing.

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

Aurora-New 35 $105,000-$474,900                                                   Closed-62 $65,000-$584,900

Batavia-New 9 $214,900-$619,000                                                    Closed-11 $139,000-$523,000

Bolingbrook-New 25 $136,500-$424,900                                          Closed-27 $155,000-$580,000

Elburn-New 10 $289,900-$1,595,000                                                 Closed-5 $169,900-$380,000

Geneva-New 20 $219,000-$890,000                                                  Closed-21 $198,500-$660,000

Montgomery-New 11 $179,900-$269,962                                        Closed-20 $135,000-$265,000

Naperville-New 74 $225,000-$6,800,000                                          Closed-40 $190,000-$1,420,000

Oswego-New 21 $165,000-$375,000                                                Closed-19 $123,500-$525,600

Plainfield-New 45 $150,000-$565,000                                              Closed-37 $175,000-$537,500

Plano-New 10 $115,000-$259,900                                                    Closed-10 $23,000-$273,200

St Charles/Campton Hills-New 33 $130,000-$850,000                 Closed-31 $197,500-$815,000

West Chicago-New 11 $237,500-$499,000                                     Closed-12 $160,000-$518,000

Yorkville-New 12 $209,888-$349,900                                               Closed-13 $179,900-$405,000

Market Update Fox Valley-August 4 2018-Contracts Accepted This Week

Contracts accepted this week were down.  254 this week compared to 278 last week.  We should see an increase next week with all the new listings from this week.  More listings to choose from which is great for buyers still looking.

Take a look at the communities that sellers accepted the most contracts this week:

Aurora-44                                       Batavia-14                                        Bolingbrook-17

Montgomery-14                            Naperville-39                                   Oswego-21

Plainfield-22                                  St Charles/Campton Hills-21        Yorkville-10

Homes that are selling as a short sale also saw contracts accepted this week.  3 this week compared to 4 last week.  We are happy to continue to see low numbers on these homes.  Prices have increased with low inventory and so many homeowners are able to sell at what they owe or more so we are not seeing so many selling as a short sale.  Now they will be submitted to the lender to see if they will also accept contract as written.

Sellers accepted contracts that are contingent on the buyer closing on their current home.  Buyers have already accepted a contract on their home but need to close to purchase.  3 with a kick-out clause of 72 hours, 13 with 48 hours and 4 with 24 hours.

Contracts were also accepted by sellers that are contingent on the buyer selling their home and closing.  Buyers might or might not already have their current home on the market.  They still need to sell their home and close before purchasing.  5 with a kick-out clause of 72 hours, 4 with 48 hours and 2 with 24 hours.

Contact us

Call us at 630-503-6555 Jeffery Szymczak-Broker ext 104, Bobby Burson-Broker ext 105 or Kristine Heiman-Managing Broker ext 101. Our goal is to negotiate price and terms that are best whether you are selling or purchasing a home.

Let us do a market analysis on your home to let you know the value in the current market. We will provide you with a net proceeds so you know the costs to sell your home so you have an estimate of what you will walk away with at closing. We will also update this when an offer comes in and we know all the terms of the offer so you can make an informed decision.

Learn about the different types of loans and the process so when you talk to a loan officer to get pre approved for a loan you are ready with good questions to ask.  This is the first step before looking for a home.  You will need a letter from a loan officer showing what you qualify for when you find the right home.  It will be submitted with your offer so sellers know that you qualify for their home before they will accept it.

If you are a veteran you will need to know the requirements and process for getting a VA loan.  This might be a good time for you to use your benefits.

It is always a good idea to see what is out there that might help you with down payment or closing costs when you are purchasing.  There are a lot of programs out there.  It might be worth it to take some time to take a look.  Some communities also offer help.  You might also want to go to the community website you are looking in.

Do you know where the current interest rates are?  Your credit score will determine what you are offered.  Your loan officer might be able to help you to bring up your score so you get the best interest rate.

Market update Fox Valley-August 4 2018.  Have a great week!

Kristine Heiman-Managing Broker

Best Homes Fox Valley-Search for a home today!

1444 N Farnsworth Ave, Suite 104

Aurora, IL 60505

630-503-6555

besthomesfv@gmail.com