November 12th, 2012 categories: Chicago Real Estate News
Looking for a home in Chicago? You might face a tough task. But at least you won’t be alone. According to a recent story by REALTOR® Magazine, the signs point to a possible housing shortage in solid real estate markets across the country.
For buyers, this could make finding a dream home in one of Chicago’s top neighborhoods, places like Lincoln Park, Lakeview and Lincoln Square, a true challenge. We might even see an increase in bidding wars as buyers compete to make a purchase among a dwindling number of available condominiums and single-family homes in Chicago.
According to the REALTOR® Magazine story, the inventory of existing homes across the country now stands at its lowest level in seven years. At the same time, the inventory of new-construction homes has fallen to a 50-year low.
What does this mean for buyers? It might mean that home prices will be on the rise. That’s a simple supply-and-demand formula. Of course, this hasn’t happened yet in all markets. In fact, the REALTOR® Magazine story specifically points to Chicago as a housing market in which the prices of condos and single-family homes have yet to rise. The story says that Chicago’s housing market is just now starting to emerge from negative territory.
That being said, home sales in Chicago are on the rise, and have been for some time. That has naturally led to a shrinking inventory. And while prices haven’t risen yet, competition has. Sellers who are willing to set a price that is right for their market are receiving plenty of offers. Many are even weighing multiple offers for their properties.
If you’re trying to sell or buy a home in Chicago today, then, it’s important to work with a skilled REALTOR® who knows your market. This is the professional who can help sellers set the right asking prices. And a skilled REALTOR® can help buyers target those homes that are priced right for today’s housing environment.