Low inventory, high prices

In The U.S.’s largest metropolitan areas, we are seeing a common trend when it comes to homes for sale: they are selling with multiple offers, often well over asking price. With the recent growth of the housing market in recent years, cities are seeing unprecedented sales. Chicago’s market is very hot as well, with certain neighborhoods following this trend precisely. Chicago’s Logan Square in the month of May saw homes between $100,000-$1,000,000 sell for 100.5% of asking price on average. While not all neighborhoods reflect this data, Chicago’s housing market as a whole is booming. As a result, it’s a good time to be a home seller, and due to low interest rates, it’s a good time to be a buyer too.

http://www.forbes.com/sites/erincarlyle/2016/04/13/bidding-wars-for-homes-have-become-the-new-normal-in-many-u-s-cities/#7613695b688a

 

Steven Johnson

Broker with Coldwell Banker

Cell: 847-525-6121

Steven.Donald.Johnson@gmail.com

CLICK HERE to view my online profile

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