Since January 2013, a scarcity of housing inventory in the Chicago ‘burbs has caused a figurative gold rush in the real estate marketplace! In the North and Northwest Suburbs, for example, investors and buyers engage in bidding wars on almost every townhouse or single family home that pops up on the MLS Multiple Listing Service! Depending on the property’s location, condition, and price, it’s common for sellers to receive two to ten multiple offers within a matter of days!
This sense of urgency on part of buyers is especially apparent during the months leading up to the fast-approaching school year, as parents want their families settled into their new dwelling when school begins.
Two other driving forces include slowly climbing house prices, coupled with rising interest rates. In January 2013, a fixed-rate, 30-year mortgage could be had for 2.5% interest, while current interest rates waver between 4.5 and 4.75%. This increase adds a couple hundred dollars on to the buyer’s monthly mortgage.
I am a Realtor with Coldwell Banker. If you or someone you know is in need of real estate advice and numerous property listings from a experienced real estate professional (and not working with another Realtor), feel free to reach out to me at 847-293-5696 or firstname.lastname@example.org. http://www.jenniespallonerealtor.com