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‘You gotta be prepared to move quickly’: Houses flying off the market in Chicago, suburbs
In the Chicago area, people are struggling to buy homes. Real estate experts say because people have been stuck inside all year, so many families are looking to up-size.
CHICAGO - It's a seller’s market right now.
In the Chicago area, people are struggling to buy homes.
Real estate experts say because people have been stuck inside all year, so many families are looking to up-size.
They also say there is "pent up" demand because very few people moved last year, during the peak of the pandemic.
"If it's priced well, it sells the next day," said Cyrus Irani, a prospective homebuyer.
Irani, his wife and three boys are looking to up-size from their Chicago apartment to a house, but even their offers above asking price haven't gotten them anywhere.
"We made an offer for one, over asking, the very next day, but we didn't get it," said Irani.
The Irani’s are not alone.
"So when you have this unique combination of historically low interest rates, influx of buyers, the market is just really, really robust right now," said Nykea Pippion McGriff, President of the Chicago Association of Realtors.
Part of that influx of buyers is leftover from 2020.
"People didn't move in 2020. So you've got the buyers from 2020 in the market plus the buyers from 2021," said Jennifer Ames, Advisor at Engel and Volkers Chicago.
According to Midwest real estate data, median home prices are up 15 percent this year, with the greatest demand for single family homes both in the city and the suburbs.
If you're buyer, be ready to shop aggressively, and move quickly.
"Buyers need to be pre-approved. You've GOTTA be prepared to move forward," said Pippion.