Dympna Fay-Hart
Serving Chicago Area Sellers & Buyers

(773) 230-3800

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Home Buying Advice

Home Buyers Can Expect Available Homes Scarcity To Continue

Perhaps you've been searching for a home and are frustrated with the lack of selection. In quite a few areas of Chicago where buyers want to live, there are few homes for sale in the most popular price ranges. According to industry experts, this situation is not likely to change any time soon.

The factors that are contributing to the overall lack of homes for sale are complex economic issues that are going to take time to change.  Or perhaps this is our new normal. To find a home in the area where you want to live, some compromise on price, amenities and condition may be necessary. 

Let's take a look at some of the reasons low housing inventories are prevalent in Chicago and elsewhere, and why demand will continue to outpace supply for the foreseeable future.

Missed Out On That Perfect Home? Should You Submit A BackUp Offer?

When inventories of available homes are low, like they have been for quite some time now, competition among buyers escalates.  Depending on the location where you want to live, It can be difficult to find an ideal home before another buyer snags it. This can be a very frustrating and disappointing situation for buyers. 

You think that perfect home is in your grasp and then suddenly you find out the seller has just accepted an offer from another buyer. So what do you do?

First, an accepted offer is not necessarily a done deal. Lots of things can happen between the time a purchase offer is accepted and the time the transaction closes.