Are you in a multiple offer situation on a property?
Nearly everyone who writes me tells me that they are (in both the city and the suburbs.) Properties are going under contract within 24 hours.
It also cuts both ways. They are getting multiple offers on their property they are listing to sell but they are up against multiple offers on properties that they are buying.
People are bidding over ask, in some cases, just to win the property. Some are even waiving inspection issues.
The Super Bowl is now over. February has historically been the start of the “spring buying season” in Chicago. But this year we’re starting it with record low inventory in most neighborhoods and record low mortgage rates.
What do you expect to see over the next 1 to 3 months?
Will more inventory come on the market as word gets out about the “hot” market and multiple offers? (I’m waiting for a Tribune article any day. What is wrong with them? Why haven’t they written it yet?)
Or will this low inventory market be the new reality in 2013?