Britta Rivera Venture

CHICAGO REAL ESTATE NEWS & MORE

CHICAGO HOUSING SHORTAGE LEAVE BUYERS & INVESTORS HOMELESS

The Chicago Tribune published an article about the housing shortage in California.  They are seeing housing inventory shrink faster than the decline in the market back in 2007.  But frankly, the property shortage and multiple offer situation is heating up in Chicago as well.  In recent month’s many buyers and investor’s have been stunned to find their dream home or investment opportunity is also three other prospects as well.

As a real estate agent it’s amazing to see just how fast the shortage of housing has suddenly occurred.   Just a few years back you could not give away a home.  Who’s the culprit?  Well, first -time buyers and investors have hit the market in droves.  This includes foreign investor’s with a lot of cash to spend in the U.S.  Multiple offer situations are on the rise and many investors are losing out on their bids; creating a rise in pricing.  Some first-time buyers are also having trouble finding a home, because they are getting outbid by cash buyers who are mainly investors.  Talk about a buying frenzy.

The housing crisis (in a new way) has taken a shift and anyone still sitting on the fence could be too late.  If you are considering taking advantage of historically low-interest rates and home savings of 30% – 50% off, you better act quickly or you will miss out.   Worse than that, you may just end up with the “leftover” inventory when you could have purchased the gem.

Need a great Chicago real estate agent?  Contact Britta Rivera Venture Group today.

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June 12, 2012 - Posted by | CHICAGO REAL ESTATE | , , , , ,

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