Chicago-area buyers are facing low levels of available homes. More sellers are on the sidelines because of high mortgage rates and fears that the tight supply of homes might make it difficult for them to find a place to live.
Real estate broker Molly Sundby, left, gives a tour to a prospective buyer at the Cirrus Condominiums in Lakeshore East. Cirrus began selling its 350 condos in March 2022. The developer declined to comment on how many units are still available.
Laura Ellis, chief strategy officer and president of residential sales at Baird & Warner, said high interest rates are grabbing all the attention when the bigger issue in the Chicagoland market is not having enough supply to meet demand. a trade association for real estate agents. The year-over-year decline in inventory is about 14% for Cook County.
“Buyers are out in force, but sellers — unwilling to trade a low mortgage rate for today’s higher rate — are staying on the sidelines and that means inventory remains lower than normal for this time of year,” Divounguy said. “People with median incomes are having a tough time with the down payment,” Foster said. “They are finding it harder to save with everything being so expensive.”
Rockie Bonney, 53, a Marine Corps veteran and U.S. Postal Service letter carrier, is looking for a $350,000 to $400,000, four-bedroom home in the Homewood or Flossmoor areas of the south suburbs for his wife, teenage son and two grandchildren.Bonney has lost out on two homes so far, with one going $10,000 over what he offered and the other going $40,000 over.
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