Low Mortgage Rates, Stock Contribute to Chicago Housing ‘Mini-Boom’
With their first child due in August, Jason and Megan Komenda knew last fall that they wanted out of their one-bedroom Lincoln Square condo with shared laundry three floors below their unit.
The Chicago Sun-Times reported July 14 that the Komendas lost out on homes to other bidders in what’s become a suddenly hot sellers’ market in parts of the city and suburbs.
What’s behind the miniboom? A low housing stock, near-record low mortgage rates — but rates are climbing — and potential buyers who’ve stood on the sidelines are emboldened by an improving economy, real estate experts say.
In some of the city’s in-demand neighborhoods — Logan Square and Bucktown, for example — properties that might have taken months to sells a year ago are now selling just weeks after they’re put on the market.
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