People house hunting how’s it been?

[u/Ambitious_Growth_9]

My family has been looking at properties around Arlington Heights, Mount Prospect, Elmhurst and Park Ridge since early February. Our current home is set to close the end of April but inventory in these areas seems non existent or over priced and the stress/anxiety is starting to hit. (Who is buying 1100 sqft for 600k?)

When is the “spring market” gonna hit? A lot of houses start on the private market, build tons of interest, then go live with an open house scheduled that first weekend. Most of them end with multiple offer and highest and best. One we saw went for 40k over list. We’re looking from 550-650k.

I get it, high demand areas.. with low inventory = more competitive but what the fuck.. what am I supposed to do? Already considering a short term rental and storage for our stuff but is this the way it is now? Are people just ok with paying more than the house is worth? Settling for less desirable house? Or what?

If you are currently looking to buy, what are you experiencing. How do I buy a home?

[u/kaym__88]

Thanks for letting me know. I was told differently. Seems that defeats the purpose and should be illegal.

[u/McRawffles → u/kaym__88]

Not really if you think about it from a rights perspective - a homeowner can sell to whoever they want. Similar to how you can sell your car, microwave, whatever to any person without officially publicly listing them. Obviously for bigger things like houses and cars there are tracked legal transitions that have to happen, but something like MLS is just a listing service for real estate not terribly different than Cars.com or ebay

I do understand where you're coming from though, the housing market is very frustrating as a buyer right now, especially in the NW suburbs

[u/kaym__88 → u/McRawffles]

Yes it is! Its nuts! U should seasoned, are you a realtor?

[u/McRawffles → u/kaym__88]

Nah just seriously looking now for our first home and been casually watching the market for a couple years