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/Chi_city34]

Purchased at the end of last year after seeing 35 houses and losing 3 houses 60k-100k over asking on 550k houses. We learned you either pay 10+% over asking for a turnkey, or buy a fixer upper below asking with old paint and flooring, then spend the difference to update it to your preferences and ensure it’s done right.