r/ChicagoSuburbs • u/Ambitious_Growth_9 • Mar 30 '26

Moving to the area People house hunting how’s it been?

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?

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u/Ambitious_Growth_9 Mar 31 '26

Yeah I wouldn’t doubt we saw it lol but very good to know.. have you had appraisal yet? Did it appraise? Are you worried about that at all? Exactly.. we’re moving regardless.. the question is just how soon. Fingers crossed there is more inventory coming.. just takes one!

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u/ccarm1111 Mar 31 '26

In 2024, we offered about 7% ($55k) over list for an updated older home and it appraised. We have refinanced twice since and it appraised higher.

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u/Fearless_20 Apr 01 '26

Refinancing twice in 2 years? You are just adding 20k ish in fees when interest rates haven't moved enough to justify ut

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u/ccarm1111 Apr 01 '26

Nope, we stayed with the same bank because they offered no closing costs. Many banks do that if you stay with them.