This Spring, buying a house or condo can be challenging due to a s lack of housing supply in many parts of the country, especially for first time buyers.

In some markets, as well as in certain Chicago neighborhoods, tight inventories have pushed up prices, resulting in bidding wars for some properties in a certain price bracket.

Areas like Andersonville, Edgewater and Uptown have seen an increased demand for properties priced between $300,000 and $600,000 and multiple offers on condo units in good condition are occurring frequently.

The reason for the tight inventory vary. In some areas, homeowners are still underwater – meaning they owe more on the property than what it’s worth – so they are unable or unwilling to sell for the current market…

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Thinking about selling your house this year? There may be no better time for that than now. The inventory of homes for sale in Chicago, as well as the nation, is well below historic norms. In addition, buyer demand is very strong and this creates a perfect seller's market. It's as simple as the concept of supply and demand: the best time to sell something is when supply of that item is low and demand for that item is high. That defines today’s real estate market. Inventory of real estate is unique and unlike consumer goods: When there is a shortage of a consumer item, you just produce more to meet the demand. You cannot do that with houses, at least not in the short term.

Jonathan Smoke, the Chief Economist of, in a recent article…

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