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…