The supply of homes for sale in Chicago is one of the highest in the country, according to a recent report from Business Week.
Chicago, Miami, and Los Angeles led the country in the number of homes for sale. Chicago’s inventory of homes grew by 17.2 percent in the last year. There are now a total of 82,839 homes for sale in the region, according to ZipRealty.
While Chicago has not seen the speculative development that drove markets such as Miami, Los Angeles, and Las Vegas, the market may still be overpriced. Many buyers that were able to qualify for a loan during the boom of the market just a couple years ago, are now unable to get financing under the tougher requirements banks and lenders.
Sellers may be living in the past as well. It takes awhile for people to realize that their home is not worth what it once was just a year or two ago. Sellers may be content to wait for a couple of months, but after five or six months on the market, many may finally be willing to offer a reduced price.
With an oversupply of Chicago Homes on the market, buyers should start to see reduced prices for homes in neighborhoods all over Chicago.
Technorati Tags: Chicago Home For Sale, Chicago Real Estate, Chicago Housing Inventory
