Inventory still remains low in our surrounding Schaumburg Area. February's numbers here showed 1.2 months of inventory for townhomes & condos in Schaumburg alone. In all my years in the business I have never seen the inventory so low.
This brings about a problem for buyers - There isn't enough inventory possibly to choose from. The homes that are updated with relatively no work to do will be snatched off the market quick. Will they go over the list price - eventually they will if more inventory does not fill the void.
Not a problem for sellers though. It will not take long to sell your home obviously & prices should rise because of it. It will be tough if you are trying to transition from one smaller home to a larger one as will there be inventory for you?
Time will tell as the spring market has really just begun.