The Schaumburg housing market is hot! Most homes are selling quickly & even some over list price. If you are interested in how the market is fairing in your subdivision, it would be best to call in an area expert, like me, rather than watch what the news people are saying.
It only matters what is happening right in your backyard! The nightly news always tries to encompass the entire U.S. and it just can't be done with any kind of accuracy. This infographic gives what different 'predictors' are saying for the year. Things are looking good for real estate even during this pandemic.
The Chicago area overall is fairing very well. Chicago was second in the nation in the largest year-over-year increase in closed transactions at 32.3%. The city was second only to Little Rock, Arkansas, where the increase was up 36.5%.
Currently, the Schaumburg Housing Market has a very low inventory for both property types as this graph shows.
Home buying is still affordable which keeps the market moving at a strong momentum. The graph below shows just how good that can be depending on your mortgage amount.
At the same time, this is a double edged sword. Many people find it hard to move because their interest rates are so great now.
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