Story thread · 3 reports / 2 sources

Many Chicago homebuyers face bidding wars: The Rundown

wbez.org · 7dShare

Good afternoon, and happy Monday! Get ready to cover your ears, because somehow another Air and Water Show is almost upon us, and the Thunderbirds will return for a second consecutive year. Here’s what else you need to know today. 1. With few properties on sale, Chicago homebuyers are having bidding wars As my colleague Abby Miller reports, the battle among buyers has been great for home sellers as properties sell for sometimes hundreds of thousands of dollars over their asking price. And some buyers — to help sweeten the deal — have been waiving certain contingencies, including inspections. Neighborhoods with strong retail corridors, like Andersonville, Lincoln Park and Wicker Park, are seeing high demand, said Alley Ballard, a broker with real estate firm @properties. But across the city, she’s seen homes sell for $100,000 to $200,000 — sometimes even $300,000 — above their asking price. Zillow data shows Chicago’s housing market started the year hot; an April report said 25% of Chic

First report: On Chicago's North Side, a lack of homes leads to all-out bidding wars — suntimes.com, 10d