Home buying has never been a relaxing experience. It's expensive, time-consuming and the mere thought of packing is enough to put you on Prozac. Yet, when inventory gets tight and buyers outnumber sellers, the pressure only mounts. In Chicago, many neighborhoods have experienced a seller's market for the last four years with no signs of a turnaround. What's more, neighborhoods that held little interest for buyers a decade ago, such as River West, are now in high demand.
Competition can be fierce for buyers.
Show up to view a property that was listed only hours ago and there may already be offers on it. This accelerates angst for first-time buyers and confuses seasoned veterans. Sellers will only laugh. Today, deals are done by fax, phone and Internet. The frenzied market also affects financing.