Rising Property Values - Are you seeing this in your area?

[Mike Russo]

Hi all,

l live and invest in the western suburbs of Chicago. In the past year or two, housing prices per sq ft have risen significantly and as a result, a house selling for $240k now lists for $270K and sells within a couple of weeks. I wouldn't call it a bubble because it appears to be a function of supply. The question is, do I hold off on purchases and wait for prices to drop (if they ever do) or accept the new prices?  I'd appreciate your thoughts.

Mike