LANCASTER, Pa. (WHTM) — Brooke Stosser just found out how hot the housing market is right now.

Stosser, who bought a house in Southern Lancaster County, said before finding a new home, she saw an extremely competitive market.

“We offered $8,000 above list price on another house, without even seeing it, and they denied that,” she said. “Apparently, they had someone come in at $40,000 over asking price.”

Stosser also said when she went to sell her home, she got many offers.

“We got an offer that was $25,000 over list price,” Stosser said. “We got a cash offer, and multiple other offers.”

Steve Huber, a relator with ReMax, said it’s a good time to be a seller. “The housing inventory is approximately 50% less than what it was a year ago.”

Huber says that in July of 2019 there were 1,800 houses for sale in Lancaster County, but in July of 2020, there were 921 houses for sale. He noted that low-interest rates combined with a pent up demand after the initial shock of the Covid-19 pandemic are driving a buy-now mentality.

He said some buyers are even skipping inspections. “They are taking that risk if they know there is a better chance of getting that house.”

Huber doesn’t expect the market to slow down anytime soon, and that’s because more people are getting used to remote work coupled with no sign of interest rates climbing.

Source Google News