Erie still a “seller’s market” in real estate despite national drop in pending home prices

Local News

As COVID-19 restrictions ease, many people are looking to sell their homes.

Realtor Denise Caruana of Agresti Real Estate said typically, there is a slowdown in home sales this time of year because many people are going on vacations and school is about to start.

But this year, it’s different. At one point, she was very low on her number of listings compared to the amount of buyers looking to purchase.

“With the interest rates being so low, the buyers are coming out of the woodwork,” Caruana said. “Of course, when you have all those low interest rates, and buyers pounding down the doors to get into a new home but the inventory so low, that’s how you get a seller’s market.”

Caruana said the pandemic has helped create these circumstances.

“COVID[-19] had a lot to do with it,” she said. “A lot of people not wanting to list homes and not have people in their houses.”

Since many restrictions have been lifted, potential home-buyers are seeing more listings, but it’s still a seller’s market. Caruana is getting many offers way over asking price.

Lucille Hodubski is in the process of buying a home. She said it was hard to buy.

“There are a lot of them out there,” Hodubski said. “You just have to be out there at the right time, and kind of be first, really. I had a bid on three homes. I loved every one. I lost them… If you see it [and] you like it, just put a bid on it.”

When she finally found her house, she bid more than they asked and got it.

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