NBC’s latest numbers show home prices nationwide continue climbing — and here in Erie, Realtors say buyers are feeling the pressure.
Erie’s housing market is moving quickly — and the Realtors I spoke with say buyers are having to make decisions faster than ever.
“Hasn’t changed in the last few months really since COVID is when this started. It’s still a really hot seller’s market. Inventory is extremely low, very few listings on the market, and of course the average housing price just keeps going up. We’re still in a bidding war process. I list as a listing agent, and every home I’ve listed has had multiple offers. I had one with 54 showings in less than four days,” Dee Caruana of Agresti Real Estate explained.
Buyers often lose several offers before finally landing one, but multiple factors along the way make it a “vicious cycle” that’s not going to change anytime soon.
“The other thing that affects the market, in my opinion, is a lot of these buyers can’t rent because rent has gone up so much and rentals are scarce also,” Caruana said.
I also met Howard Hanna Realtor Cindy Fabin at an open house on Pleasant Road, where she shared the latest trend in where people are moving — and how that is tightening supply.
“A lot of people want to move from the city into the country. That’s what I did with my family. It’s a great location,” Cindy Fabin, a Realtor for Howard Hanna, said.
“While the Erie housing market is sending mixed signals, for many buyers, saving enough to compete is still the biggest challenge,” Stephanie Logue reported.
“We want to get one, but it’s so expensive now that it’s just … it’s rough. So we’ll wait and get the money for it,” Timothy Heard, a potential buyer, said.
Both Realtors say rising rents and limited inventory are pushing more people toward buying — even as prices continue climbing.