PITTSBURGH (Newsradio 1020 KDKA) - Since the real estate industry got the green light to resume sales in Pennsylvania, demand for properties “has been high.”
Howard Hannah Chairman Hoddy Hanna tells the KDKA Radio Morning Show says he’s never seen anything like this.
“I’ve been doing this for a long time and . . . the number of multiple offers, we call them bidding wars, I would say three out of five sales are occurring with multiple offers,” said Hanna.
Hanna adds the housing market in the area was strong before the pandemic and the rate for a 30-year fixed rate loan is now at 2.9 percent.
He also says buyers want to get out of smaller homes without yards after being cooped up for so long inside.
Hanna says “We just have a shortage of properties because we have had very little new construction for the last three years, coupled with the fact that people have been staying in their houses and not putting them on the market.”
43 percent of 2,000 home owners surveyed by the New York Post are considering selling their homes.
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