Home Real Estate Homebuyers outbidding each other in seller’s market

Homebuyers outbidding each other in seller’s market

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Did you hear that your neighbor’s house sold for $40,000 more than the asking price? 

This would sound like an almost ridiculous question in the Erie region, but it’s happening, and it’s occurring in a variety of price ranges.

“In my 25 years in real estate, this is the first real sellers market I’ve seen in Erie,” Dee Caruana, of Agresti Real Estate, said. “It’s always like this in some cities like in Myrtle Beach but not here.” 

According to an NPR story, National Association of Realtors Chief Economist Lawrence Yun noted that it’s a seller’s market with record levels. Home prices are up 19.1% from just a year ago, also a record for the biggest gain in a year, and homes are selling faster with multiple bids, according to the NPR story.

In Erie and throughout the United States for much of the past year, homes in all price ranges are seeing buyers outbidding one another.

By the numbers in Erie

In Erie, homes in all price ranges are seeing buyers outbidding one another to purchase a house, and it’s been happening for almost a year. It’s due to the lack of…

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