READING, Pa. Those in real estate say this is the old axiom of supply and demand.
“You see that there is a new high-quality listing on the market, and this is, frankly, chaos,” said Marc Mon.
Mark Mon is the former president of the Reading Burks Association of Realtors and is currently a Realtor at RE / MAX of Reading.
“When you have incredibly low interest rates like now, coupled with significant demand and then significant supply problems that we have, [it] really the perfect storm for house price inflation, ”said Mon.
The median list price of a home in Burke County two years ago was $ 180,000, according to the association. This is almost $ 260,000 these days.
“Under certain circumstances, there is a willingness to pay more than the asking price, in many cases going to war with bidding,” added Mon.
While it is not known how long this rough road will last, Mon says that home buyers should get their finances in good shape and look to townships and neighborhoods to find out how they can build more homes to create more inventory.
“Burks County is an amazing community and has a lot to offer to the multitude of people who would like to live here if we had affordable housing. This is a call to financial minds. potentially buy a house and then talk to the local municipality and find ways for us to build more inventory, ”said Mon.