LANCASTER, Pa. (WHTM) — Low inventory and high demand is a problem across many industries and the housing market is no exception. Things seem to be cooling down, but maybe not for the reasons you might think. Realtors say some people are simply giving up.
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“We simply don’t have the inventory. Buyers are frustrated because they are making multiple offers and constantly getting knocked back down,” John Spidaliere, a broker at LancLiving Realty, said.
Spidaliere adds, it’s tough all around.
“Buyers who are well qualified, money in the bank, ready to go and they’ve been searching for a year for a home because they can’t find something that suits their needs nor can they win a bid,” Spidaliere said.
Not much has changed since the buying frenzy this past spring and summer, but in places like Millersville and Mount Joy, home prices have skyrocketed. Millersville recorded an impressive 40% jump since last year. That spike in prices is making homeownership more difficult and not just because of bidding wars.
“For buyers that sweet spot of 200,00 to 260,000 and those houses don’t tend to exist right now,” Spidaliere said.
For now, his advice to would-be home buyers is simple.
“Cash is king. Coming in with a cash offer always means a quick close,” he added.