Lehigh Valley real estate home buyers face stiff competition amid low-interest rates and high demand

Written by on September 14, 2020

Lehigh Valley real estate home buyers face stiff competition amid low-interest rates and high demand

By Haley O’Brien

September 14, 2020

The Lehigh Valley’s real estate market is hot right now. COVID-19 restrictions and a shortage of sellers means agents are very busy. WLVR’s Haley O’Brien has more.

Remax Central broker Thomas Skiffington has been selling homes for 32 years and says he’s never seen the real estate industry like this. With interest rates are dramatically low due to the pandemic, buyers have a lot of competition.

“We’ll put a house on the market and we’re getting offers 20,30, 40,000 above asking,” said Skiffington.

Skiffington says people are looking for homes to cater to the lifestyle changes they’ve made due to COVID and many buyers are moving from a city to less populated areas.

“People’s needs in their households have changed. Now they need a home office, which they didn’t need 6 months or a year ago.”

It is recommended that only up to three people view a home at once, so additional showings are keeping agents busy, too. Skiffington says he expects that this demand will last through next spring. 

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