READING, Pennsylvania | Those who are entrenched in the real estate industry say this is the old axiom of supply versus demand.
“You see a new quality list coming to market and it’s chaos, frankly,” noted Mark Mohn.
Mark Mohn is the Past President of the Reading-Berks Association of Realtors and currently a Realtor with RE / MAX of Reading.
“When you have interest rates as insanely low as they are now, coupled with great demand and the huge supply issues we have, [it] really is a perfect storm for house price inflation, ”Mohn said.
According to the association, the median list price of a home in Berks County two years ago was $ 180,000. Today, that represents almost $ 260,000.
“There is a willingness to pay more than asking prices in some circumstances, to engage in bidding wars in many circumstances,” Mohn added.
While it’s unclear how long this difficult road will last, Mohn says potential buyers should put their finances in the best possible order and contact townships and boroughs to find ways to build more homes to create more. inventory.
“Berks County is an amazing community, it has a ton to offer a lot of people who would like to live here, if we had housing available to them. It’s advocacy, be smart financially. If you are looking to potentially buy one. house, then talk to your local municipality and find ways for us to create more inventory, ”Mohn said.