High demand, limited supply, COVID-19 issues keep area home market humming

High demand, limited supply, COVID-19 issues keep area home market humming

PITTSBURGH — The area real estate market can be ultra competitive, with many buyers looking for a new home but running up against a limited supply for sale.

“This is probably one of the busiest times I have seen in 43 years of selling homes,” Kathy Seaton said.

Seaton is a real estate agent with RE/MAX Select Realty. She said with pent-up demand hitting the housing market after the COVID-19 shutdown, buyers want a nice yard for their kids to play in and a home office where they can work.

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“A lot of urban people because of COVID are deciding they want to come more to the suburbs to have a little bit more space,” she said.

Fewer homes are on the market, though, as many sellers are holding off.

“Because of COVID, some of them have lost their jobs. They’re furloughed from the company. They’re not sure of their job security as they go forward,” Seaton said.

Another major reason: Families with kids in college are staying put before downsizing because they are not sure if their kids will go back to campus in the fall.

“So when we get a house listed, we might have 30-some showings and we will get multiple agreements over list price, cash, great financing, no inspections. I’ve never seen anything like this in my career,” Seaton said.

Seaton said many families are not vacationing this summer, and that is also creating more demand in the housing market.

Friday marks another large surge in COVID-19 cases in Allegheny County with 61