BOARDMAN, Ohio (WKBN) – The housing market is one of the many entities that have been affected by the pandemic, but different areas have all been affected differently.
Realtors are seeing houses fly off the market at record speed.
In Mahoning County specifically, this year compared to last year, the average amount of days a house will sit on the market decreased by 4%. It does differ from school district to school district, but houses are not sitting for long in any area.
Jenna Koontz is a real estate agent with Howard Hanna. She was selling a ranch home in Poland not too long ago, and within 24 hours of being listed, it had 38 showings and seven offers. The house was sold.
This time last year, the average sale price of a home in Mahoning County was $164,000, and now this year, it’s close to over $170,000.
In some cases, agents have been able to secure houses $10,000 above the initial asking price.
On top of that, money is cheap to borrow at the moment, making it a little easier to pull the trigger on buying that dream house.
Koontz says buyers in this market are serious. They’ve done their homework, know what they want to buy and are prepared to make a serious offer.
“The buyers that are out there are really good buyers, and it’s really stopped the people that are just window shoppers from going out and just browsing, so the buyers out there now are serious,” Koontz said. “We have buyers that are out in the marketplace looking for a year and a half to two years before they find the perfect home. So. they are not putting their house no the market until they find the perfect home. So, it’s been a lack of inventory and COVID has kind of stalled things,” Koontz said.
That stalled effect has affected their spring selling time, which is one of their busiest times of the year.
Another impact of COVID is job security. If you are unemployed because of the pandemic, that could hamper obtaining a mortgage.