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Hello, LOs!
In Pennsylvania's Lehigh Valley, about two hours east of New York City, the locals are losing.
Average Joes just can't compete in the purchase market. Prices are up about 25%, homes get snatched up in days, and increasingly, those who win are out-of-town investors looking for rental cash flows. Roughly one-in-five homes sold in the Lehigh Valley are bought by investors.
Many of those Average Joes could face the indignity of renting their coveted home from those investors.
Take Brooke Terplan and her fiance, Dominic Pollock, the subjects of a Wall Street Journal feature on the local housing market. After losing 20 offers over the course of several months, they submitted an offer of $270,500 on a 1,900-square-foot ranch-style house in Bethlehem, $20,500 over asking price. The couple even waived the right to an inspection.
It wasn't enough. Not even close. The seller had 14 offers, and theirs wasn't good enough.
Here's my question to you, LOs: are your clients losing bids to out-of-town investors with cash? What are you hearing from your agent contacts? Shoot me an email at jkleimann@housingwire.com
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