Home sales are booming in Philadelphia market despite COVID-19 pandemic

PHILADELPHIA (WPVI) -- This might sound a bit crazy, but one thing the pandemic has not been able to stop right now is the housing market.

Homes are flying off the market at the fastest pace in years.

If you're out shopping for a home, you might think you'd be the only one out there in the middle of a pandemic. But the experts are telling us otherwise.

"Philadelphia market is quite hot right now," said Zillow economist Jeff Tucker.

Tucker says, thanks in large part to the lowest interest rates ever, people are motivated to buy a home, especially millennials.

"And there's just a lot of millennials right now, it's a big generation, they're several million more people around age 30 who are trying to become homeowners for the first time," said Tucker.

Real estate agent Amy Eves Walder with Keller Williams in Horsham said, "There's a lot of buyers out there and not enough listings. So the houses that are going up on the market are selling quick, and honestly at super high prices."

That is especially good news for Len and Karen Peskin of Ardsley who are looking to sell their home and downsize.

"Realistically with this neighborhood, and what I'm hearing about the market, I definitely expect to hit market price," said Len Peskin. "Wouldn't be surprised if it goes over."

Another thing that is happening is that people are buying homes without ever stepping foot inside. Instead, they are taking 3-D tours of homes on the internet.

"This is a way that people are adapting to a new reality that a lot of the old way of doing things, everyone crowding into one open house or going driving all around town to 20 open houses on the weekend," said Tucker.

Another thing real estate experts are noticing is a lot of New Yorkers are looking to flee the Big Apple and move to the Delaware Valley instead.

In many cases, they are outbidding others for homes, especially those that have swimming pools.
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