CENTRE COUNTY, Pa. (WTAJ) — Inflation is on the rise throughout the county and it’s especially hitting the housing and rental markets.
“The rents are higher, and State College, in general, is one of the highest rent areas when you’re looking in Pennsylvania,” Perry Wellington Realtor, Annette Yorks, said.
Yorks described the rent prices as surprising, with some listings in Bellefonte, specifically, reaching about $1,750 per month for a three-bedroom, two-bathroom townhome.
While interest rates are rising as well, they are still lower locally than the 8% national average.
It’s a seller’s market in Centre County.
“We just need to see the inventory go up,” Yorks said. “I’m putting a listing on the market today and I had 20 agents already message me about it.”
“Buyers are worn out because they’ve offered maybe two, three, four times, and have not gotten the property yet,” Chuck Gambone, a broker with Better Homes & Gardens GSA Realty, said.
Gambone said the question for both buyers and sellers is: now, or later?
“I don’t have an answer for either of them because it really depends on their own situation,” said Gambone.
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He said it’s a case-by-case basis and even with the competition, you’re advised not to jump into a deal if the home isn’t the right fit for you.
“Don’t give up,” said Gambone. “This is a solid market.”