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Akron's Hot Real Estate Market Could Be Forcing More Bidding Wars

The number of multiple offers on homes for sales jumped nearly 92 percent.
Mark Arehart
The number of multiple offers on homes for sales jumped nearly 92 percent.

Akron’s housing market is heating up. According to a new report, the Rubber City had the biggest spike in the percentage of homes selling above asking price in the nation. This means more home buyers are likely squaring off in bidding wars.

Say you found your Akron dream home and you’re ready to buy. You put in a bid, maybe a touch above asking price to make sure you snag it. Time to celebrate, right? Not so fast.

"Just because you go a couple thousand above list price doesn’t mean you’re going to make it," said Karyn Pumphrey, with Howard Hanna Real Estate Services in Akron and Fairlawn. 

"We’ve actually had properties recently go as high as $25,000 above list because we do actually get into these bidding wars."

The study from Realtor.com said Akron saw a nearly 92 percent surge in homes selling above asking price.

After more than two decades in real estate, Pumphrey has never seen this many homes in Akron with multiple bidders. Her top tip: get pre-approved for a mortgage and be ready to make an offer right away.

And with the market the way it is, you may have some competition.

Mark Arehart joined the award-winning WKSU news team as its arts/culture reporter in 2017. Before coming to Northeast Ohio, Arehart hosted Morning Edition and covered the arts scene for Delaware Public Media. He previously worked for KNKX in Seattle, Kansas Public Radio, and KYUK in Bethel, Alaska.