I am asked this question frequently. I wish I could pull out a crystal ball and get the answer to that question. Many factors will determine how the Pittsburgh Real Estate Market market will perform.
Although the pandemic has put the brakes on the economy, experts are predicting the housing market will play a big part in the economic recovery. Stricter mortgage lending policies and low housing inventory has put the real estate market in a different position than the last recession in 2008.
Strong buyer demand is still prevalent in the Pittsburgh real estate market due to historically low interest rates. Having a desire to own a home coupled with the low interest rates has made the idea of homeownership irresistible to first-time home buyers. The buyer demand has made it very appealing for sellers to put their homes on the market.
Will we see changes in the market? Probably. Will we see an impact as we saw in the last recession? Probably not. What should you do if you are thinking of buying or selling?
- Buyers need to obtain a pre-approval from their lender to make sure their finances are in place before finding the home of their dreams.
- Sellers need to prepare their homes by making any necessary repairs, decluttering, and staging to present the house in its best light.
- Both buyers and sellers need to know neighborhood sales statistics. Consider sales price, days on the market, and list to sales price ratios.
- Both buyers and sellers will need to be aware of any economic impacts in the area.
- Buyers need to have a clear idea of what they need in a new home, what they want in a new home, and what they are willing to spend to get it.
- Sellers need to know their desired outcome from the sale, their bottom line, and where they will move when the home sells.
Once a home goes on the market, the process can go very fast. Being prepared gives both buyers and sellers an advantage in the process. Familiarizing yourself with the entire process will ease the stress of your experience.
When the real estate market is “hot,” it is more important than ever to have the right agent working for you. I have been working in the Pittsburgh real estate market for 17 years. I have the knowledge and experience to guide you through the process and handle any unexpected issues that may arise.
Regardless of the market changes, I will do all I can to make the experience as smooth as possible. Contact me by phone at 412-848-3907 or email at email@example.com to schedule a free consultation to see how we can work together to meet your goals