Understanding Pittsburgh home prices
Real estate prices are forever in flux. Over a long enough period of time, property values usually go up. But, of course, there is always a certain amount of risk in real estate.
When your home appreciates you have a bigger asset to borrow against, and you'll generate a better profit when you sell. Property values in Pittsburgh go up and down for numerous reasons, so how will you know what you're buying presently won't depreciate the day after you close? The most important aspect to consider is that you select a REALTOR® in Pittsburgh who understands the factors that affect local prices.
Many assume that the economy is the most critical factor affecting real estate appreciation. After all, there are quite a few issues on a national level that influence your home's value: unemployment, interest rates, the stock market, and more. However, your property's value and the features that play the most significant role in its appreciation depend on the local Pittsburgh economy and housing market.
Access to services - People typically want homes in the regions with the best and most convenient amenities, like our schools, jobs, and shopping. So when it comes to keeping their value, these regions typically appreciate much more reliably than areas lacking key features.
The latest home sales - You should receive stats on the recent real estate sales in the areas that you're asking about from your agent. You'll need to know figures like how long a house stays on the market and seller discounts.
Appreciation history - Have property prices risen or declined over the past 5-10 years? Is the community considered desirable because of its location or affordability?
Economic factors - Have businesses moved into or away from an area? Are local businesses hiring? Is there a good mix of business in an area, or does it depend on just one industry? These items play a part.