Understanding Pittsburgh home prices
Home values are constantly moving up and down. Over a long enough period of time, home values , by and large, go up. But, in real estate there is always a certain amount of risk.
When your home appreciates you have a more valuable asset to borrow against, and you'll realize a higher profit when you sell. But how will you be sure what you're investing in right now will appreciate over time? Property values in Pittsburgh fluctuate for various reasons. It's imperative that you select a REALTOR® in Pittsburgh who knows the factors that influence local prices.
The economy is believed to be the most crucial factor affecting real estate appreciation. Obviously, there are many issues on a national level that change your house'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 are specific to the local Pittsburgh economy and housing market.
Access to services - Proximity to schools and jobs also have a major impact on almost all home buyers' choices. So when it comes to retaining their value, these communities often appreciate better than others.
Recent sales - Your agent should provide you with information on the recent real estate sales in the districts that you're interested in. You'll want to know average time on market, selling versus listing price and more.
The appreciation history - Is the area considered desirable because of its location or affordability? Have property prices increased or decreased over the last 5-10 years?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a good mixture of jobs in an area, or does it depend on just one industry? Is the blend of commercial and residential zoning changing? These items play a role.