What drives property values in Pittsburgh to move up and down?
Real estate prices are continually changing. House values appreciate in the long term generally. But, of course, in real estate there is always a certain amount of risk.
When your house appreciates you have more resources to borrow against, and you'll generate a bigger profit when you sell. But how will you be sure what you're investing in presently will appreciate over time? Property values in Pittsburgh move up and down for numerous reasons. Choosing a real estate agent in Pittsburgh who can identify the factors that influence local prices is the most important factor.
Many think that the economy is the top factor affecting real estate appreciation. Naturally, mortgage rates, unemployment, job growth, government programs and a handful of other national determinants have a noticeable effect on your house's worth. 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.
Location in a community - Proximity to work and schools also have a great effect on almost all home buyers' choices. So those communities typically appreciate, or keep their value, best.
Recent sales - Your real estate agent should give you figures on the recent home sales in the regions 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 believed to be desirable because of its location or affordability? Have house prices gone up or down over the last 5 to 10 years?
Local economy - Is there a nice mixture of jobs in an area, or does it rely on just one industry? Have companies moved into or away from an area? Are local businesses hiring? These items play a part.