Understanding property appreciation in Pittsburgh
Home prices are continually changing. For the most part, home values appreciate in the long term. 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 make a bigger profit when you sell. But how will you be sure what you're purchasing right now will appreciate over time? Property values in Pittsburgh change for numerous reasons. Choosing an agent in Pittsburgh who is familiar with the factors that drive local prices is the most important aspect.
What is the most influential factor affecting real estate appreciation? Many think that it's the economy. After all, there are a lot of factors on a national level that adjust your home's value: unemployment, interest rates, inflation, and more. However, your home's value and the elements that play the biggest role in its appreciation depend on the local Pittsburgh economy and housing market.
Access to services - Proximity to schools, jobs, and amenities also have a huge impact on almost all home buyers' decisions. So those communities typically appreciate, or keep their value consistently, year to year.
The latest home sales - You should receive reports on the recent real estate sales in the neighborhoods that you'd like to live in from your REALTOR®. You'll want to know data like how long a house stays on the market and seller discounts.
The appreciation history - Is the area thought of as desirable because of its location or affordability? Have house prices risen or declined over the past 5-10 years?
The local economy - Are local companies hiring? Have companies moved into or away from an area? Is there a fair blend of job types in an area, or does it count on just one industry? Is the blend of commercial and residential zoning changing? These items play a role.