What drives property values in Pittsburgh to move up and down?
Home values are forever in flux. In most cases, property values appreciate in the long term. But there is always a certain amount of risk in real estate, of course.
When your home appreciates you have a more valuable asset to borrow against, and you get a greater profit when you sell. But how will you be sure what you're purchasing now will appreciate over time? Property values in Pittsburgh change for many different reasons. It's critical that you choose a REALTOR® in Pittsburgh who knows the factors that affect local prices.
A lot of people think that the economy is the top factor affecting real estate appreciation. Naturally, mortgage rates, unemployment, business growth, government programs and a handful of other national determinants have a noticeable influence on your home's value. But the most significant factors that figure your house's value are specific to the local Pittsburgh economy and housing market.
Location in a community - Convenient access to schools, employment and amenities like shopping, restaurants and entertainment is a big deal to many families and will greatly influence home values. So these areas typically appreciate, or keep their value, best.
The latest home sales - How long do homes typically stay up for sale before closing? Are sellers having to discount much or offer concessions Some information can often be obtained from public records, but a good agent with access to the local MLS will usually be able to provide a more complete picture.
Appreciation history - Have home prices increased or decreased over the last 5-10 years? Is the area thought of as desirable because of its location or affordability?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a good mix of jobs in an area, or does it rely upon just one industry? Is the mix of commercial and residential development changing? All these play a role.