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What drives property values in Pittsburgh to move up and down?

Over time, the value of a house will fluctuate up and down. Over a long enough period of time, home values usually go up. But, of course, there is always a certain amount of risk in real estate.

When your house appreciates you have a greater asset to borrow against, and you'll produce a larger profit when you sell. But how can you be sure what you're purchasing this year will appreciate over time? Property values in Pittsburgh fluctuate for various reasons. Choosing a REALTOR® in Pittsburgh who recognizes the factors that influence local prices is the most important thing to consider.

A lot of people believe that the economy is the number one factor affecting real estate appreciation. Clearly, there are a lot of issues on a national level that adjust your house's value: unemployment, interest rates, consumer confidence, and more. But the most influential issues that figure your property's value are specific to the local Pittsburgh economy and residential market.

Let Hanley Agency, Inc. help you with your first home purchase in Pittsburgh Access to services - Proximity to schools, jobs, and amenities also have a major impact on almost all home buyers' decisions. So these communities typically appreciate, or carry their value consistently, year to year.

Recent sales - Your real estate agent should provide you with data on the recent home sales in the neighborhoods that you'd like to live in. You'll want to know average time on market, selling versus listing price and more.

Appreciation history - Have property prices risen or declined over the past 5 to 10 years? Is the area 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 nice blend of jobs in an area, or does it depend on just one industry? These items play a role.

Identifying the factors that impact your property's worth is important. Click here to receive an estimation of your property's value. Have any questions? Please feel free to call me at 412-422-7900 or e-mail me.

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