Understanding Pittsburgh home prices
Over time, the worth of a home will go up and down. Normally, house values appreciate in the long term. But there are no guarantees in real estate, of course.
When your home appreciates you have more equity to borrow against, and you'll generate a higher profit when you sell. But how do you know what you're buying this year will appreciate over time? Property values in Pittsburgh shift for a variety of reasons. It's important that you go with an agent in Pittsburgh who is familiar with the factors that drive local prices.
The economy is thought to be the top factor impacting real estate appreciation. Obviously, there are numerous factors on a national level that adjust your home's value: unemployment, interest rates, quarterly earnings reports, and more. But the most significant factors that figure your house's value are specific to the local Pittsburgh economy and residential market.
Access to services - Many of us want to live in regions with the most helpful amenities for families to do well, such as a close proximity to schools, jobs, and work. So those areas generally appreciate, or keep their value, best.
Recent sales - Your real estate agent should provide you with data on the recent home sales in the regions that you'd like to live in. You'll want to know average time on market, selling versus listing price and more.
History of appreciation - In the last 5 to 10 years, have property prices gone up or down? Does location or affordability affect how desirable the community is considered?
Local economy - Is there a fair combination of work in an area, or does it rely on just one industry? Have businesses moved into or away from an area? Are local businesses hiring? All these play a role.