What drives property values in Pittsburgh to move up and down?
Home values are constantly moving up and down. Property values appreciate in the long term almost always. But, in real estate there are no guarantees.
When your property appreciates you have more resources to borrow against, and you'll see a larger profit when you sell. Property values in Pittsburgh waver for different reasons, so how will you be sure what you're buying right now won't depreciate the day after you close? It's critical that you choose an agent in Pittsburgh who recognizes the factors that influence local prices.
A lot of people believe that the economy is the most critical factor affecting real estate appreciation. Naturally, mortgage rates, unemployment, job growth, government programs and a handful of other national factors have a noticeable effect on your house's value. But the most significant factors that determine your house's value are specific to the local Pittsburgh economy and housing market.
Location in a community - Proximity to schools, jobs, and amenities also have a great effect on all home buyers' choices. So these regions typically appreciate, or carry their value, best.
The latest home sales - You should receive figures on the recent real estate sales in the areas that you're asking about from your agent. You'll want to know things like how long a house stays on the market and asking price as opposed to selling price.
Appreciation history - Have property prices increased or decreased over the past 5-10 years? Is the community thought of as desirable because of its location or affordability?
Economic factors - Have businesses moved into or away from an area? Are local companies hiring? Is there a good mixture of work in an area, or does it rely on just one industry? These items play a part.