Understanding property appreciation in Pittsburgh
Property values are constantly moving up and down. Home values appreciate in the long term normally. But, of course, there is always a certain amount of risk in real estate.
When your property appreciates you have a larger asset to borrow against, and you'll see a higher profit when you sell. But how will you be sure what you're investing in this year will appreciate over time? Property values in Pittsburgh go up and down for various reasons. It's critical that you go with an agent in Pittsburgh who is familiar with the factors that influence local prices.
What is the biggest factor impacting real estate appreciation? Many believe that it's the economy. It goes without saying that there are a lot of factors on a national level that change your house's value: unemployment, mortgage rates, inflation, and more. But the most significant things that determine your home's value are specific to the local Pittsburgh economy and residential market.
Access to services - Proximity to schools, jobs, and amenities also have a significant impact on many home buyers' choices. So these areas often appreciate, or keep their value consistently, year to year.
Prior home sales - How long are homes on the market? What was the selling price versus the asking price? A lot of data can be obtained from public records, but a good agent with a login to the local MLS will often be able to provide a more complete picture.
The appreciation history - Is the neighborhood thought to be desirable because of its location or affordability? Have house prices risen or declined over the last 5-10 years?
Economic factors - Have companies moved into or away from an area? Are local companies hiring? Is there a fair mixture of job types in an area, or does it count on just one industry? Each of these items plays a role.