What drives property values in Pittsburgh to move up and down?
Over time, the value of a piece of real estate will fluctuate up and down. For the most part, property values appreciate in the long term. But, in real estate there are no guarantees.
When your home appreciates you have a greater asset to borrow against, and you'll realize a better profit when you sell. Property values in Pittsburgh waver for many different reasons, so how do you know what you're buying today won't depreciate the day after you close? Choosing a real estate agent in Pittsburgh who can identify the factors that influence local prices is the most important aspect to consider.
Many guess that the economy is the top factor affecting real estate appreciation. Clearly, there are a lot of issues on a national level that influence your house's value: unemployment, mortgage rates, quarterly earnings reports, and more. But the most important factors that figure your home's value are particular to the local Pittsburgh economy and housing market.
Location in a community - Many home buyers prefer to live in regions with the most accommodating elements for families to succeed, such as a close proximity to schools and work. So those regions consistently appreciate, or keep their value, best.
Real estate sales trends - How long are homes up for sale before closing? What was the final sales amount versus the asking price? A lot of data can often be retrieved from public records, but a good agent with access to the local MLS will often provide a more complete picture.
Appreciation history - Have house prices gone up or down over the last 5 to 10 years? Is the area thought to be 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 fair combination of jobs in an area, or does it depend on just one industry? Is the mix of commercial and residential development changing? All these play a part.