Understanding Pittsburgh home prices
Real estate prices are continually changing. In most cases, property values appreciate in the long term. But, in real estate there is always a certain amount of risk.
When your home appreciates you have a bigger asset to borrow against, and you'll see a higher profit when you sell. There are many different reasons why property values in Pittsburgh move up and down. So, how will you know what you're buying now will appreciate over time? It's critical that you choose a real estate agent in Pittsburgh who recognizes the factors that influence local prices.
The economy is thought to be the top factor affecting real estate appreciation. It goes without saying that interest rates, employment, business growth, government programs and a handful of other national factors have a definite influence on your property's worth. However, your property's value and the aspects that play the biggest role in its appreciation are particular to the local Pittsburgh economy and housing market.
Location in a community - Proximity to schools, jobs, and amenities also have a great impact on most home buyers' choices. So when it comes to keeping their value, these regions often appreciate much more reliably than areas lacking key features.
Recent sales - Your agent should provide you with reports 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 house prices increased or decreased over the last 5-10 years? Is the community thought to be desirable because of its location or affordability?
The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a nice mixture of business in an area, or does it count on just one industry? Is the blend of commercial and residential zoning changing? These items play a role.