When it comes to the real estate market, the number of factors that can impact pricing makes it nearly impossible to accurately predict what will happen, and to what degree changes might occur. While we can follow trends, it’s harder to look ahead than it is to look to the past. For many prospective sellers, that’s exactly what they’re doing: looking back over the past few years and feeling confused and worried that they have missed the best time to sell their home. Sale prices are dropping, mortgage rates have changed, and bidding wars are not as prevalent today as they were last year.
These factors don’t tell the entire story, however, and for an individual seller, today is still a great time to sell- particularly here in the Pittsburgh market. Historically, Pittsburgh has avoided the rollercoaster ride of the real estate market seen by larger cities across the country. Having recently been named by Zillow as one of the hottest markets in 2023, Pittsburgh is expected to weather the market conditions quite well.
The local housing market is still strong due to a continued lack of inventory and homes are still selling for prices higher today than they were three years ago. The key to a successful sale maximizing a home’s profit potential is a strong strategic plan. Although effectively preparing a home to sell is important, choosing the right sale price is essential. Here are some things to know:
These factors don’t tell the entire story, however, and for an individual seller, today is still a great time to sell- particularly here in the Pittsburgh market. Historically, Pittsburgh has avoided the rollercoaster ride of the real estate market seen by larger cities across the country. Having recently been named by Zillow as one of the hottest markets in 2023, Pittsburgh is expected to weather the market conditions quite well.
The local housing market is still strong due to a continued lack of inventory and homes are still selling for prices higher today than they were three years ago. The key to a successful sale maximizing a home’s profit potential is a strong strategic plan. Although effectively preparing a home to sell is important, choosing the right sale price is essential. Here are some things to know:
1) Location! Location! Location! Understand that the key factor in setting a home price is location. Amenities of the community impact the pricing as does the school district.
2) Checking the Comps – Knowing the current market and having access to the comparable sales is imperative when choosing a sale price. Due to the volatility in mortgage rates and the low inventory levels, it is important to have comparable dated back only a few months. Where once comparables looked back 6 months, that may be outdated information in today’s market.
3) Understanding What Today’s Buyers Want – today’s buyers are looking for different things out of a home. For many buyers today, working from home requires not one home office, but two distinct spaces for two family members to work from home. Updated kitchens and baths still rank high for many buyers, but so do walk-in pantries, ample storage space, and outdoor living spaces.
Despite what the news channels are proclaiming, it’s important to note that the changes in the national real estate market do not what we are seeing in the local Pittsburgh market. If a new address is something you have been dreaming about, it is still a great time to sell!