Pittsburgh home prices: Need some help understanding why they appreciate?
Over time, the value of a property will go up and down. Home values appreciate in the long term for the most part. But there are no guarantees in real estate, of course.
When your house appreciates you have more equity to borrow against, and you'll generate a higher profit when you sell. But how will you be sure what you're purchasing this year will appreciate over time? Property values in Pittsburgh vary for numerous reasons. It's important that you pick a REALTOR® in Pittsburgh who knows the factors that affect local prices.
What is the greatest factor affecting real estate appreciation? Many think that it's the economy. It goes without saying that there are several issues on a national level that impact your house's value: unemployment, mortgage rates, quarterly earnings reports, and more. But the most important issues that decide your house's value depend on the local Pittsburgh economy and housing market.
Location in a community - Proximity to jobs and schools also have a great influence on almost all home buyers' choices.
So when it comes to holding their value, these areas usually appreciate much more reliably than areas lacking key features.
Recent sales - Your REALTOR® should provide you with data on the recent home sales in the neighborhoods that you're asking about. You'll want to know average time on market, selling versus listing price and more.
The appreciation history - Is the neighborhood thought to be desirable because of its location or affordability? Have home prices gone up or down over the past 5-10 years?
Economic factors - Have businesses moved into or away from an area? Are local companies hiring? Is there a nice blend of job types in an area, or does it depend on just one industry? These items play a part.
