Fluctuating home prices in Pittsburgh, Pennsylvania: What causes this?
Over time, the worth of a home will fluctuate up and down. Over a long enough period of time, home values generally go up. But, of course, there are no "sure things" in real estate.
When your home appreciates you have a bigger asset to borrow against, and you get a bigger profit when you sell. But how can you be sure what you're investing in today will appreciate over time? Property values in Pittsburgh fluctuate for numerous reasons. It's critical that you choose a REALTOR® in Pittsburgh who knows the factors that affect local prices.
The economy is believed to be the number one factor impacting real estate appreciation. Clearly, there are numerous issues on a national level that affect your property's value: unemployment, mortgage rates, the stock market, and more. But the most significant issues that figure your home's value are particular to the local Pittsburgh economy and residential market.
Access to services - Convenient access to schools, employment and amenities like shopping, restaurants and entertainment is a big deal to many buyers and will greatly influence home values.
So these regions generally appreciate, or keep their value, best.
The latest home sales - You should receive stats on the recent real estate sales in the regions that you're interested in from your REALTOR®. You'll need to learn things like how long a house stays on the market and seller discounts.
History of appreciation - In the last 5 to 10 years, have property prices risen or declined? Does location or affordability affect how desirable the neighborhood is considered?
The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a nice combination of job types in an area, or does it rely on just one industry? Is the blend of commercial and residential zoning changing? Each of these factors plays a part.
