I was reading an article in Money Magazine, December 2012, about what the experts are predicting for the real estate market over the next few years. I usually don’t agree with these so called “experts” but this time, I do agree and they are spot on!
The Pittsburgh North Hills real estate market consisting of Wexford, Gibsonia, Allison Park, Glenshaw Sewickley, Fox Chapel and a few other areas has been pretty stable for the past few years compared to other parts of the country.
In the Pittsburgh Northern areas, we are beginning to see a very small increase in home values; slowly the prices are increasing, but not by much. I think the reason for this increase is due to the fact that homes are being priced better when they are listed which is causing the monthly average inventory of homes to decrease; homes are selling faster and for a higher price compared to this same time last year.
Sellers shouldn’t get too excited, the market is slowly getting better, but we aren’t out of the woods yet; one BAD economic occurrence could again impact the real estate market negatively. It is important to price and sell your home at market value, otherwise, you will lose the Buyer if your home doesn’t appraise.
Buyers, be ready to pay the price for a home you like because Sellers are pricing their homes to sell. With this said, there isn’t going to be much room to negotiate a lower price, in fact, a large percentage of homes are selling close to asking price.
However, if the home has been on the market for 75 days or more, most Sellers willing to negotiate a lower price with Buyers. The 10% rule that everyone tells you to offer the Seller for their home, it’s gone. If you are a serious Buyer, hire a Realtor, review the recently sold homes and make a good offer.
No time ever in the history of Real Estate have the interest rates been this low, banks are giving money away money and the prices of homes are still low. Buy now!