Pittsburgh Real Estate Market Update – December 2013

This year we have seen a lot of things happen in our housing market, both on a local level and on a national scale. But perhaps what has been the most noticeable is the upswing our marketplace as a whole experienced. We saw and continue to see a huge demand for homes and with that our supply of homes is not enough to keep up with buyers’ needs. As the colder months set in and we turn to what have traditionally been the “slower months”, it will be interesting to see how this will pan out in the next several months. Here is a look at what we are currently seeing in our marketplace.

Limited Number of Available Homes for Sale
With too few homes to satisfy the needs of the buyers in our marketplace at the present time, we are resorting to almost drastic measures to get in on the homes that do become available. Sometimes that means immediately going to see a home when it shows up on the MLS. We also see bidding wars and multiple offer scenarios going on more often in this situation. As an agent it is important for us to get creative when seeking a home for our clients; whether that means looking for will-sells or pocket listings or sending out mailers asking homeowners if they are considering selling anytime soon.

Buyer Demand High, Fueled by Low Interest Rates
As mentioned earlier, buyer demand continues to be strong. This is partly due to very low interest rates. The Pittsburgh real estate market typically emulates the rest of the nation’s marketplace a few months later so while everyone else is experiencing a slight bump in rates we are still enjoying lower interest rates. By the same token, other markets are seeing more balanced inventory levels yet we are still experiencing very low levels. Still close to what was an all-time historic low, rates are very affordable and they allow buyers to buy a lot more house within the same monthly payment. In fact, these rates are the reason many buyers are able to afford buying a home at all!

Holidays Slowing Down Activity
Traditionally we expect home sales to slow down during the holiday season – and this year will be no exception. Even then – for those buyers that are on the prowl for the perfect home, if it comes on the market it is critical to see the home as quickly as possible before someone else gets to it first. Buyers are looking and homes are selling – the only difference is that there are fewer homes on the market at this time of year and fewer buyers looking.
~
If you have a home to sell – this is definitely the time to consider listing it! And if you’re thinking of buying – don’t wait until the interest rates catch up to the rest of the country! Call or email us so we can help you find your perfect home!