Archive for June 26, 2011

Housing prices remain relatively stable in Pittsburgh Pennsylvania

Housing prices relatively stable in Pa.

By Ron DaParmaTRIBUNE-REVIEW
Sunday, June 22, 2008The Pittsburgh area isn’t the only region in Pennsylvania where housing prices have been relatively stable and doing better than many other areas of the country.In fact, the state as a whole has outpaced the nation in its ability to avoid a steep decline in home prices, according to an analysis carried in the latest edition of “The Pennsylvania Realtor” a newsletter published by the Pennsylvania Association of Realtors.

“Pennsylvania housing markets appear to be holding their own in terms of price declines, even if they have slowed or have fallen in price a bit compared with many other parts of the country,” writes Austin J. Jaffe, consulting economist for the trade association and chairman of the Department of Insurance and Real Estate at Smeal College of Business at Penn State University.

As reported by the Tribune-Review, through April, the median home price in a five-county local region had risen in all but two months since 2005, and maintained a 3.7 percent annualized appreciation since 2000, according to RealStats, a real estate information company on the South Side.

Ways to Increase your Pittsburgh Home’s Value

When you first purchase a house in Pittsburgh, Wexford or Pine Township, you’re most likely thinking of ways to build a home for you and your family. A big yard means plenty of room for the children to play. A newly renovated kitchen means you can finally throw the types of dinner parties you’ve always wanted. A master suite, well, that’s just icing on the cake. However, when it comes to sell your Pennsylvania home, it’s important to remember that all those little (and big) changes can also mean big little (and big) changes in your sale price.

While most homeowners should make changes to their houses that suit their lifestyle rather than the eventual sale price of their home five, ten, or even twenty years down the road, there are a few things to keep in mind. After all, if you will someday be selling your Pittsburgh house, you want to be sure you’re maximizing your profit.

  • Repair all the little things – now. Most of the time, homeowners are willing to overlook the little idiosyncrasies like a broken step on the porch or chipping paint on the kitchen cabinets while they live in their house. These small repair needs are a bit like a knee that acts up in the rain or a car that always requires you to turn the key three times to the right before starting; they just become part of the everyday backdrop of your life. However, for someone buying a home in Pittsburgh, Wexford or considering real estate in Pine Township, these things can become glaring problems. By fixing issues as they arise (rather than waiting until you’re ready to sell your PA home), you not only avoid making major repairs all at once, but you actually get to enjoy the repairs while you live there.
  • Know your neighborhood. If you live in one of Pittsburgh’s family-friendly neighborhoods, chances are things like well-maintained yards, large family rooms, and spacious kitchens will be worth more in the long run. If you live in a Wexford condo, you might find that built-in bookshelves and jacuzzi bathtubs are more appropriate. While you don’t have to tailor every change to your eventual sales audience, you can choose to make the types of changes that will translate into the highest returns.
  • Don’t ignore the less visible changes. Almost all of the houses for sale in Pittsburgh go through cosmetic changes before they hit the market. Fresh paint, new kitchen appliances, and good landscaping are fairly common. Less common are things like a new roof, updated plumbing, or even a newly-installed automatic sprinkler system. However, these things show up in a home inspection evaluation, and when you put your trust in a PA real estate agent like Kevin Mihm, these types of changes will always get the focus and attention they deserve.

The most important thing you can do to your Pittsburgh home is enjoy the time you’re going to spend there. However, by keeping its eventual sale at the back of your mind, you’ll be able to get the most out of your life – and your investment.

Check out our friends at Pat Wattam

Negotiation tips for sellers in Pittsburgh Pennsylvania

Sellers are sick of hearing about how this is a “buyers market.” Homebuyers are demanding so much right now. Here are some tips to help you take some of the stress out of selling your home in this market.

 

Don’t mention deadlines for selling your house, even if you have one. Keep it to yourself. Letting others know you are in a hurry to sell gives them the upper hand.  Don’t share too much information about yourself and why you’re selling either. That can hurt a potential sale. When asked why you’re selling give a vague and definite answer, and think about it before you’re asked. Don’t hint at your desire to move quickly. Don’t let the buyers know if it’s a divorce sale. That is code for buyers to give a low-ball offer because they know you need to sell quickly.

Buying vs. Renting in Today’s Pittsburgh Real Estate Market

Rental properties and homes for sale in Pittsburgh provide a great opportunity for those who want to live in this wonderful, vibrant city, and many area residents take advantage of both housing options. However, one of the most common questions that arise regarding the Pittsburgh and Pennsylvania real estate landscape is just how beneficial it is to buy a home rather than rent one.

 

The question is a good one in today’s real estate market. While buying a house was once lauded as the best choice for people of all backgrounds, the truth is that buying a home is a big investment that takes time, preparation, and careful planning.