Article
Market Report
The Pittsburgh market is becoming very property-specific right now.
What I mean by that is we're seeing two very different markets happening at the same time. Homes that are updated, priced correctly and in desirable locations can still move quickly and attract multiple buyers. Meanwhile, homes that need work, are priced aggressively or simply don't show well are sitting longer. Buyers have more choices than they did a year or two ago, and they're using that leverage. They're willing to wait for the right house rather than forcing a deal just because inventory is limited.
For buyers, I actually think this creates one of the better opportunities we've seen in a while. Instead of only focusing on the newest listing that everyone else is chasing, I'm paying a lot more attention to homes that have been sitting for a few weeks. That's where we may be able to negotiate on price, inspections, closing costs or even a rate buy-down. Sometimes the best deal on the market isn't the newest house...it's the one everyone else has overlooked.
For sellers, the strategy is almost the opposite. The first couple weeks on the market matter more than ever. You want to come out of the gate positioned correctly because buyers now have alternatives. Pricing too high with the plan to "test the market" can quickly turn into chasing the market with price reductions.
My biggest takeaway this week: opportunity is shifting from simply finding a house to finding leverage.
Whether you're buying or selling, there are still plenty of deals happening. The strategy just matters a lot more than it did when nearly everything was selling immediately.
Have any specific real estate questions?
Call Justin today at 412-256-8031