It’s not uncommon to be asked how the real estate market is, and the good news is that it’s getting better. But depending on which side of the equation you are on, the answer really is “It’s great”.
Investing 101 will tell you to “buy low and sell high” but reality tells us that most people do the exact opposite. When the market (real estate or stock) is booming, everyone wants to get in, so they buy, which drives the market higher, which makes more people want to get in, and drives the market higher and so on. But what those people really did was to buy at the top of the market, when prices are high. Then when the bust came, everyone wanted out so they sold, low. And the worse it gets, the more they want to sell and the lower the prices go.
I don’t claim to be able to tell the future but since we are sitting at what many people believe to be the bottom of the real estate downturn, or hopefully the very beginning of an upturn, if your goal is to buy low, now would be that time.
Of course, there are many reasons that people are not scrambling to buy. They could be dealing with unemployment, concerned about the security of their job, trying to save money or pay off bills. All very valid reasons not to buy a home right now. But if you are not in that situation, now could be your time.
Interest rates are low, the tax credit has been expanded and home prices have come down. If you are a seller this isn’t exactly good news, but for buyer’s it is great.
Last week it was announced that home sales in Pittsburgh increased 7.4 percent, median price rose by 3.4 percent, and foreclosures are down for October 2009 vs. October 2008. That’s good news. Hopefully it means that a recovery is on its way, but it also means that prices are starting to creep up. So if your goal is to get a great deal then now may be the best time to buy a home!
Now is a great time to buy a home in Pittsburgh! Call Christa Ross from RE/MAX Select Realty, at 724-933-6300 x214 (office) or 724-779-1437 (direct) or visit my website at www.greenhomespgh.com.
Buying or Selling a home in Pittsburgh? Call Christa Ross from RE/MAX Select Realty, at 724-933-6300 x214 (office) or 724-309-1758 (direct) or visit my website at www.bestpittsburghhomes.com.
