Market Update: January

The national real estate news can be a wealth of information, but it doesn’t show you the full picture of what is happening in your neighborhood. Real Estate is hyperlocal. To know what is going on you need the market data for your zip code or county. There is so much information out there, but the facts get lost if you don’t know where to look.

That is why I put together this Market Update.

Here’s what the market is showing…

Buyers

The market is shifting and/or balancing out into your favor. Yes. Rates are higher than they were in the last two years. However, there are plenty of ways to find a great opportunity. We might not see rates as low as 2.5-3% in a very long time so don’t get stuck on the numbers. Focus on what you can control. Like getting the seller to pay sellers assist and offer a home warranty, 3% down loans, or a great buy-down program. You can refinance in the future if that makes sense for you as well. Now is the time to start looking if you want to move in the spring. On average closings take about 30-45 days unless it is negotiated otherwise.

Sellers

The market is stabilizing so you need a great plan and a knowledgeable real estate agent to put together a marketing strategy to get the most out of your home. Pricing your home is more important than it has been in recent years. Overpricing your home and having people offer lower doesn’t work like it used to. Pricing appropriately is the best strategy to get the most eyes and offers on your home.

I have seen this time and time again with the open houses I have hosted. Overpriced homes are not worth the buyers time. That is why we have seen so many price decreases over the last month. Staging, painting and decluttering your home is also more important. I’d love to help you come up with a great plan. For Pittsburgh, the spring season starts at the end of February so let’s talk strategies to get you prepared for the spring market.

HAVE A PLAN

Instead of being unsure of the market, you can get ahead of it. Let’s set up a no pressure meeting to discuss your options for buying or selling so you can take the best course of action. If you don’t see your zip code or area, email me and I can send you a customized snapshot of your area. A market update post will be posted once a month. Let me know if you want me to add another area in the next one!

alex.barone@cbrealty.com

412-848-6780