How Has The Pittsburgh Housing Market Changed In 2022?
How has the housing market in Pittsburgh changed over the last year?
The housing market in the Pittsburgh area started hot this year. Sales have slowed, likely as a result of interest rate increases. Inventory finally increased in October and November. The result is a more balanced market between buyers and sellers. Days on the market are still historically low, and sales prices are stable.
Are there any hidden advantages to buying a house now?
The advantage of buying a house now is the significantly reduced competition. We are now into a slow season due to the holidays. This situation gives buyers the strength to negotiate the right price and terms. Buyers have lacked this opportunity for the past few years.
Is "waiting it out" a good idea at the moment?
No one has a crystal ball. Timing the market is difficult or impossible. Unprecedented market conditions over the past few years were not predictable. I have worked with clients who had poor results and decided to "wait it out" early this year. Interest rate increases pushed them out of the market. Homebuyers should determine for themselves their motivations. They should buy based on those criteria instead of what they hope will happen in the market. Waiting does not solve the problems buyers face with their current living situation.
What are some tactics for buyers still looking for their forever home right now?
Buyers have more negotiation power now than they did in the past few years. Sellers are more amenable to all types of loans and financing structures. This flexibility did not exist a few months ago. At that time, sellers held biases against certain types of loans
(FHA, VA, USDA, rate buy-downs). In today's market, buyers can find the right home with less competition. Buyers should work with their lender to make the numbers work for their situation. Many buyers are afraid of interest rates without firm data. In reality, it is usually possible to devise a workable solution. If the agent and lender understand clients' pain points, buyers can still win.