REAL ESTATE SPECIAL SECTION SUMMER 2024
Spring kicked off the most popular time to buy a home , but summer continues to heat up the market . The bad news ? Inventory is still low , keeping home prices high , but the good news is that mortgage rates are trending lower as inflation pressures ease .
Inventory of homes for sale during the summer months typically increases as school lets out , parents become empty nesters looking for more manageable-sized homes , and allaround curb appeal is at its best . While homes are coming onto the market , selection still isn ’ t what it used to be pre-pandemic , and pent-up demand from homebuyers waiting out the high mortgage rates is keeping it a seller ’ s market in the Pittsburgh region .
Competition between buyers continues to play a role in increased home prices and homes being on the market for a very short period of time . It ’ s best for those looking to buy to make sure they are well-prepared when they start their search . Knowing what you can afford or what you ’ re willing to spend is critical when making an offer on a home in this market . Yet even as more listings start to come on the market , many buyers are still facing the impact from previous years ’ home price hikes and mortgage rate increases .
Previous hikes in interest rates on 30-year mortgages paired with an increase in home prices really hit new homebuyers hard , pricing many out of the market last year . In 2024 , winds may be shifting slightly in favor of a slow downward change in interest rates , giving new hope to those looking to put down roots . From
2023 , rates are already down , with a forecasted decrease of nearly 2 % by the end of the year .
Whether you ’ re buying or selling this summer , the process can be an emotional one , especially in a competitive landscape . Be sure to arm yourself with knowledge and know-how before you hit the market . Enlist the help of a professional real estate agent to guide you on the journey .
WANT TO SELL IN 2024 ?
Putting your home on the market requires a lot of work and can be emotional . Sellers often assume buyers will like their taste in decor and design , possibly overlooking simple things that could end up preventing their home from appealing to a wide variety of buyers . These tips will help you make your house marketable :
1 . You only get to make a first impression once . Start with good pictures for your listing . Clean the space as if you were already showing your house before pictures are taken . Check out your home ’ s curb appeal . Look for the first thing buyers will see when they pull up for a walkthrough . Do dead bushes need to be removed ? Old holiday decorations need to be put away ? Try to view your house as if you were seeing it for the first time . Maybe an exterior power-wash or fresh coat of paint on your front door would make buyers eager to go inside .
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