REAL ESTATE SPECIAL SECTION SUMMER 2023
If you ’ ve had your eyes on the housing market the past few years , you know things are changing quickly , in every direction . Mortgage rates were at an all-time low during the height of the pandemic and home prices had been on the rise ever since as demand heavily outweighed supply . More recently , however , mortgage rates rose , and home prices are finally starting to level off from their steep increase through 2022 .
Zillow ranks Pittsburgh as one of the hottest markets for 2023 , and while many metro areas are expecting home sales to decline , Realtor . com predicts Pittsburgh ’ s will stay healthy . The region remains a desirable market for first-time homebuyers and remote workers thanks to affordability . The low cost of living also makes it an attractive location to raise a family .
In the heat of home-buying season , families may still face multiple-offer situations , especially in highly sought-after neighborhoods where inventory is low . In all locations , inventory remains a challenge as homes priced at market value are typically selling quickly . Mortgage rates are also predicted to remain under 7 percent throughout the peak buying season , well under the 15 + percent many baby boomers took on in the early 1980s .
If buyers are serious about purchasing a home , it ’ s important to be prepared . Even if you think you just want to start the process by seeing what ’ s out there , know what you can afford ( think down payment , monthly mortgage , funds for house projects , etc .) and have a preapproval letter ready to go . Knowing what you ’ re preapproved to spend will give you and your realtor an idea of where to start looking .
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 help guide you on the journey .
Continued on page 22 >
20 724.942.0940 TO ADVERTISE ❘ icmags . com