Real Estate Special Section SUMMER 2021
Many homeowners continue to face uncertainty with the job market or even the thought of buying a new home after selling their own , which is why they are choosing to stay put . The historically low interest rates drove many homeowners to take advantage of refinancing at a lower rate , providing them with a decreased monthly payment . More time spent at home for both work and weekend activities increased the need and desire to make upgrades to current living spaces . A mix of lower mortgage payments and a refreshed home encouraged many homeowners to settle back into their residence . So , although affordable , Pittsburgh ’ s real estate market continues to see a very low inventory of homes , selling at and above — if not well above — asking price . Buyers wanting to break into the market are being met with increased home prices and bidding wars at every corner .
Buyers who are eager to put down roots can at least look forward to mortgage rates staying relatively low throughout 2021 . As cities start reopening and economic spending increases , mortgage rates will likely start to rise from January ’ s historic low of 2.65 % for a 30-year fixed mortgage but are predicted to remain under 4 % for at least the next year , according to Bankrate . If buyers are eager and ready , now is the time to take advantage of rates that will likely only increase from here .
Whether you ’ re buying or selling , 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 real estate market . Enlist the help of a professional real estate agent to help guide you on the journey .
WANT TO SELL IN 2021 ?
Putting your home on the market requires a lot of work and can be emotional . Sellers often assume buyers will like their taste in décor and design and may overlook simple things that could keep their home from appealing to a wide variety of different 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 up space as if you were already showing your house before pictures are taken . Then , check out your home ’ s curb appeal . This is 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 want to come inside .
2 . Make your interior warm and neutral . Bold or bright colors may have been an accent to you but could turn off a buyer . Some buyers want move-in ready and don ’ t want to think about putting work in , even if it ’ s just by choosing a new paint color . Choose freshly painted , neutral colors and remove abstract art and family photos from the walls . This will be a great opportunity for you to start packing up your personal belongings and provide buyers the opportunity to imagine their own touches added to the room .
3 . Space sells . Buyers want to feel like they can move right in and have a spot for all of their furniture and belongings . Store ( off-site , if possible ) unnecessary items that you don ’ t need for day-to-day living such as off-season clothing , holiday decorations , or even old toys . This gives cabinets , closets and storage spaces a clean , spacious look . You could also use this decluttering opportunity to donate or sell these items , giving your new home a fresh start .
4 . Don ’ t go overboard with updates . Ask your real estate agent about changes that can add value to or create appeal for your home . You don ’ t want to put too much money into unnecessary upgrades that may not even appeal to the type of buyer looking at your home . A small upgrade may be just what you need to close a sale .
5 . Don ’ t price yourself out of a sale . A listing price might seal the deal on selling your home . Make sure to work with your real estate agent to review comparable home prices in your area , pricing trends and inventory available , and work to price your home appropriately . A fair market price will attract buyers interested in making your home their dream home .
WANT TO BUY IN 2021 ?
You ’ re ready to buy a house . Whether it ’ s your first home , your forever home , or your retirement home , buying a house is an exciting and exhausting experience . Make sure you ’ re prepared with knowledge of the market and of what exactly you ’ re looking for in a home .
1 . Watch your credit . Start preparing early by avoiding expensive purchases on your credit card and making sure you don ’ t deposit a large amount of money into your bank account . The first thing lenders check is your credit score and bank balances to determine how much you are approved for on a home loan . Try to pay off as much debt as possible in advance of your home purchase and to keep your credit card balances low .
2 . Where in the world ? Choose the locations where you ’ re interested in purchasing a home and check out home prices in those areas . You don ’ t want to have your heart set on a location and come to find it is out of your budget . Determine what you like about certain areas , such as the school district , accessibility to work , and proximity to parks and restaurants . Your real estate agent can then help you narrow down more specific locations in which to focus your home search . 3 . Create a list . Or create a few lists . Must-haves versus wish lists are critical , especially if you ’ re buying a home with someone else . What do you consider a non-negotiable ? For you it may be a certain number of bedrooms or bathrooms .
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