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 .
WANT TO SELL IN 2023 ?
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 , and may overlook simple things that could keep 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 . Then , 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 .
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 choosing a new paint color . Use 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 while providing buyers the opportunity to imagine their own touches in the rooms .
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 , and 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 next 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 update 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 homes listed in your area , pricing trends and inventory available , and work to list your home appropriately . A fair market price will attract buyers interested in making your home their dream home .
WANT TO BUY IN 2023 ?
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 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 could be approved for on a home loan . Try to pay off as much debt as possible in advance of your home purchase and 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 .
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