moreno52589, Both Buyer and Seller in Pittsburgh, PA

In your opinion, what has caused the 11% drop in house prices?

Asked by moreno52589, Pittsburgh, PA Wed Mar 27, 2013

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Answers

6
#1. Data is Faulty
#2. Data is correct and applied incorrectly
#3. An environmental change (sh)
#4. A demographic change (NOO)
$6. Real estate becoming ineligible for financing. (15%+)

In most cases in 2014, #1 covers the subject.
Where are you getting your data?
Zillow?
0 votes Thank Flag Link Mon Apr 21, 2014
This question is dated......and non-specific. What period of time are you referring to? What neighborhood(s) are you referring?

If you are referring to the first quarter (January-March) it's commonly known that buyers are not as likely to actively search for homes during this period. Thus, the market drop could be a result of the lack of motivated buyer activity.

Bill
0 votes Thank Flag Link Mon Apr 21, 2014
As a Realtor that is active in Mt. Washington, I don't buy into the price drop theory because it is not specific enough. Some homes are purchased to be torn down for future development. If you ride through the different areas of Mt. Washington you will see many new homes, town homes, and condos that have been finished recently and more under construction. I currently have several lots on Sweetbriar Street that just sold to a developer who intends on building new single family homes. Sweetbriar Village is another example of a successful development of higher end homes on the mount. The condos with a view that I have sold over the last few years have sold at very strong prices. Again, the published numbers do not tell the tale of chattel, repairs that may have been needed, various motivations of sellers, foreclosures, short sales, and homes purchased in multi-parcel sales for future development. I see Mount Washington holding its own through these difficult times and even some appreciation in many cases.
0 votes Thank Flag Link Sun Apr 20, 2014
In most cases when you see a number like that you are dealing with someone without knowledge or worse someone with making a false statement. All to often the numbers you see in the paper are written by a liberal arts major without a clue of what the numbers they are looking at mean. A statement that can be answered would include a time frame, and location, and what is measured, and how.
Are we talking asking price, sale price, then average or median. Lets say we have four homes one a dump requiring demo. The three good homes sell for 100,000 99,000, and 101,000 an average and mean of $100,000. The Repo that took three years to clear the title and pay off taxes nowsells for 60,000. The average sale price of the homes are now $90,000. But the mean remains at $99,000.
So what caused the 10% price drop or did it?
0 votes Thank Flag Link Wed Mar 27, 2013
It demands on the area. Some locations the homes last a day & others will last months. Location, price, & condition.
0 votes Thank Flag Link Wed Mar 27, 2013
Location, Location, Location!
0 votes Thank Flag Link Wed Mar 27, 2013
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