Isaac Cisner…, Both Buyer and Seller in California

Is the market good to buy and hold in Pittsburgh?

Asked by Isaac Cisneros, California Mon Jan 26, 2009

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Answers

7
Dan, you seem to be on these Q&A boards a lot, I would assume you're not really a "home buyer"? If Pittsburgh goes up 2.whatever % then that would mean we officially are on the way up in the Market Curve and that's fantastic. Thanks for the link!
0 votes Thank Flag Link Wed Mar 17, 2010
Pittsburgh is expected to rise in price by 2.3% this year. Hopefully that helps.
http://www.housingpredictor.com/pennsylvania.html
0 votes Thank Flag Link Wed Mar 17, 2010
In my opinion, "yes" ... but if by "hold" you mean let it sit vacant and ignore it... then my answer is "no" :)
0 votes Thank Flag Link Wed Mar 17, 2010
Thanks for your question Isaac, Yes. As a Realtor with Coldwell Banker we have clients from all over the country moving to Pittsburgh and many clients looking to buying second homes. New construction is thriving in the City of Pittsburgh and Downtown Pittsburgh as, Erin mentioned below and there are many stable neighborhoods that offer many options.

Please let me know if I may assist with any questions and finding property here in Pittsburgh to meet your needs.
0 votes Thank Flag Link Wed Jan 28, 2009
Hlelo Isaac!
Just to add to what Brian and Jeffery mentioned below;
Pittsburgh is a very interesting city - the steady market that we have is created by a strong job market. With one of the lowest unemployment rates in the country, we are very lucky that most areas have not seen the dramatic property value decreases that many other cities in the country have. In fact - some select areas are even continuing to see a slight increase. It will depend on where in the city you are looking. I would recommend somewhere close to the universities and hospitals, two of the largest employment sectors in our city. These areas, at least in my opinion, seem to be holding their own quite well. If you are planning to rent this property out, this area will also provide a wealth of potential tenants!
It will certainly depend on how long you plan to hold as well. Downtown Pittsburgh is certainly seeing growth and opportunity - but properties there should be considered a longer term investment.
Pittsburgh has certainly been getting a lot of national attention from the media lately as well. It has been suggested in the New York Times, that we should be a model for cities looking to "re-invent" themselves.
Please let me know if I can help you with anything else!
Erin
Web Reference: http://erinmarton.com
0 votes Thank Flag Link Tue Jan 27, 2009
As Brian notes, you make your profit when you buy, not when you sell. If you buy the right property -- in any market -- you can do well.

What you can't do anymore is buy just any old property and expect it to automatically appreciate. I've had investors (either from out of town or just out of touch) who want to buy a foreclosure, do nothing, and flip for a quick profit. In a static or depreciating market, you have to work harder than that.

If you can acquire an investment property with a positive cash flow, you can comfortably hold it, even if the sale value fluctuates a bit. People who bought negative cash flow properties expecting to make it all back in a sale are having a hard time now.

Good luck!
0 votes Thank Flag Link Mon Jan 26, 2009
Isaac,

Thanks for your question. To answer, a little more info would be helpfulll. Do you mean rental properties, multiunits, apartment or a SFH to move into and live? It is often said that the Pittsburgh market never "goes to the party and gets drunk, so it never has a hangover". Our market here does not have the high so it does not have the lows. If you get the right property/deal in any market, the answer is "yes".
0 votes Thank Flag Link Mon Jan 26, 2009
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