Foreclosure in Pittsburgh>Question Details

Jesse Sablan, Home Buyer in 97217

Best to buy now, or wait for stable market in Pittsburgh?

Asked by Jesse Sablan, 97217 Sat Nov 10, 2007

BEST AREA IN PITTSBURGH?

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There is no need to wait for a stable market in Pittsburgh - it is here now and has pretty much always been stable. As your previous answers indicate, Pittsburgh has been ranked in the top 10 of the most stable housing markets in the country and was also voted to be America's Most Livable City! There are several reasons why this is the case for our city. The first and most obvious is that we never had a "Bubble" like so many of the coastal cities did, so there was no fallout. As the Pittsburgh Post Gazette ingeniously put it, "Pittsburgh doesn't have a hangover because we were never at the party." My favorite reason why Pittsburgh has remained stable is quite simply the nature of our city and it's people. We support at least 3 major Universities with superior quality graduate programs and a huge hospital system that continues to expand. What this translates into in the housing market is a steady influx of buyers and as people relocate after residencies and graduate programs, a steady stream of houses going onto the market. This is the foundation that Pittsburgh is built on and seems fairly unlikely to change in the near future with the New Children's Hospital and its enormous research building soon to be completed, and the multitude of hi-tech companies that are starting to call Pittsburgh home.
1 vote Thank Flag Link Fri Dec 14, 2007
I'm sorry that I didn't have this before. But here is a GREAT article with facts and figures about Pittsburgh.
http://www.post-gazette.com/pg/07306/830496-28.stm
1 vote Thank Flag Link Sat Nov 10, 2007
It is a fairly stable market. have your agent do the comps for the neighborhood you like to see the trend. If you are a first time buyer you can also take advantage of the tax credit. Go to http://www.federalhousingtaxcredit.com for details.
Web Reference: http://www.gitabantwal.com
0 votes Thank Flag Link Tue Apr 7, 2009
Jesse,
Thanks for your question and if you haven't purchased now is the time to buy in Pittsburgh. There are some great areas I would recommend, Downtown, Shadyside, Sq. Hill, Mt. Washington, South Side, Point Breeze and others. Please visit my website to learn more about Pittsburgh real estate, http://www.Pittsburghhomesite.com and let me know if I can assist with any other questions and your Pittsburgh real estste needs.
0 votes Thank Flag Link Mon Nov 10, 2008
What I love about Pittsburgh is that it's one of the only major cities left in this country where you can buy a small home as an investment and still at least break even on rental income. I'm originally from New York, it's impossible to do it there, which is why a lot of New Yorkers are selling their homes and moving to North Carolina.

If you're an out of towner, I think investing in homes in Pittsburgh is a very safe bet.

The market in Pittsburgh has been stable for quite some time.

top 10 best housing markets according to Forbes Mag.

City Name; Median Home Sale Price; Percent Change

1. Salt Lake City; $246,700; 14.1 percent
2. Charlotte, N.C., $220,000, 11 percent
3. San Jose, Calif., $852,500, 9.4 percent
4. San Francisco, $825,400, 8.6 percent
5. Raleigh, N.C., $229,500, 7.5 percent
6. Austin, $188,200, 7.2 percent
7. Pittsburgh, $127,700, 6.1 percent
8. Seattle, $394,700, 6 percent
9. San Antonio, $154,700, 5.7 percent
10. Portland, Ore., $299,700, 5.2 percent
0 votes Thank Flag Link Mon Dec 10, 2007
Forbes magazine listed Pittsburgh in the "TOP TEN MOST STABLE HOUSING MARKETS" We actually came in at #2! This is a great time, Pittsburgh is historically stable.
Here is a quote from the article...
"Pittsburgh's growth has been steady over the last year, and with low foreclosure projections based on the state of the local lending market, very affordable housing stock, and relatively low inventory, it can overcome the fact that its sale rate is 30th out of the 40 markets measured." Forbes Magazine, 10/01/2007
0 votes Thank Flag Link Tue Nov 20, 2007
Jesse,
Pittsburgh's market has always remained pretty stable. As with any city, there are pockets that fluctuate in price depending on supply and demand and time of year.

Interest rates are fantastic, so if you need a loan to make a purchase, now is a great time!

As for the best area in Pittsburgh . . .it is all in the eye of the beholder. Pittsburgh is such a wonderful city with many diverse neighborhoods. It depends on what you are looking for as to whether the area is "the best" for your needs.
0 votes Thank Flag Link Sun Nov 11, 2007
Now it's a great time to buy, there is a lot of good deals. I have um apt for sale on Biscayne and 63th st with 2/1, 938sf + balcony. for 250,000 dolars. Great location. you can visit my website: http://www.jamesbasilio.com I will be happy to help you.
My best,
James
Web Reference: http://www.baslerrealty.com
0 votes Thank Flag Link Sat Nov 10, 2007
Actually, Pittsburgh is, historically, ALWAYS a stable market. It never has high peaks or drops, it sees steady appreciation in almost all neighborhoods. In Pittsburgh, you need to make sure that when you read articles about the housing market, you are ready a LOCAL story. Too many national articles about the "crisis" have reached our area and they just don't apply. Use sites like Trulia to show you the real trends in our area, not the national trends.
0 votes Thank Flag Link Sat Nov 10, 2007
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