Concerns about the neighborhood and the future value of the house

Asked by Jeff, Florham Park, NJ Tue Oct 28, 2008

Hi, I am Looking for a house range around 75K in Pittsburgh, if possible, close to Oakland area, because I may leave Pittsburgh within 2-3 years, I do not need a big house. could you suggest an area meet this price range and also maybe easy to resale this house later. I like one house in Penn hill area very close to Plum, I am a little concern about the neighborhood, will this house ( inside and outside looks both good, around 70K) worth to buy and be able to live at least safe. Thank you very much,

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Jeffrey Benn…, Agent, Pittsburgh, PA
Wed Oct 29, 2008
Some neighborhoods to consider would be Greenfield or Bloomfield. Greenfield has appreciated dramatically in the last 10 years or so, as sort of an "overflow" from Squirrel Hill. Bloomfield also has affordable homes that are easy to rent or resell (near all the hospitals and universities). There are also a few left condos right in (north) Oakland in your price range (e.g., 5th & Craig).

Let me know if you want me to send you the listings and help you get started (given the address, I could look into the Penn Hills place as well). Are you pre-approved?
1 vote
Ken Belferman, , Pittsburgh, PA
Tue Oct 28, 2008
Jeff:

Best thing for you to do would be to walk around the neighborhood and talk to the neighbors - get their opinion of the area and use your own best judgment.

Typically, selling a home within 3 years of purchase won't afford you much of an opportunity to break even on your investment.

Most of your mortgage payment will be going toward interest and taxes. If you can put in extra money each month to pay down the principal (assuming the terms of your loan will allow that, which in most cases shouldn't be a problem), then you may be in decent shape when the time comes to sell, i.e., you won't be upside-down owing more on the house than you could sell it for at that time.

If you have other questions or need more info, feel free to contact me.
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