Pittsburgh North Real Estate Market Update

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Real Estate

Pittsburgh North Real Estate Market Update

Our mild winter has certainly accelerated the start of the Pittsburgh real estate spring market. Buyers are eager to find the perfect home, making sellers excited to put their homes on the market. Local Pittsburgh Realtors® are out in force bringing buyers and sellers together!

One area that I specialize in selling homes is in the North Hills of Pittsburgh, and I am excited when I research the local statistics for home sales. In North Allegheny County, the median sales price has risen from $222,450 in December of 2019 to $269,900 in February of 2020. The number of homes listed for sale is increasing also. December 2019, there were 964 homes listed and February 2020; there were 1,211. Homes that sold in February 2020 were on the market an average of 62 days. These statistics are from the West Penn Multi-List.  My average days on the market for all of my listings in 2019 was 14 days!

It is still a seller’s market in Pittsburgh. It is not uncommon to have multiple offers on a home within days of listing it for sale, resulting in a quick sale that is sometimes over the asking price. Savvy buyers are scouring the internet to find the newly listed homes so they can be one of the first inside to see it.

Interest rates are remaining low. At the time of writing, mortgage interest rates are under 4%. An article in Forbes magazine is predicting that the interest rates will remain around 4% in 2020. https://bit.ly/2Pv0Oh4 Mortgage interest rates should keep many buyers in the market for a new home.

How can you get a quick sale on your home? Good question!

I recommend that a homeowner spend some time preparing their home before buyers come through.

Cleaning and decluttering are where you should start. Get rid of things you don’t want to take with you to your new home. Thin out the closets to make them look more spacious and spit polish everything!

If you know of any repairs that may need to be made, do it now. Having these smaller items singled out in a home inspection could get the buyer more concerned than necessary.

Speaking of home inspections, it may be a good idea to have a pre-inspection completed on your home before putting it on the market. A home inspector goes through your home just as they would for a buyer. You will receive a report of their findings and then can make any necessary corrections or disclose the issue.

The buyer is still free to bring in their inspector to perform an inspection, but any major issues should be identified in the pre-inspection. Having a pre-inspection makes the “second” negotiation for the home inspection a bit easier.

You should spruce up inside and out where things are looking worn or dated. A fresh coat of paint in a neutral color can go a long way. These are some suggested colors for home staging in 2020 from Home Staging step-by-step: https://homestagingstepbystep.com/paint-colors-for-home-staging/

 Staging the home is important. There is a psychology behind staging that allows the buyer to picture themselves in your home. Pack your personal items, clear countertops, make space in closets and on bookshelves to create a sense of space and allow the buyer to picture their belongings in the space.

I also recommend paying attention to the front door area. The buyer will spend several minutes while the agent is accessing the key, and that time will be spent giving that area a once over. At times, a pop of color on your front door will help it to stand out.

Helping sellers find the best, most cost-effective ways to enhance their homes and highlight its best features is one of the many services I provide. If you are thinking of selling your home this spring, let’s set up a consultation to discuss the best strategy for you!

Contact me by phone at 412-848-3907 or email at kim.henderson@pittsburghmoves.com. I am always happy to speak with you!