It still might be to soon to tell but at some point the supply of homes for sale in Pittsburgh is bound decrease (hit bottom). If what I learned from my economics 101 class remains true, it is at that point that Pittsburgh home prices should begin to inch up (the law of supply and demand). This should cause Pittsburgh home buyers who have been sitting on the sidelines to wake up and take action!

Pent up Demand and Reduced New Housing Starts Could Heat Up the Market Too!

Obviously, Pittsburgh area new home builders have curtailed housing starts in light of reduced consumer confidence and more stringent lending practices. Plus, Pittsburgh new home builders can no longer afford to “carry” construction loans nor will banks “cart blanche” lend them the money in this environment. This means new home construction may lag by the time the Pittsburgh real estate market beginnings its upward path.

Complexity of the Pittsburgh Real Estate Market

So many local elements impact the Pittsburgh real estate market. Among those I would include:

• The local Pittsburgh economy
• The local job market (the top 2 go hand in hand)
• Oil prices. It seems every conversation either begins or ends with people talking about oil prices
• Again - local consumer confidence. My guess it’s currently pretty low like the rest of the country!
• Available affordable housing (or lack thereof)
• Is the area attractive to those families relocating to Pittsburgh. Then local elements like property taxes, quality of schools and the quality of life factor in as well.

What other local influences effect the Pittsburgh real estate market? Leave a comment for all to see.

Helping you make smarter Pittsburgh home buying and selling decisions!

As always Treating You Like Family,

Jim

Your Pittsburgh real estate agent