Here is a snapshot of the recent newspaper headlines on the state of the Pittsburgh real estate market. Do you recognize a pattern here?

Home sales in Pittsburgh stay on decline

Thursday, June 19, 2008 - 12:26 PM EDT
Pittsburgh Business Times

The sound bites:

• According to the article, here is the bad news. May’s home sales (2,426 properties) in the five-county region of Pittsburgh were down 663 units from sales in May 2007. According to South Side-based RealSTATs, that’s a 21.5 percent drop. It is also the steepest drop this year. RealSTATs is a real estate information service.
• Here is some good news, the 5 county region of Pittsburgh median home price continued to climb rising 4.7 percent across the region to $122,000. This price increase was posted increases in every county except Butler County.

Make sure price is right when selling in tough market

Friday, June 13, 2008
Pittsburgh Business Times - by Erin Lawley

The sound bite: If ever there was a time for Pittsburgh home sellers to be smart and price your Pittsburgh home accurately, now is the time! The Pittsburgh real estate inventory is high and home buyer demand is low.

In tough market, homebuilders try high-end, high-risk venture

Friday, June 13, 2008
Pittsburgh Business Times - by Ben Semmes

The sound bite: Talk about a strange twist, according to the article some homebuilders in the North Hills are taking an unusual risk by building $1 million “spec” homes.

Study: Suburban Pittsburgh home values declining as gas prices rise

Friday, June 13, 2008
Pittsburgh Business Times - by Tim Schooley

The sound bite: Unless you have been living under a rock, you’re aware gas prices are on the steady increase. That means those who desire to save on gas may seek to relocate closer to their office bringing back high density Pittsburgh urban neighborhoods. It’s too soon to tell how suburban Pittsburgh home values will be impacted if gas prices continue escalation. Many experts believe suburban Pittsburgh home values could suffer.

The Takeaway!

Both Pittsburgh home buyers and sellers need to be smart! Selling your Pittsburgh home is not for the faint of heart and the market is highly competitive. Should you decide to place your Pittsburgh property on the market, make absolutely sure it is in immaculate condition, white-glove clean, the property is staged and priced right! Pittsburgh home buyers, be reasonable and don’t make lowball offers that will insult the seller. Buyers need to remember selection is plentiful and interest rates remain attractive. Be vigilant and watch the interest rates carefully as they have recently begun a slow drift north.

Be sure to leave a comment.

As always Treating You Like Family,

Jim

Your Pittsburgh real estate agent