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I usually get the same five questions about our real estate market. Here is what’s happening in the Pittsburgh area right now:
1. Are we in a buyer’s or seller’s market? If the market has fewer than five months of inventory, it’s a seller’s market. Five to seven months of inventory is considered a balanced market, while anything over seven months is a buyer’s market. Right now, there are 1,610 homes on the market, which comes out to about 5.4 months of inventory, which means we are on the lower end of a balanced market.
2. What does the current housing inventory look like? Houses are currently selling close to or at market value. Since we are on the low end of a balanced market, there are still fewer homes than there are buyers.
3. How does the current inventory affect home values? Right now is a great time to sell a house. Since inventory is low, you can get more money for your home because there is less competition out there.
4. What do interest rates look like right now? Interest rates remain at historic lows. Nationally, rates are at 3.66%. Rates might increase soon, however, as the Fed is seriously considering an increase in rates.
“
Interest rates will probably go
up very soon.
”
5. What does all of this mean for buyers and sellers? For sellers, now is a great time to sell your home. If you’re a buyer, you still have a little bit of time to lock in a low rate. Get pre-approved now and get that low interest rate.
If you have any other questions about our current market, just give me a call or send me an email. I would be happy to help you!
