Home sales in Western Pennsylvania increased in the first quarter of 2007 over the first quarter of 2006, bucking a national trend of declining sales in formerly hot housing markets.
This is just more evidence of the trend pointed out in three separate reports by Fortune Magazine, CNN and Money Magazine, that the Pittsburgh housing market continues to be one of the safest real estate investments in the U.S. Many out of town buyers are investing in Pittsburgh real estate.
It just makes good financial sense to invest in Pittsburgh real estate. When you can buy four homes in Pittsburgh for the price of one in California, and there is virtually no risk of a price decline, what's the downside?
Wednesday, April 18, 2007
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No risk of a downslide? Now look a year later after your comment. PA is suffering major losses in the housing market. Homes are selling for less than mortgage value and/or tax assessment, just like homes all across the country. Offers are coming in for tens to hundreds of thousands of dollars less than listing prices, because Realtors are inflating the seller's conception of what homes are worth. Homes are sitting on the market for many months to several years, and the longer they sit there the less they're worth. We're now in March 2008, and it is projected that home values will decrease another 10% within the next few months. If sellers want or need to sell, they must drastically slash prices NOW. Current home values are down to 1990's values.
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