PITTSBURGH, Pa. (KDKA) – So what would your house sell for if you put it on the market?
“Many sellers might not realize the value they are sitting on in their home,” says Tom Hosack, President West Penn Multi-List.
Hosack says in their summary of 2019 housing sales in the 17 counties of Southwestern Pa., the average price rose 5.3 percent to an average price of over $200,000 for the first time.
Hosack says, “It’s a great thing for sellers.”
This is a classic situation of supply and demand.
Listings dropped just over a half percent last year while sales were up almost 4 percent. That means demand is gobbling up the available supply.
Unlike 2007, Hosack says this time there is no artificial bubble in the market.
“So if you are buying, you should feel confident that the home price is going to continue to rise and your investment is safe,” he says.
While home prices in the Pittsburgh area are leading the upward trend, Hosack says if you get out into the rural areas of Southwestern Pa., “You’re still seeing increases, like in Somerset you’re seeing multiple offers on properties and them selling above list price.”
And sale signs are not staying up very long.
“If it is overpriced, it can still sit there, but homes that are priced correctly are selling very, very quick,” says Hosack.
So he says if you are thinking about downsizing, now is the time to explore the value of your home. And if you are buying and find someplace you like, know there are other buyers out there and hesitation could leave you on the outside looking in.