Foreclosures in the Pittsburgh Area Real Estate Market

One of the major factors to Pittsburgh real estate foreclosures was the increasing interest rates of adjustable rate mortgages (ARMS) that were used heavily by banks and home buyers from 2001-2006.

Other reasons for the past few years of Pittsburgh home foreclosures include job loss, unexpected family illness and catastrophic family crisis. Do you see your beloved Pittsburgh property starting to slip to foreclosure? Learn how to avoid scams and foreclosure predators, and contact me, Jim Dolanch, your expert Pittsburgh foreclosure real estate agent to help find ways to avoid foreclosure.

Pittsburgh Homes For Sale

Luckily, the drop in Pittsburgh home values over past few years have been nothing when compared to other major cities in the county-and we are even seeing a rebound in home values starting for 2011.

Already starting in the last quarter of 2010, we saw the start of a small rebound in home values, as the number of foreclosures diminished, as well as the number of homes for sale in general. Even though it is early in 2011, the trend looks to be strong and steady, with great signs of a slow, steady and continuing improvement of current home values back to where they had been 3 years ago.

Buying Pittsburgh Real Estate

Are you ready to make your dream of Pittsburgh home ownership come true? Have you found a Foreclosed Pittsburgh real estate you would like to learn more about? Simply contact me, your expert Pittsburgh REALTOR to get the answers to your questions quickly.

Until next time,
Jim

Pittsburgh Real Estate Market Report

Pittsburgh tops the Forbes list of the best real estate housing markets. For Pittsburgh real estate experts like the Jim Dolanch Team, we have known for awhile now that the Pittsburgh real estate market was leaps and bounds ahead of other markets nationwide. While places like Miami, New York, and Santa Barbara are suffering still from major numbers of foreclosures, plummeting home values, and a huge surplus of homes on the market, the Pittsburgh area has been blessed in getting through without much wear. Pittsburgh foreclosures on the market have lowered considerably over the last 6 months-and that in turn has lead to the steady and logical increase of Pittsburgh home values. You can see the stats below.

Forbes Magazine Picks Pittsburgh As Best Real Estate Value

According to the recent Forbes Magazine, the best place to buy right now is our home town of Pittsburgh, PA. To get mentioned in their list of “Best Housing Markets”, the market had to reach the following criteria:

• appreciating prices that show homeowners are making wise investments
• an affordability rating that gives middle-class families with good credit entry into the market
• a relatively low number of foreclosures, which keeps prices stable and indicates there isn’t an excess of inventory.

Pittsburgh has all three, and for anyone interested in buying Pittsburgh homes for sale, or ready to start the Pittsburgh home buying process, that is even better news! In the Pittsburgh, PA metro area, 85 percent of homes are affordable to those making the median family income of $62,500. At the same time, foreclosures are low; there are only one home in foreclosure per every 120 housing units — the second-best record of all the cities Forbes ranked. Additionally, Pittsburgh home prices are expected to increase approx. 2.67 percent by the end of the year, another fantastic indicator of a strong, healthy real estate market.

The Pittsburgh Area Real Estate Economy

Pittsburgh has suffered greatly since the decline of its manufacturing-dependent economy; however, that small, previous slump helped its real estate market dodge the rapid run-up in prices that doomed so many markets after the housing boom.  Read a quote from the Forbes Magazine article below:

“Manufacturing cities like Pittsburgh have suffered so much for the last two, three, four years that there’s still a population base in that region, and now those areas are sort of attractive,” says James P. Gaines, research economist at the Real Estate Center at Texas A&M University. “Home prices are so low, some service-level jobs can be created, so it’s not surprising perhaps that there’s been a revitalization of some of those communities.”

Exactly. Pittsburgh has the strong base to offer great opportunities both in home values and job creation for anyone ready to relocate to Pittsburgh.

Pittsburgh Housing Market

To find the country’s best housing markets, Forbes used the Housing Opportunity Index, a metric created by the National Association of Home Builders and Wells Fargo that determines affordability by measuring median home prices against median incomes. Using the 40 largest housing Metropolitan Statistical Areas that the HOI ranks, Forbes then factored in Moody’s Economy.com’s one-year forecast for the S&P/Case-Shiller Home Price Index, a measure of sales prices in major markets, to find out where home prices were expected to rise. Finally they included the 2009 Foreclosure report from RealtyTrac, ranking cities by their percentage of foreclosures. In the end, Forbes averaged the rankings for all these measures to arrive at an overall score, and Pittsburgh placed in the top spot.

Move To Pittsburgh

Ready to start new in the new year? Anything you would like to know about the Pittsburgh real estate buying process? Take a browse through current Pittsburgh properties for sale, and be sure to contact me when you are ready to team with an expert Pittsburgh real estate agent.

Until next time,

Jim

Pittsburgh Real Estate Market

Pricing of homes is up 20%-30% more this year than last year with the new Pittsburgh Townhomes and Condos. Much of the increase in home prices has been driving by the new construction and the lowering Absorption Rates we have been seeing throughout the Pittsburgh area, and especially in the downtown communities.

Pittsburgh Homes For Sale

As of August15,2010, our records indicated the Medium Pittsburgh Home Price at $156,500. As of August 31, 2010 there were 52 solds in Downtown Pittsburgh Homes.

The time from May to August 2010 had to following stats:

Downtown:
Sold-2 Listings
Undercontract-45 Listings
Active Listings-71

Homes in the Pittsburgh School District have the following stats:
Med. Price $98,000 as of August 31, 2010 with 2,717 transactions since 2009

Homes in the North Allegheny School District have the following stats:
Med. Price $228,250- with 590 transactions since 2009

Homes in the Woodland Hills School District have the following stats:
Med.Price $85,800-with 496 transactions since 2009

When it comes to Pittsburgh real estate market reports, the Absorption Rate is the length it takes Pittsburgh REALTORS to sell the inventory in given locations. Usually it is based on the past 12 months to sell listed homes, based on current listings and the number of homes sold each month.

Pittsburgh REALTORS

Would you like to learn more about relocating to Pittsburgh, or learn more about the Pittsburgh home buying process? Simply contact me, Jim Dolanch, your Pittsburgh area real estate agent.

Until next time,
Jim

About Peters Township, PA

The area of Peters Township features a wonderful array of  restaurants, shopping, parks, recreation, highly recognized schools, and much more to make it one of the best places to raise a family.

Traveling Around Peters Township

The convenient location to routes 19, 79, 70 and 43 affords quick access to Pittsburgh International Airport, the city of Pittsburgh, Southpointe area businesses and many other destinations. Residents get to enjoy  simple, small town life atmosphere while still being just moments away from everything the city of Pittsburgh has to offer.

Peters Township Real Estate

Peters Township, Pa real estate offers the benefit of lower Washington County taxes when compared to it’s neighbor to the north, Allegheny County Pa. Almost any kind of residential property can be found here; single family individual homes, townhomes, carriage homes, condos etc. Additionally, residents can find almost any living environment from maintenance free living to a private home on several acres.  Ready to browse Peters Township homes for sale? Need information on moving to Peters Township? Simply contact me, your expert Peters Township real estate agent to find the answers to all your questions.

Until next time,

Jim

What is a Pittsburgh Comparative Market Analysis?

Although reports can vary, from a two-page list of comparable home sales to a 50-page comprehensive guide, the length and complexity of the report depends on the agent’s business practice. However, standard comparative market analysis reports contain the following data:

Pittsburgh Active Listings

Pittsburgh real estate active listings are homes currently for sale. These listings matter only to the extent that they are your competition for buyers. They are not indicative of market value because sellers can ask whatever they want for their home. It doesn’t mean any of the prices are realistic. The offered sales prices do not reflect market value until they sell, and in buyer’s markets, for example, most sell for a lot less.

Pending Pittsburgh Listings

Pending Pittsburgh homes for sale are formerly active listings that are under contract. They have not yet closed, so they are not yet a comparable sale. Unless the listing agent is willing to share information about the pending sale — and many are not — you will not know the actual sold price until the transaction closes. However, pending sales do indicate the direction the market is moving. If your home is priced above the list price of these pending sales, you could face longer DOM.

Sold Listings in Pittsburgh PA

Pittsburgh homes for sale that have closed within the past six months are your comparable sales. These are the sales an appraiser will use when appraising your home for the buyer, along with the pending sales (which will likely have closed by the time your home is sold). Look long and hard at the comparable sales because those are your market value.

Off-Market / Withdrawn / Canceled Pittsburgh Real Estate

These are properties that were taken off the market for a variety of reasons. Usually the reason homes are removed from the market is because the prices were too high. The median prices of this group will almost always be higher than the median prices of comparable sales. However, listings cancel also for the following reasons:

1. Seller’s remorse. The sellers decided they cannot part with their home and no longer want to sell.
2. Priced too high. Nobody made an offer or the only offers received were low-ball offers, which were rejected.
3. The DOM were too long. Agents sometimes withdraw listings so they can put them back as a new listing and fool buyers.
4. Repair requests. The homes were once under contract and after the home inspection, the buyer requested repairs which the seller refused.
5. Seller fired the agent. It’s not uncommon for unhappy sellers to fire an agent and hire a new agent.

Expired Pittsburgh Real Estate Listings

This group will reflect the highest median sales price because they did not sell and were probably unreasonably priced. Some of the expired listings could also show up as an active listing, listed by a new agent at a new price. Listings also expire because they were not aggressively marketed or because the home was in need of repairs.

Examining Comparable Sales in Pittsburgh

Comparable sales are those that most closely resemble your home. It is difficult to compare a tri-level home to a single-story home. Select the homes from this list that are mostly identical to your home in size, shape and condition, such as:

• Similar square footage: Appraisers compare homes based on square footage. Larger square-foot homes are worth less per square foot than smaller square-foot homes. The variance among a group of median-priced homes ideally should not exceed more than 200 to 400 square feet, plus or minus.

• Similar age of construction: Ideally, the age of the home — the year it was built — should be within a few years of other comparable sold homes. Mixed-age subdivisions are common. For example, in one area of Sacramento, a subdivision consists of homes built in the 1950s, and then they jump a couple decades to the 1970s. Although the homes are located next door to each other, the homes loaded with character from the 1950s sell for more than their newer Brady Bunch counterparts. If your home was built in 1980, say, and brand new homes up the street are selling for more, you cannot command the same price as a new home.

• Similar amenities, upgrades and condition: Appraisers will deduct value from your home if other homes have upgrades and yours does not. A home with a swimming pool will have a different value than a home without a pool. A completely remodeled home is worth more than a fixer. Homes with one bath are worth less than homes with two or more baths. Deferred maintenance will count against you.

• Location: Everybody knows that real estate is valued on “location, location, location,” but have you considered what that means? A home with a view of the city, for example, is worth more than a home facing a cement wall. Homes located on busy thoroughfares are worth considerably less than homes on quiet streets. Compare your home to those in similar locations. If your home sits across the street from a power plant, look for other homes with power plant exposure or those located along railroad tracks, among other undesirable locations.

More questions? Ask away; as your expert Pittsburgh REALTOR, I am here to help!

Until next time,
Jim

The tax credit is for first time home buyers only,  which the IRS defines  as someone who has not owned a principal residence during the three-year period prior to the purchase. The credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.

Pittsburgh Real Estate For Sale

What is also great? The tax credit can be taken for THIS YEAR, but simply submitting and amendment to your 2009 taxes, so you should get your tax credit before the end of the summer. The tax credit is for 10% of the home’s purchase price up to a maximum of $8,000 on homes priced at $800,000 or less. That is quite a nice sum of money to put towards your house, decorating your house, or even saving for a rainy day or a new roof down the road.

For homes purchased on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit. Additionally, so long as a binding contract is signed by April 30, 2010, the IRS will also grant the tax credit, so long as you close by June 30, 2010.

Relocate to Pittsburgh

So while I don’t want you to feel pressured or rushed into buying Pittsburgh homes for sale, if you are certain you will be buying a home in the next few months, it would be a shame to miss out on the tax credit by only a few days.  If you have questions, or want to put your Pittsburgh MLS home search into high gear, simply contact me, Jim Dolanch, your trusted Pittsburgh real estate agent, to learn more about Pittsburgh PA home buying and make sure you can get the Federal Housing Tax Credit.

Until next time,

Jim

Pittsburgh Homes For Sale

First off, when you start browsing the Pittsburgh MLS home search through www.jimdolanch.com, you have the choice of also browsing Pittsburgh real estate for sale by area or zip code, so if there are certain community or area amenities and aspects you would like to enjoy, be sure to learn more about Pittsburgh area communities. By spending a little bit of time researching the areas, you can narrow down your home search by seeing homes that are only in the communities that interest you.

Pittsburgh Real Estate Financing

Second off, you must think about what kind of financing you will be using. If you are an “empty nester” you may be coming to the home buying table with a full cash offer, or if you are a first time home buyer, you may have 10% down. If you are a Pittsburgh first time home buyer, you may not have much credit history on your side; however, if what you have is in fantastic order, you can still get a great rate. As a second or third (or fourth) time home buyer, you do come to the bale with a boost up on the credit, as you have already proven yourself as a responsible home owner, capable of making reliable Pittsburgh real estate mortgage payments.

All of these aspects change the way your lender or bank will set up or mortgage, what interest rate you have, and  how much you can borrow.However, if your credit is questionable, now is the time to get it in order. A good year (or more!) of solid, reliable credit can do wonders to your home buying power, approval with lenders, and your mortgage rates. The longer you have a positive credit score, the more power you have to pick and choose your mortgage, your lender, and your rates.For even more guidance, you can request my Pittsburgh Home Buying Guide or contact me.

Selling Pittsburgh Real Estate

Lastly, For most home buyers, selling Pittsburgh property is the very first step that must be done before getting serious about buying a new home. How do you work out this process? What if a home you love comes on the market, but you  haven’t gotten an offer on yours yet, or the offer isn’t settled yet? With the help of an expert Pittsburgh real estate agent, you can easily make and offer that is contingent on the selling of your current home.

Pittsburgh Real Estate Questions and Answers

Do you have other Pittsburgh real estate questions? Feel free to contact me, Jim Dolanch, your expert Pittsburgh Realtor, to learn everything and anything about the Pittsburgh area.

Until next time,

Jim

Pittsburgh Homes For Sale

If you know you will be moving in 2 years, then an Adjustable Rate Mortgage makes the most sense for you, as you will be able to get a very low introductory interest rate and low payment until you move. If you plan to be staying put for a long time, then you will want a Fixed Rate Mortgage.

Pittsburgh Home Mortgage

What is the point of buying if you’ll be moving in  2 years? For one, you get equity out of the home, and will most often be able to sell it for at least a little more than you bought it for, giving you more to put down on your next home purchase. Also, having been a home owner gives your credit score a huge boost and opens you up to better fixed mortgage rates on your next home.

Search Pittsburgh MLS

Ready to quit renting and start owning? Begin by browsing Pittsburgh area homes for sale, and contact me, Jim Dolanch, your expert Pittsburgh real estate agent, for answers to any and all questions you have about Pittsburgh and real estate.

Until next time,
Jim

In the Peters Township area, it is actually cheaper to buy a home than it is to pay rent! For added value, you don’t have noisy upstairs neighbors and you have a yard for pets, children and entertaining friends!

Find out if you qualify for a mortgage by contacting a Peters Township expert REALTOR and if you do, we can guide you on the journey to owning your own Peters Township real estate for less than you are paying to rent!

Until next time,
Jim

Pittsburgh Short Sales

When you are trying to sell your home, but can not sell it for what you owe on it, then you are caught in a short sale. Short sales can be maddeningly frustrating for all involved, because each one has to be approved by the mortgage lenders and that whole process can take a very long time.

Lenders can often take weeks or, in worst cases, months, to respond to a short sale offer. Why? Because they are getting overloaded with requests AND in a short sale, they are getting paid less than what was originally promised. So even though someone may be able to prove hardship in making their Peters Township home payments, the lenders still aren’t super excited to lose the money, even though in the long run they could up getting less if it goes to foreclosure.

So what is a home owner to do? Make sure you work with an Expert Peters Township Realtor, who understands the short sale process for your area inside and out.

Because even when things do go smoothly and your short sale is approved, there can still be mistakes in how long it takes the paperwork to get back to you, making it impossible to close in time and forcing you to start over. Unless you contact an expert Pittsburgh REALTOR and let me help with every step of the process.

Short sales can be frustrating, but don’t worry; the real estate team at JimDolanch.com is here to help you every step of the way.

Are you thinking about how to start the short sale process, or what to see if a short sale might be an option so you can avoid foreclosure? Then contact us, your expert Peters Township, PA real estate agents, with all of your questions and concerns.

Until next time,
Jim