According to the Pittsburgh Post-Gazette, both foreclosures and bankruptcies are down in the region!

Continue reading to learn more about what this may mean for area home buyers.

Pittsburgh PA Real Estate

Here’s the lowdown on foreclosures on the Pittsburgh area real estate market:

• Between 2009 and 2010, bankruptcy filings in Western Pennsylvania fell from 13,552 to 13,117.
• And between October 2010 and October 2011, bankruptcy filings fell from 1,058 to 843.
• From January to October 2010, there were 3,014 homes lost to foreclosure in the Pittsburgh region.
• Comparatively, there were 2,157 homes lost to foreclosure during that same period in 2011.
• Nationally, home foreclosures dropped 31 percent between 2010 and 2011, from 3.31 million in 2010 to 2.27 million

Pittsburgh PA Homes

There are many possible explanations for why the region is seeing a drop in foreclosures.

One possibility is that fewer people are having to go into foreclosure since more and more banks are offering loan modifications at the request of the national government.

For instance, the Home Affordable Modification Program has been helping those homeowners whose monthly mortgage payment exceeds 31 percent of their gross income with loan modifications for years.

As of September, 856,974 homeowners nationally had received a permanent modification through HAMP.

Currently, about 16,642 Pennsylvania homeowners had received a HAMP modification, with 1,848 of those coming from the Pittsburgh metro region.

On average, those homeowners that use a HAMP modification receive a median savings of $278 each month.

Another possibility for why foreclosures are falling in the area is extended unemployment benefits.  These benefits give residents more confidence that they can ride out the storm and keep their home after all.

Whatever the reasoning behind it is, the recent decrease in Pittsburgh area foreclosures is great news for area home sellers.

That’s because a disproportionate amount of foreclosures on a housing market tend to drive down values.

This makes it more difficult for home sellers to get the price they want for their home.

So as the number of foreclosures on the Pittsburgh real estate market start to dry up, sales prices will likely start climbing.

Pittsburgh PA Properties for Sale

For more information on how foreclosures may be affecting your Pittsburgh area home sale – or for tips in general about how to effectively navigate the Pittsburgh real estate market, contact me, Jim Dolanch.

While you’re at it, make sure to check out some of my helpful Pittsburgh home selling resources, such as:

• For Sale By Owner
• 10 Common Seller Mistakes
• Free Home Evaluation

Until next time,

Jim

According to a recent article in the Pittsburgh Tribune-Review, the sale of $1 million-plus homes has been steadily increasing in the area.  And those numbers are expected to continue rising!

Continue reading to learn more about this developing trend on the Pittsburgh housing market.

Pittsburgh Real Estate

Here’s what the latest Pittsburgh housing market data from RealStats recently revealed:

• From January to October 2011, 58 houses sold for $1 million or more in the five-county Pittsburgh region.
• Comparatively, 55 homes sold for $1 million or more in all of 2010.
• And in 2009, only 44 homes sold for $1 million or more during the whole year.
• In recent years, 2006 and 2007 saw the highest number of sales of new and existing million-dollar homes with 64 and 62 respectively.
• Since 2000, 508 homes have sold for $1 million or more in the 5-county Pittsburgh region.
• Allegheny County saw the most sales with 402, followed by Westmoreland, Washington and Butler counties with 41,32 and 29 $1 million sales respectively.

Experts say there are a number of reasons why the sale of $1 million homes in the area is increasing, including low mortgage rates and low profit margins for builders.

Whatever the reasoning is, the recent trend is good news for home sellers in all price range.

After all, the more million dollar home sales there are, the higher the median sales price will be in the region.

With a higher median sales price, home sellers will have more freedom to set the price they want on their Pittsburgh area home.

Pittsburgh Homes

If you’re considering listing your home on the Pittsburgh PA market, contact me, Jim Dolanch.

As your Pittsburgh REALTOR, I’ll be happy to answer any questions you may have as well as provide you with such helpful home selling resources as:

• Free moving kit
• MOVA Assessment
• Before you list

Until next time,

Jim

Continue reading to see just how much better the Pittsburgh real estate market is doing compared to other market and why now is a great time to be a Pittsburgh home seller.

Homes for Sale in Allegheny County

Here’s an overview of the current state of the national housing market:

• From October 2010 to 2011, home values fell by 5.1 percent, to $147,900.
• Since the national housing market’s peak in May 2007, home values have fallen by 23.7 percent on average.
• Some real estate experts are predicting that home values will continue to fall by another 2 to 4 percent before the end of 2012.
• In October, homes nationally were foreclosed on at a rate of 8.1 per 10,000, which represents a decrease from the year before when the rate was 10.7
• Also during the month of October, the share of foreclosure resales in the market was 19.4 percent.
• According to Zillolw, 61 of 156 metropolitan areas saw a decrease in home values on a monthly basis.
• About 39 metropolitan areas saw an increase in home values on a monthly basis.
• And about 22 areas saw no change at all in their home values.
•  Only 10 metropolitan areas saw home values increase on an annual basis.
• Of the 25 largest metro areas, Pittsburgh was the only market that saw year-over-year home value increases.
• And of the 25 largest metro areas, Pittsburgh and three other areas were the only ones to see monthly appreciation.

Here are some housing market statistics specific to Pittsburgh:

• Home value in October 2011: $106,500
• Month to month change: 0.1 percent increase
• Year-over-year change: 0.4 percent increase
• Homes foreclosed: 2.7 of every 10,000 homes
• Foreclosure resales: 8.5 percent

Listing Your Pittsburgh PA Home

Given the recent market data, the Pittsburgh PA real estate market isn’t in nearly as bad of shape as other major markets in the country.

That should be comforting words for those home sellers who may be feeling a little discouraged about national housing market news lately.

For expert advice on how to effectively market your home on the Pittsburgh real estate market in this economic climate, contact me, Jim Dolanch.

I’ll also provide you with a number of tools to help you get the best price on your home in as little time as possible.  These include:

• Before You List
• 10 Common Seller Mistakes
• Free home evaluation

Until next time,

Jim

Evidently, a development group recently announced plans to transform that vacant lot where UPMC Braddock Hospital once stood into a multi-use community complex.

The Hospital closed in January 2010 and demolition was later delayed to September 2010.

This new project, which is expected to be completed by the end of 2013, will feature housing units, a community plaza, commercial buildings, retail space, a medical facility and more.

Continue reading to learn more about this exciting new Pittsburgh development.

Living in Pittsburgh, PA

According to the recent article, Trek Development Group will invest about $20.3 million to renovate the site of the former hospoital.

First on the agenda will be to construct a 2.5 story office building in Summer 2012, valued at $6 million.

Among other things, the 26,000 square foot building will feature an urgent care medical center.

Down the line, the Community College of Allegheny County may even relocate to the new complex.

Here are some of the other investments that Trek is making to the site:

• 24 rental units including one-bedroom apartments as well as two- and three-bedroom townhomes. Rental rates will likely be set between $675 to $900 a month, including utilities.
• 11 single-family houses, which are expected to be built in Spring 2013
• A 20,000-square-foot community park on Braddock Avenue, including sidewalks, parking and more.

Relocating to Pittsburgh, PA

This new development at the former hospital site will add to a quality of life that’s already exemplary in the Pittsburgh, Pennsylvania area.

Now residents will have one more option about where to go shopping and dining. Plus, the new development is likely to breathe new life in the local economy.

To learn more about why so many people are proud to call Pittsburgh their year-round home, contact me, Jim Dolanch, today.

While you’re at it, please feel free to check out some of my many relocation tools, such as:

• Free relocation package
• Help me find a home
• Pittsburgh buying guide

Until next time,

Jim

Not only did home sales increase but so did the median sales price in the city.

Continue reading to learn more about what the latest data on Pittsburgh real estate activity revealed.

Pittsburgh Area Properties

The end of 2011 proved to be rather favorable to Pittsburgh area home sellers, as evident by data recently released by RealStats, a real estate information company:

• During the month of November, home sales in the area increased by 10.7 percent when compared to November 2010.
• There were 1,803 home sales in Allegheny, Beaver, Butler,  Washington and Westmoreland counties in November.
• In 2010, there were 1,629 home sales in the same area.
• In Allegheny County, home sales jumped 15.7 percent year-over-year.
• Home sales increased anywhere from 5 to 7 percent in Beaver, Washington and Westmoreland counties.
• The average sales price in the five-county area increased by 2.5 percent year-over-year, to $154,924.
• Meanwhile, the median sales price fell by 0.1 percent during the same period, to $119,900.
• Sale of existing homes increased by 11.3 percent year-over-year – from 1,486 to 1,654.
• And in November, new home sales increased by 4.2 percent year-over-year – from 143 to 149.
• The average new home price increased by 10.8 percent year-over-year – from $295,497 to $327,543.
• And West Penn Multi-List reported that the number of home sales in the area increased by about 14.9 percent year-over-year – from 1,359 to 1,562.

Listing Your Allegheny County, PA Home

As you can see, now is a great time to be a Pittsburgh area home seller.

With home prices steadily increasing, sellers are gaining more and more bargaining power when it comes to getting the price they want on their Pittsburgh home.

To learn more about how you can use current market conditions to your advantage as a home seller, contact me, Jim Dolanch, today.

While you’re at it, be sure to check out some of my helpful home selling resources:

• MOVA Assessment
• 10 Common Seller Mistakes
• Moving kit

Until next time,

Jim

While this isn’t exactly good for those home owners who plan to stay in their home for a while, it is great news for those thinking about listing their home on the Pittsburgh area real estate market.

Continue reading to learn more about what these area experts recently predicted about property values in Allegheny County.

Pittsburgh Properties for Sale

Allegheny County recently mailed out new assessments to about 130,000 property owners in the city of Pittsburgh this week.

Here’s an overview of what these reassessments tell local residents:

• The median home price in Pittsburgh increased by 49 percent between 2001 and 2011.
• In Allegheny County, the median home price increased by 42 percent during that same period.
• Overall assessed value in Pittsburgh increased from $12.9 billion to $19.2 billion.
• Meanwhile, overall assessed value in Allegheny County increased from $60.3 billion to $85.6 billion.
• The reassessment is expected to drive up real estate taxes in about half of Pittsburgh’s 32 wards.
• And in the remaining 16 wards, real estate taxes are expected to go down.

Experts say that those areas that have seen the most dramatic improvements and developments over the last decade can expect to see the greatest increase in property taxes.

Selling Your Pittsburgh PA Home

People’s reactions to a recent property reassessment can vary widely depending on whether they’re a  home buyer, home owner or home seller.

For home buyers, an increase in value means that they may have to pay more for their dream Pittsburgh home.  For home owners, it means they may have to pay more on their annual property taxes.

But for home sellers, it’s great news because it means they can list their home for a higher price than before the reassessment.

For more information on how to use the recent property reassessment to your advantage as a home seller, contact me, Jim Dolanch, today!

Until next time,

Jim

A sad fact is that most people will end up breaking their New Year’s resolutions within the first several weeks of a New Year.

If your resolution was to spend more time with loved ones, I’m here to provide you with some extra reinforcement!

Continue reading to learn about some fun activities going on in the Pittsburgh area this month that you and your family can enjoy together!

Upcoming Community Events in the Allegheny County

Billy Elliot Performance: Come bring the whole family to this classic musical performance about a young boy who just happens to be a dancing prodigy.

• When: 7:30 p.m. on January 31
• Where: Benedum Center, 719 Liberty Avenue in Pittsburgh
• Admission: Prices vary
• More Info: Call (412) 456-6666

Dance Competition: Speaking of dancing, why not check out the 1^st Annual Burgh’s Best Dance Crew Competition? The winning dance crew will receive $1,000!

• When: 8 to 9:30 p.m. on January 14
• Where: Hill House Kaufmann Center, 1825 Centre Avenue in Pittsburgh
• Admission: $5 for kids, $10 General Admission
• More Info: Call 412-697-4660

Sesame Street Live: Come enjoy this upbeat and energetic performance with the characters from Sesame Street! Appropriate for all ages!

• When: 5:30 p.m. on January 14
• Where: CONSOL Energy Center, 1001 Fifth Avenue in Pittsburgh
• Admission: Prices vary
• More Info: Call (412) 642-1800

Salsa Lessons: For those couples looking to sneak out for a night on the town one night, consider checking out the free weekly salsa lessons offered at Southside-Carson Street. The venue offers plenty of room for dancing and doesn’t require any cover charge.

• When: 8 to 11:30 p.m. every Wednesday, including January 11
• Where: Villa Southside, 64 South Fourteenth Street in Pittsburgh
• Admission: FREE
• More Info: Call  (412) 390 1111

Your Pittsburgh, PA Real Estate Expert

If you get a chance to attend one of these fun events this month, let me know what you think of it!

For more information on what it’s like to live in Pittsburgh – or to begin the search for your dream Pittsburgh home today – contact me, Jim Dolanch.

As your Pittsburgh area REALTOR, I’ll be happy to answer any questions you may have as well as let you know about the various residential communities in and around the Pittsburgh area.

Until next time,

Jim

That’s because home sales prices dropped as well as the average listing price.

Continue reading to learn more about the latest Pittsburgh real estate market activity.

Pittsburgh Area Homes

Here’s what interested home buyers should be aware of before they enter the local real estate market:

• Currently there are 3,091 resale and new homes on the Pittsburgh market, including 853 in some stage of the foreclosure process.
• Between September and November, the median sales price was $122,000, which was based on 1,089 home sales.
• That median sales price has dropped 2.4 percent since last year, when it was $125,000.
• The median sales price for a 1-bedroom Pittsburgh home was $71,750
• The median sales price for a 2-bedroom home was $97,000
• And the median sales price for 3- and 4- bedroom Pittsburgh homes were $120,000 and $195,000 respectively.
• Here’s how neighboring communities stacked up in terms of median sales price in 2011:

• West Mifflin: $72,000
• Dravosburg: $26,000
• Glassport: $47,000
• West Homestead: $29,700
• Munhall: $52,000
• Homestead: $78,500

• The average price per square foot for a Pittsburgh home was $88, representing a 64.1 percent decrease from the same period last year.
• During the week ending on December 21, the average listing price was $218,618, down 0.3 percent from the week before.
• Here’s how nearby communities stacked up in terms of average listing price:

• West Mifflin: $98,993
• Dravosburg: $49,776
• Glassport: $56,264
• West Homestead: $90,900
• Munhall: $95,157
• Homestead: $89,399

Relocating to Allegheny County, Pennsylvania

For more information on the latest market trends here in the Pittsburgh area – as well as expert advice on how it may affect you as a home buyer – contact me, Jim Dolanch, today!

While you’re at it, make sure to check out some of my other helpful (and FREE) home buying resources that I offer, such as:

• Instant MLS Email alerts
• Successful home buying
• FREE buying guide

Until next time,

Jim

Many are saying that it’s going to be a very good year.

Continue reading to learn about what the outlook is for the Pittsburgh real estate, commercial and industrial sectors.

Enjoy the New Year in Pittsburgh

During the 32^nd annual Pittsburgh Business Times Corridors of Opportunity series, many local business owners predicted that local unemployment will fall in the new year.

Here’s what else experts predicted:

• There will not be much growth in construction
• The local real estate markets in Cranberry, Oakland and Southpointe will continue to expand.
• The cost of renting properties will rise.
• Vacancies on the Pittsburgh real estate market will fall.

While only time will tell if these predictions will come true during the year 2012, here’s a look at current real estate market activity in the area:

• Currently there are 2,998 resale and new homes on the Pittsburgh real estate market, including 764 in a foreclosure stage.
• Between September and November, the median sales price for Pittsburgh homes was $121,500, down 2.8 percent when compared to last year.
• The average price per square foot for a Pittsburgh home was $89, down 63.7 percent when compared to last year.
• Meanwhile, the number of home sales dropped 18.5 percent during that same period.
• During the week ending on December 7, the average listing price for a home was $219,524, down 0.3 percent when compared to the week before.
• During that same week, the average price for a 1-bedroom home was $77,500
• The average price for a 2-bedroom home was $96,000
• And the average price for 3- and 4- bedroom homes was $120,000 and $195,000 respectively.

Investing in Pittsburgh Real Estate

As you can see, current real estate market data does not support expert predictions for 2012.  It is still very much a buyer’s market.

We’ll have to wait and see if the market ends up turning around during the year 2012.

In the meantime, if you’ve been thinking about investing in Pittsburgh real estate, now would be an excellent time to do so.

Not only are listing prices dropping, but sales prices as well.

Contact me, Jim Dolanch, today to see how I can help make navigating the market easier for you with such helpful home buying tools as:

• Featured listings
• Help me find a home
• Successful home buying

Until next time,

Jim

After all, both home sales and home sale prices have increased recently.

But a healthy real estate market doesn’t guarantee any homeowner a favorable outcome on the Pittsburgh  real estate market.

That’s why they must take additional steps to ensure their home is well-prepared for being shown on the market.

Continue reading to discover tips on how to successfully stage your Pittsburgh home today.

Pittsburgh, PA Homes

Here are some minor steps you can take to ensure a favorable outcome on the Pittsburgh real estate market:

• Suggest day showings:  There are shorter days in the winter and less sunlight in general.  Yet it’s sunlight that will showcase your home’s beauty the best.  Thus, try to have showings during the daytime.

• Use plenty of interior lighting as well. Make sure prospective home buyers can easily appreciate the finer features in your home by turning on plenty of lights – even inside the closets.

• Make sure parking is available. You want home buyers to be as comfortable as possible when looking at your home.  If they have to trudge through snow to reach your front door or park a block down the street, they may not form a good first impression on your home.

• Make sure your home smells fresh.  Homes can feel stuffy in the wintertime because of constantly running heaters and the lack of fresh air coming in.  Thus, consider getting a furnace to help keep air circulating throughout the house and try to avoid using overwhelmingly strong home aromas.

• Don’t Make it Too Hot in Your Home.  Given how cold it can be in Pittsburgh during the winter, it’s not uncommon for home owners to blast their heaters.  But if you make the home too warm, it can feel stuffy and uncomfortable for visiting home buyers. Aim to keep the temperature around 65 degrees.

• Don’t be Afraid to Use Holiday Accents: A few appropriately place holiday decorations can really liven up a room and make it feel more warm and inviting.  Just make sure you don’t

• Remain Optimistic.  If you’ ve been trying to sell your home for a while, we recommend that you not give up.  Generally speaking, home buyers during the winter months are more likely to buy a home since they’re considered more serious home buyers.  After all, who would want to navigate the real estate market as a home buyer during the busy holiday season unless you WERE serious about buying a home?

Pittsburgh Real Estate for Sale

If you’re trying to sell your Pittsburgh area home, I hope you found the above suggestions helpful.

And if you would like help selling your home for the best price possible and in as little time as possible, please don’t hesitate to contact me, Jim Dolanch.

As an experienced Pittsburgh REALTOR, I’ll provide you with even more tips on how you can enjoy a favorable outcome on the local housing market.

For now, make sure to check out some of my home selling tools, including:

• Moving kit
• 10 Common Seller Mistakes
• FREE MOVA assessment

Until next time,

Jim