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Greater Pittsburgh Area Real Estate Blog

Why Summer 2020 Is a Good Time to Buy a Home

The ongoing health crisis has brought a lot of change to our world. Its arrival ushered in an era of widespread closures, stay-at-home orders, unemployment, and uncertainty. Many would-be buyers opted to press pause on their real estate dreams until things settled down. But with businesses reopening, people returning to work, and life slowly beginning to return to normal, now might actually be a good time to buy a home. Here’s why.

Is Now a Good Time to Buy? Actually, Yes.

buying a home in pittsburgh

There are a number of factors that determine whether or not it’s a good time to buy. These include financial considerations like price and interest rates, as well as availability of homes, competition amongst other buyers, and of course, your own personal situation. Here’s what Pittsburgh buyers can expect right now.

Interest rates are low

calculating mortgage interest rates

One of the biggest reasons to buy right now is near rock-bottom interest rates. Just this past April, mortgage interest rates reached an all-time low of 3.23%. Since then, they’ve climbed only slightly to where they currently sit at around 3.4%.

A low interest rate might not seem like a compelling reason to buy, but actually, taking advantage of low rates is an excellent reason to make a move—it can save you thousands, if not tens of thousands, of dollars per year and throughout the course of your loan.

Use our mortgage calculator to see for yourself just how big a difference interest rates can make.

Prices are steady, but expected to increase

increasing home prices

Prices in Pittsburgh have been on a steady climb for quite some time now. Recent shutdowns and business closures caused the market to slow and prices to drop a bit, but the market is anticipated to recover quite quickly, thanks to its desirability.

For you as a buyer, this means now is a great time to buy—you’ll pay a little less and watch your home value continue to increase over time.

Competition is fairly low

touring a neighborhood in pittsburgh

Mass unemployment and uncertainty led many buyers to rethink their plans to buy, leaving the market quieter than usual during spring and summer. This is good news for you as a buyer; you’ll still get to take advantage of good prices and great interest rates, without the pressure to make a quick move to avoid a bidding war.

Be aware, however; as businesses reopen and people return to work, the market is rapidly picking up. Wait too long and you’ll likely be facing quite a bit of competition!

Inventory may be a bit low

looking at a home for sale

If there’s one downside to buying this summer, it’s that inventory, or the number of homes for sale, is fairly low. When buyers hit pause on their moving plans, many sellers followed suit, depleting the inventory of homes for sale in the Pittsburgh area.

However, as buyers begin to show increased interest and home search traffic picks up, more and more sellers will also likely decide to list. Construction of new homes is also expected to increase as the country reopens and business returns to normal.

Ready to Make a Move in Pittsburgh?

Are you thinking of buying a home in the Pittsburgh area? The Jim Dolanch Team would love to help! Contact us today to learn more about how we can help you find the perfect home in just the right spot—even virtually!

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