Although things haven’t quite returned to normal here in Pittsburgh and across the nation, buyer activity has still surged since the beginning of the year. Record-low interest rates have helped to boost market momentum all the way into fall, but many are wondering if this trend is here to stay.
Here’s everything you need to know about increasing buyer demand, especially if you’re thinking about moving in the Pittsburgh area.
What Increased Buyer Demand Means for the Market
After reaching a low point in April, the national real estate market skyrocketed during summer. According to the Pending Home Sales Report from the National Association of Realtors, contract signings rose by nearly 6% during July. Since then, we’ve seen a V-shaped sales recovery, with nine new contracts for every 10 new listings.
For buyers, this means that competition is fierce. Current homeowners, however, could stand to sell quickly and make an astronomical profit should they decide to list soon.
There’s never been a better time to list your home
If you were thinking about listing your home during spring but opted to wait, this is your golden opportunity to make top dollar. As more and more buyers enter the market, demand continues to outpace available inventory. In turn, we’re seeing high prices, bidding wars, and a significant decrease in the amount of time a listing remains on the market.
Even if you aren’t ready to sell, you may also want to consider checking on your home’s current value. If you’ve lived in the same house for at least a few years, you may have a considerable amount of equity built up!
Buyers should expect some challenges
Navigating such a cutthroat market as a buyer comes with quite a few challenges. Now more than ever, it’s crucial to do everything you can to stand out to sellers, as well as work with a top-notch local agent.
If you do find yourself in a bidding war, there are a few steps you can take to make your offer more attractive than the competition. Having pre-approval, requesting few contingencies, and presenting your best and highest offer upfront are all keys to home-buying success!
Demand isn’t slowing down soon
Based on current trends, it doesn’t look like we’ll see the traditional real estate slowdown that’s expected during the colder months. Interest rates below 3% and a slow spring market are likely to blame for these increases, and we may see even more gains as we get closer to the holidays.
Homeowners who are willing to sell their houses right now will play a big role in whether this unusual trend continues. So if you’re thinking about cashing out on your equity, now is a great time to take advantage of soaring buyer demand.
Ready to Make a Move?
Whether you’re thinking about buying or selling your Pittsburgh home, you can trust the Jim Dolanch Team to help you every step of the way. We have the tools you need to achieve real estate success, so just get in touch with us when you’re ready to get started!