Right now, could be the best time for you to sell your Pittsburgh-PA house. Especially if you’re on the fence about selling this year or next, Matthew Simmons, CEO of Fifth Avenue Property Group, recommends going with what you know is happening now, rather then what you think is going to happen later.
“I think it’ll be better than 2020 and 2021 — who knows what’s going to happen in those years,” Matthew says.
Pittsburgh home price growth slowed in the later part of 2018, with far less Pittsburgh home buyers entering the market, at least somewhat due to rising interest rates issued by the Federal Reserve. If you purchased a home in the last five years and are considering selling it, now is the time.
Four Reasons To Sell Your Pittsburgh House Now
· New buyers are still entering the market.
· Interest rates are still on the lower end.
· You have high equity.
· Selling now will be better than waiting till 2020.
New Pittsburgh Home Buyers Are Still Entering the Housing Market
As the interest rates begin to rise, some Pittsburgh buyers will hesitate to make an offer on a home or apply for a mortgage. So, be ready to see occasional drops in home buyer activity. Also, if your Pittsburgh-PA house is at the higher side of the market price range, you should anticipate less buyer interest than before. Matt Simmons from Fifth Avenue Property Group says, “the combination of rising mortgage rates and home prices exceeding buyers’ budgets are what has caused the slowing of homebuyer activity in recent months.”
In addition, the available housing inventory remaining low, even with rising interest rates, buyers who are ready to make a buy a home with continue to shop for properties. The largest wave of new Pittsburgh-PA homebuyers will be millennials, who are mostly first-time home buyers. In a Harris Poll survey of 2,000 U.S. adults commissioned by real estate information company Trulia, more than one-fifth of Americans between ages 18 and 34 said they plan to buy a home within the next year. Additionally, millennials make up the biggest share of Pittsburgh-PA homebuyers at 36 percent, according to the National Association of Realtors, which released the numbers last year.
Affordable Interest Rates Won’t Last Forever
Home Mortgage interest rates have been on a roller coaster ride over the last few months. A 30-year fixed-rate home mortgage reached its seven-year peak in November 2018, they hit 4.94 percent, according to Freddie Mac. Therefore, it would be reasonable to anticipate mortgage rates to continue to increase throughout the next 12 months. Importantly, home mortgage rates tend to coincide the Federal Governments interest rate, mortgage rates are based on the market in that time.
Sell Your Pittsburgh-PA House Now versus 2020
Selling your home in Pittsburgh-PA in 2019 would allow you to take advantage of the increased market value. In a May,2019 survey of real estate experts and economists at Zillow, close to half expect the next recession to happen in 2020. Also, another 14 percent believe the recession will not occur until 2021, while 24 percent of the people on the panel expect the recession earlier — sometime in 2019.
Regardless if you believe the recession is near or a sometime in the future, current real estate patterns in Pittsburgh suggest a increase of home prices or buy activity isn’t likely in the coming months. Typically, real estate markets operate on a cycle of their own, the length can be between 10 -16 years total, from a seller’s market to a buyer’s market with a period of balance in between.
Selling in 2019 vs. 2020
If not selling your home in 2019 means putting your house on the market in 2020, the sooner option is the best one. In a survey of 100 U.S. real estate experts and economists by real estate information company Zillow, released in May, almost half expect the next recession to occur in 2020. Another 14 percent believe the recession will hold out until 2021, while 24 percent of panelists expect the recession earlier — sometime in 2019.
In conclusion, if you want to sell your Pittsburgh-Pa home house cash, contact Fifth Avenue Property Group. They will provide you with a free no obligation fair cash offer and will close at the speed you want. Fifth Avenue Property Group Buys Pittsburgh-PA Houses in any condition for cash!