How Can You Be Successful in a Hot Spring Real Estate Market?

As winter slowly bids us farewell, we look forward to the warmer weather and all the opportunities it brings for buyers and sellers in our Pittsburgh spring real estate market.

As the snow melts away, it’s not just the flowers that begin to bloom – the real estate market starts buzzing with activity, too. If you’re considering selling your home, now is the perfect time to prepare and make the most of this bustling season. And for buyers, the spring market offers fresh listings and possibilities to find your dream home.

Recently, WTAE News aired a story about the expectations of the 2024 Pittsburgh real estate market. David Onufer, 2024 President of the Realtors® Association of Metropolitan Pittsburgh, forecasts our area’s strong real estate market.

The expectations for our Spring real estate market are:

1. Strong Demand – lower interest rates are expected, making home buying more desirable.
2. Low Inventory – As we have seen over the past several years, the inventory of available homes for sale remains low. Low inventory often leads to increased competition among buyers.
3. Affordability – Although home prices increased over 2023 by 4%, the average home price in the Allegheny County area is $230,000 – $240,000. According to Forbes, Pennsylvania’s median sales price is $276,000.

Given the optimistic predictions, what do sellers or buyers need to know in this Spring real estate market?

1. Competition – with the expectation of high demand and low inventory, competition can be increased for a home that is properly prepared and priced correctly.
2. Fast-moving market – Spring is traditionally a busy season in the housing market. Homes will move quickly. Home buyers should be prepared to act quickly. Home sellers should prepare plans for their new housing needs.
3. Market Awareness – keeping current on the local market conditions in your neighborhood will help a seller set a realistic price, and buyers craft competitive offers.

In preparation for a hot spring real estate market in Pittsburgh, both buyers and sellers can take proactive steps to position themselves for success:

For Buyers:

1. Get Pre-Approved: Start by getting pre-approved for a mortgage. This helps you understand your budget and demonstrates to sellers that you’re a serious buyer ready to make a competitive offer.

2. Define Your Priorities: Clearly define your must-haves and nice-to-haves in a home. You may need to be flexible with limited inventory, but having clear priorities can help you focus your search.

3. Stay Informed: Keep a close eye on the market trends, including median home prices, average days on the market, and new listings. This information can help you make informed decisions and act quickly when the right property arises.

4. Work with a Local Agent: Partnering with a knowledgeable local real estate agent is invaluable in a competitive market. They can provide insights into specific neighborhoods, guide you through the buying process, and help you navigate negotiations effectively.

5. Be Prepared to Act Quickly: In a hot market, desirable properties can go under contract within days or even hours. Be prepared to move quickly when you find a home that meets your criteria, and be ready to submit a strong offer.

For Sellers:

1. Prepare Your Home: Invest time and effort into preparing your home for sale. This includes decluttering, depersonalizing, making necessary repairs, and enhancing curb appeal. A well-presented home stands out in a competitive market.

2. Price Strategically: Work with your real estate agent to price your home competitively. While aiming for the highest price is tempting, overpricing can deter buyers and prolong your time on the market. Strategic pricing can attract more interest and lead to multiple offers.

3. Maximize Exposure: Utilize multiple marketing channels to maximize exposure for your property. This includes professional photography, online listings, social media promotion, and traditional marketing methods. The goal is to reach as many potential buyers as possible.

4. Be Flexible with Showings: Accommodate showings and open houses to make it easy for buyers to view your home. Flexibility can attract more interest and increase the likelihood of receiving competitive offers.

5. Communicate Your Moving Timeline: Understanding your plans can help buyers make informed decisions, especially if they have specific timing requirements. Being transparent about your moving timeline can streamline negotiations and ensure a smoother transition for both parties.

Preparation, knowledge, and agility are essential for buyers and sellers in Pittsburgh’s hot spring real estate market. By taking proactive steps and working with experienced professionals, you can navigate the market dynamics successfully and achieve your real estate goals.

Having spent the last 20 years in the Pittsburgh real estate market, I know how to successfully help you navigate our spring market. Contact me here, by phone at 412-848-3907, or by email at Kim.Esposito1@pittsburghmoves.com to schedule a free consultation to discuss your real estate needs.