A lot has been said the past few weeks about the impending financial cliff and the negative impact it may have on the economy. If Congress doesn’t act, the Bush tax cuts will expire and tax rates will increase on all American taxpayers. At the same time, spending cuts will go into effect and a second recession is predicted to be the result. Some fear this will plunge our housing market into another downturn. This anticipation of a second possible disaster seems to have paralyzed some home buyers, at least for the moment.
While I don’t have a crystal ball, what I do know is that the Pittsburgh housing market made it through the last recession reasonably unscathed and we have every reason to expect to be able to weather any oncoming storm equally well. Many articles have been written about the strength of the local economy, and of the stabilizing impact the natural gas industry has had on the region. Like the economy, the housing market is very localized.
Right now, we have a tremendous back log of buyers. There are lists of people waiting for the right home to become available. If you are a possible home seller, now is not the time to be wringing your hands in worry over a predicted downturn. Instead, now is the time to heed all of the advice from my prior articles – get your home cleaned out, fixed up, staged, price right and on the market in the next 2 months. The spring market is almost here. It promises to be a good one for us locally despite all of the national concern. If you want to move, don’t sit on the sidelines paralyzed with fear. Our local real estate market is showing signs of great strength and stability. Feel free to call me and we can set in place an action plan to get your home sold this spring!
And if you are a homebuyer, there is much speculation about where interest rates might be going. While we don’t know for sure, what we do know is that rates are great right now – so take advantage – have no regrets – make your move now and lock in years of low mortgage payments – you’ll thank yourself later!