What impact do you think the recent economic downturn will have on our local real estate market?
This is the million-dollar question right now. There seems to be no doubt that real estate consumers are a little less confident this week. But will we see an actual downturn in our market?
My hope is that this will simply result in a temporary delay in our spring season. Before the most recent events, we had an incredible amount of excess demand and low inventory, resulting in frequent bidding wars and many disappointed families who lost out on yet another home. I have personally experienced that on several of my listings – several offers but only one home to sell. Those buyers are still out there – maybe focused on other things, but still out there. If you are a buyer, I would encourage you to press forward in your search for a home. The reality is that much of your competition may be focusing on other aspects of their lives right now and you may have a better chance of actually succeeding in buying a home without having to compete with multiple bidders. Interest rates are low – it remains a great time to buy!
I do not expect values to plummet, so if you are planning on sitting on the sidelines waiting to see how low they go, you are probably going to lose out on some great homes. When we saw our economy falter in 2008, we did not see a drop in housing prices. We also did not see continued appreciation, but we were very stable. Pittsburgh has historically been a very stable real estate market—we don’t have a spike in values – just a steady climb – so we are unlikely to see a significant drop.
Sellers, I encourage you to continue to ready your homes for sale. Our spring market surge may happen slightly later this year – and that will be good news for those of you who are still organizing your closets, attics, basements and garages. You only have one chance to make a great first impression – now is your chance to make sure you are doing just that!
New Listing -Located on over a 1.377 acre wooded lot in a quiet Sewickley neighborhood, at 5 Little Sewickley Creek you can have it all: the Sewickley community without the headaches of an older home, a nicely maintained, high-quality home that has been beautifully remodeled, wonderful privacy with plenty of space between you and your neighbors yet close to the Village! Extensive remodel includes 3 renovated baths! Beautiful new hardwood floors unify the main level of the home! Two wood-burning fireplaces. Private back deck is ideal for warm-weather entertaining. Remolded eat-in kitchen with smudge-proof stainless appliances. Convenient main level mudroom/laundry attaches to two car garage. Walk-out lower level is a blank slate ready for your custom finishes! $650,000
New Listing -Stylish modern amenities are seamlessly combined with historic architectural details to create a fabulous central Sewickley Village home. Surprisingly spacious main level. You will love: 2 gas log fireplaces, convenient main level laundry, 10’ ceilings on the main level, covered front porch, fully fenced yard, 2 car garage, incredible expanded and remodeled master bedroom with brand new (2020) luxurious master bath dressing room, remodeled hall bathroom and powder room, new, stunning lighting, remodeled kitchen with granite tops and stainless appliances. Fabulous Village location with sidewalks that lead everywhere – an easy walking distance to all Village amenities. $699,000
REAL ESTATE SERVICES
401 Broad Street
Sewickley, PA 15143
Office: 412-741-2200 x238