Why is the Pittsburgh Housing Market Competitive Right Now?

Why is the Pittsburgh Housing Market Competitive Right Now?

Many Americans are trying to decide whether it is the right time to buy a home. They know that the rates are low, so homes are more affordable. However, the Pittsburgh housing market is super competitive, making it a scary time to buy a home.

You may end up paying more for a home than you ever thought. You might also have to waive appraisals and inspections, just to compete with other buyers. Many people put in multiple offers before one gets accepted, making it a frustrating time for buyers. 

So why is the Pittsburgh Housing Market So Competitive Right Now? 

There is record low inventory of homes that are on the market right now. 

People didn’t move around last year, like they normally would. It is normal to have plenty of homes on the market at all times. However, when everything shut down last year, the housing market did too. There were hardly any homes for sale during 2020. People didn’t move around like they normally would. Older people didn’t want to downsize during this time. People didn’t move for jobs or other reasons and the market stalled. 

People are afraid to put their Pittsburgh homes on the market right now.  The pandemic isn’t over yet and, as the threat continues, people don’t want to invite that many people into their homes. They feel like they are just asking for trouble, so they are waiting until life becomes more normal to put their home on the market. 

Some are also scared about selling their Pittsburgh house too quickly, without having anywhere to go. Most people realize with the competitiveness of the market, there is a good chance that their home will have multiple offers to choose from, within the first few days. Because of this, they are going to need to have a backup plan. They may not be able to find a home in time because their current one could sell within a month. 

There Is Also Extra Demand At This Time. 

However, now that things are opening back up, people are ready to move. People are getting ready to get back to real life and more and more people are thinking about buying homes for the first time. Baby boomers are looking to downsize into a smaller home or move into retirement communities as it becomes more safe. People are actively looking and going after what they want, increasing the demand for good homes. 

Many realized that their current home situation wasn’t working. During the pandemic, when everyone was stuck at home, they started to realize that their home wasn’t ideal. Many renters looked at their rental property and realized that they wanted more. They wanted a home that they could do whatever they wanted to. They wanted to paint and remodel to make their current home work better for them. However, as a renter, they were limited in what they were allowed to do. 

Others realized that they needed something bigger. They may have realized that they needed more outdoor space so their children could get outside to run every day. They may have realized that they needed a home office so that they could work at home, while the rest of the family was there too! Many parents wanted to be able to have a separate area for their children to do their schoolwork. Most just realized that they needed a bigger home and the time to do that is now! 

What Can You Do About It? 

The best thing that you can do is get prepared before you buy a home. It helps to talk to a loan officer to get started on the process. You are going to need to be pre-qualified, so you are able to put an offer on any home that you like, as soon as possible. If not, you aren’t going to be able to compete against all of the other buyers that are falling in love with the home too! If you do not want to make any repairs and save money on all the fees, contact Cash For Homes Pittsburgh for a free no-obligation fair cash offer!