The US housing market has experienced unforeseen volatility over the past two years, but the time has come for an all-over relaxation. A report by the Post Gazette outlines how the Pittsburgh housing market in particular is set to uncoil, as sellers are finally ready to part with properties. That flips the market on its head, and puts the power back into the hands of two groups – buyers, and renters.
With more sellers willing to be flexible with their property, there’s a great number of properties on the rental market. This has led to a 5.4% drop in rent prices according to the Pittsburgh City Paper, freeing up cash for renters to get better properties in better conditions. This also puts more money in the pocket of renters for consumer goods, their expenditures, and for items not covered in their rent. Appliances are an important part of this equation – consumer goods have seen prices rise, and keeping those appliances in good shape is a key part of renting properly.
Pittsburgh homes remain extremely competitive in terms of their bottom line price. Figures analyzed by Roofstock outline an average property price of $234,700 in the city, much lower than in other over-inflated areas and representing great quality within the Rust Belt. With Pittsburgh becoming a revitalized area, these prices are being seen as something of a bargain given the location of the city and economic changes in the reason.
Heart of change
These prices could soon inflate. Pittsburgh has been touted by the new federal administration as a potential epicenter for the new infrastructure plan. According to US News this will see many trillions of dollars spent on infrastructure, with areas like Pittsburgh a key example of where efforts are to be concentrated. This can have an inflationary impact on house prices, but it will be a worthwhile one as opposed to being distinctly related to any speculation related market movements.
For homeowners in Pittsburgh, this means there’s an opportunity – now, and in the long-term. For renters and buyers, there’s properties available that will give an actual representation of value in an otherwise volatile and strange-looking property market. It’s a good time to get involved, while being aware of the usual pitfalls of buying, selling and renting, of course, but either way it’s an exciting time for Pittsburgh property.