some questions about Pittsburgh neighborhoods and relocation (Dormont, Bellevue: sales, to rent)

[The King of Um]

Originally Posted by greg42

That's what I would say too. There's very little risk in a small mortgage for 10 years say (and pay faster if you want). I wouldn't put it all down even. Interest rate is under 3%. Get some while you can!

I don't like the idea of having debt--honestly, it scares me. I have no credit card debt. When I had a car, I had no loan. Actually, I paid cash for every car I ever owned--all four. So I don't want to incur debt at this point in my life.

[selltheburgh]

Originally Posted by Hip Priest

I don't like the idea of having debt--honestly, it scares me. I have no credit card debt. When I had a car, I had no loan. Actually, I paid cash for every car I ever owned--all four. So I don't want to incur debt at this point in my life.

3-3.5% interest rate is like free money. Do a 15 year and you'll get under 3%.

These days 100k does get you much if you want livable, character, brick, walkable, safe, etc.

borrowing 100k over 30 years costs $449 / mo. That's half of rent.

[The King of Um]

Originally Posted by selltheburgh

3-3.5% interest rate is like free money. Do a 15 year and you'll get under 3%.

These days 100k does get you much if you want livable, character, brick, walkable, safe, etc.

borrowing 100k over 30 years costs $449 / mo. That's half of rent.

I would rather borrow nothing, pay no mortgage, and invest the remaining $449 a month in my mutual funds. I'm not going to give up so easily; I'm not going to get discouraged. As the posted Hope said, something in my price range will come along.

[Hopes]

Originally Posted by Hip Priest

I know the economy is decent is Pittsburgh, but it isn't that great. So why is the real estate market so hot? Yes, Pittsburgh is cool, but it's not Manhattan. (I mean no offense to anyone with the comparison, so please don't take any.)

Our economy is that great. I started a thread yesterday posing an article that says Pittsburgh is one of three cities that have fully recovered from the recession. Guess what? NYC isn't one of those cities. Pittsburgh, Knoxville and Dallas.

The recession didn't hit hard here like elsewhere. And our real estate market never tanked like the rest of the country. It has always been a stable market because it doesn't have booms and busts. I wouldn't say the market is hot. I'd say that people are snatching up deals. It's cheaper to own than to rent here. It has always been that way.

Of course it's not Manhattan---the prices aren't high here so it doesn't even make sense to say that. I mean, come on, you couldn't buy a closet in Manhattan for 60k.

[greg42]

Originally Posted by Hip Priest

I know the economy is decent is Pittsburgh, but it isn't that great. So why is the real estate market so hot? Yes, Pittsburgh is cool, but it's not Manhattan. (I mean no offense to anyone with the comparison, so please don't take any.)

LOL You're looking at $60k houses and saying "Why is the real estate market so hot?" Seriously?

It's not like you're looking in the bad neighborhoods. So wondering why you can't get your ideal house at $60k is a little odd. The way you get a better house that cheap is to take a chance on a marginal neighborhood. The way you get closer to your ideal is to take a little mortgage.

The houses in the price range you are thinking of do not even constitute what is typically considered in a hot market. They don't even really register. One thing we do have here though is a tight rental market. So houses in this range could be bought for cash and rented out I suppose.

[The King of Um]

Originally Posted by SteelCityRising

32 Hickory in Etna and 2136 Rockledge in Spring Hill are both already under contract. The real estate market around here is sizzlin'!

Why is it sizzlin'? That's not good for us potential buyers. It's very good if you're an owner, but if you're a buyer on a budget like me, that's horrible news!

[Hopes]

Originally Posted by Hip Priest

Why is it sizzlin'? That's not good for us potential buyers. It's very good if you're an owner, but if you're a buyer on a budget like me, that's horrible news!

SCR is in the market for something under 50k, or less than that if I recall correctly. So he's overly passionate about the demand in the area. You guys would make good friends after you move here.

[selltheburgh]

I beg to differ. Everything from 75k to 700k in the East End is flying off of the market. There are multiple offers on almost everything that comes up for sale that is priced right.

[Hopes]

Originally Posted by selltheburgh

I beg to differ. Everything from 75k to 700k in the East End is flying off of the market. There are multiple offers on almost everything that comes up for sale that is priced right.

That's the East End. We're looking at less desirable neighborhoods outside of the East End and they're saying it's sizzling.

[Goodjules]

Originally Posted by Hip Priest

I know the economy is decent is Pittsburgh, but it isn't that great. So why is the real estate market so hot? Yes, Pittsburgh is cool, but it's not Manhattan. (I mean no offense to anyone with the comparison, so please don't take any.)

The economy here is strong, especially when compared to some of the hard-hit areas of the country. I'd call the real estate market here strong as opposed to hot. I lived through sizzling hot markets in the SF Bay Area and this doesn't compare.

Hot: Hundreds of people viewing the house during one day. Multiple all cash offers, $100k over asking. 2 bdr, 1 ba homes that need work in iffy neighborhoods selling for over $700k. That's a "hot" market. There are neighborhoods in Pittsburgh where homes get multiple offers, but it's nothing like you see in SF or NY.