How does the housing market look like in winter in Pittsburgh? (Penn Hills: for sale, houses)

[Lock-Os]

Hey everyone, I'm back. I asked about Morningside a few weeks back and when I went to look at the area I am glad to report that the area, at least at first glance, is pretty nice. So I'd like to thank you guys for the recommendation. The house I went to see was really nice, but it was far too big when I got to step inside. Online photos are deceiving. Anyways, after looking around for a while, I've pretty much exhausted my list for the time being and I'm waiting for more to come on the market.

So, that leads me to my question, how slow does the market get in winter as far as houses coming on the market for sale? I can easily wait out a few months until March when maybe things will pick up again, but I want to keep my expectations in line and to get a feel if I should let the houses sit on the market for a while or to buy them right away in winter.

[Geeo]

The inventory goes down in the winter, but that was when I found my house - right before Christmas. I made an offer as soon as it went on the market and beat out eight other people on it. You may not be able to let a house sit for too long, especially in the most desirable areas (Morningside would be one).

Things start picking up with more houses on the market in spring, as always.

[PreservationPioneer]

You could try expanding your search area, perhaps? If it's a nice house in a hot area, for a decent price, pounce. If it's in a questionable area or the price is too high, let it sit. If you have fallen in love with the house, don't wait. I've lost a few that way.

[Lock-Os]

Originally Posted by PreservationPioneer

You could try expanding your search area, perhaps?

I'll admit that is something that is going to work against me. Ideally, I really want to move to an area either north or east of the city where I'm familiar with the area and I'm close to everything I go to on a frequent basis. This is further complicated in that while their is a lot of nice housing east of the city in certain spots, it feels like most of the areas in between Downtown and Monroeville are either gentrified and high end or on the complete opposite side and either are outright dangerous and the few middle of the road declining.

So by default, I'm focusing on an area that is between West View and Shaler mostly. Now I don't have to move anytime soon so I'm more than willing to wait it out and see what comes onto the market in the next few months.

[PreservationPioneer]

I don't know what kind of house or neighborhood you're looking for, but there are a lot of non-dangerous, but declining suburbs east of the city, where you can find great deals and beautiful homes. Off the top of my head, parts of Verona, Blackridge, and Penn Hills are still quite pleasant. Wilkinsburg has a few nice neighborhoods, but taxes are high. Also, some of the older towns like Turtle Creek / Wall / Wilmerding / Pitcairn, East McKeesport, and suburbs like North Versailles seem to be somewhat in decline, but certainly are not unsafe (in my opinion). I also have a feeling that Homestead and Braddock are going to stabilize sooner rather than later.

But out of all of them, I would check out Forest Hills.

[RonSantoRules]

Originally Posted by PreservationPioneer

I don't know what kind of house or neighborhood you're looking for, but there are a lot of non-dangerous, but declining suburbs east of the city, where you can find great deals and beautiful homes. Off the top of my head, parts of Verona, Blackridge, and Penn Hills are still quite pleasant. Wilkinsburg has a few nice neighborhoods, but taxes are high. Also, some of the older towns like Turtle Creek / Wall / Wilmerding / Pitcairn, East McKeesport, and suburbs like North Versailles seem to be somewhat in decline, but certainly are not unsafe (in my opinion). I also have a feeling that Homestead and Braddock are going to stabilize sooner rather than later.

But out of all of them, I would check out Forest Hills.

There are some pretty nice parts of Swissvale as well -- basically any area West of Braddock, South of 376, and North of Church street. You also get into the City of Pittsburgh the closer you get to Commercial Street.

[jea6321]

inventory typically goes down in winter. However, we have been short on inventory for quite some time. there are way more buyers out there right now and if a house in a decent location goes on the market and is priced appropriately, it will sell very fast and most often with multiple offers. Last winter things did not really slow at all. Some people contribute that to the very mild weather we had which could be true, but the balance of buyers vs sellers is the ultimate reason IMO. I expect things to keep going strong. Especially now that rates are rising and are expected to continue going up. There is a mad dash to get locked in while rates are still around 4%

come spring, avg home price typically jumps a bit, and with rates that will most likely be up fairly substantially from where they are today, the same house will cost a noticeable bit more per month than it would have a few weeks ago or today.

[PreservationPioneer]

Originally Posted by RonSantoRules

There are some pretty nice parts of Swissvale as well -- basically any area West of Braddock, South of 376, and North of Church street. You also get into the City of Pittsburgh the closer you get to Commercial Street.

I forgot to add Swissvale. You're absolutely right! It's definitely one of the best affordable eastern suburbs, in my opinion, and so close to the city.

[Paul2421]

Originally Posted by jea6321

inventory typically goes down in winter. However, we have been short on inventory for quite some time. there are way more buyers out there right now and if a house in a decent location goes on the market and is priced appropriately, it will sell very fast and most often with multiple offers. Last winter things did not really slow at all. Some people contribute that to the very mild weather we had which could be true, but the balance of buyers vs sellers is the ultimate reason IMO. I expect things to keep going strong. Especially now that rates are rising and are expected to continue going up. There is a mad dash to get locked in while rates are still around 4%

come spring, avg home price typically jumps a bit, and with rates that will most likely be up fairly substantially from where they are today, the same house will cost a noticeable bit more per month than it would have a few weeks ago or today.

spoken like a true realtor. just kidding of course. i do agree though that rising rates will hurt because buyers will be working with comparable based on lower rates so sellers will expect to get more out of their homes. prices will adjust in the long run but could be higher in the short run.

[selltheburgh]

Inventory is better in the Spring, but competition is stronger too. There are lots of multiple offers that time of year.