Western PA Residential Real Estate Market Looking Good for Buyers and Sellers

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Northwood Realty Services looks ahead for remainder of 2016.

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Northwood Realty Services

Overall the market remains on a steady rise which, combined with low rates, means that the rest of 2016 will be great time to buy or sell a home in Western Pennsylvania.

It’s a great time to buy or sell a home in Western PA right now, and the remainder of 2016 should continue with a steadily strengthening market, according to experts at Northwood Realty, one the region’s largest real estate services providers.

“Looking ahead, we’re able to determine what to expect, because we can validate our market insights and knowledge using the predictive analytics tools available through Northwood’s Find Buyers program,” said Tom Hosack, president and CEO, Northwood Realty Services.

According to Hosack, low interest rates are primarily fueling the steadily rising market. However, the strength of the market can also be attributed to other factors, including better employment and more re-entry buyers (those who lost homes in the recession and can again obtain a mortgage). Northwood’s Find Buyers program data indicates that more people are researching homes right now than at this time last year, which is typically followed by more sales coming in the next few months.

Although the beginning of the year started slower primarily due to the loss of fracking activity, it has recovered well. June and July slowed slightly as inventory tightened particularly in the move up markets, but for those that own homes in that mid-price price range of about $150,000 to $250,000, it is still a great time to sell.

As in the beginning of the year, home prices in the market continue to remain stable and affordable, based on the ratio of price to local income. Higher priced homes saw a decline in sales during the first quarter of 2016, and sales continue to be slightly slower in the luxury market. Higher-end buyers are typically more concerned with world markets and the election cycle and are more likely to be cautious in times of global turmoil or instability. The US election, Britain’s exit from the EU (Brexit) and global trade has meant a fair amount of uncertainty in the world markets, but that also means lowers rates will likely be around longer than anticipated.

“Looking at our Find Buyers predictive market analysis, we can expect that the next 90 days will be above last year,” said Hosack. “We also believe the fourth quarter will exceed 2015, since last year’s business was down due to implementation fears of regulatory changes to closing processes. Many agents didn’t want to be the first to navigate those changes, so they advised clients to wait to buy or sell a home.”

Hosack said that Northwood is still projecting that the region’s home sales will end up about eight percent over 2015, which will be a very solid year for the region. “Overall the market remains on a steady rise which, combined with low rates, means that the rest of 2016 will be great time to buy or sell a home in Western Pennsylvania,” said Hosack.

About Northwood Realty Services
Founded in 1956 and celebrating 60 years of service, Northwood Realty Services is one the region’s largest real estate services providers, serving customers across 22 counties from 37 offices in Western Pennsylvania and Eastern Ohio. Northwood and its affiliates provide clients with full-service real estate solutions that cover every step of the home buying and selling process. Northwood consistently leads the industry by employing new technologies, best-in-class training and experienced leadership to ensure that its agents are positioned to assist buyers and sellers with unparalleled customer service. Northwood has earned a reputation for integrity, accountability and hard work. Guided by these principles and a desire to serve others, Northwood agents are changing the face of real estate.

For more information about Northwood Realty Services visit: http://www.northwood.com/

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Jennifer Faines

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