Now that the First Time Tax Credit is over, is it a buyers market in Pittsburgh?

Now that the credit expires tomorrow will buyers feel it's time for bargin pricing?  The tax credit pushed many first time and second home buyers to find a home in Pittsburgh this April.   The Pittsburgh real estate market and other cities were flooded with buyers who waited until April 30th to get a signed contract. The answer will depend on the amount of time a property has been on the market, if it's priced correctly and how motivated the owner is to sell. 

  • April 30 2010 - Southside Flats
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Answers (4)

Yes, It will be the buyer market from tomorow and it is very good time to buy since you need not to compete to the other buyers and you may get the good deal.
  • April 30 2010
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It depends on the house.  Houses that are in good condition and priced in the market, not above it, will still sell quickly and for top dollar.  Its the houses that need work or that are priced above what others in the neighborhood have sold for that will sit and sit and eventually be sold for less money.  Interest rates are low still.  If you do the math you can see that a rise in interest rates of 1% will effect most buyers more than the tax credit did.  Smart buyers will still buy now knowing that a lock in of current low interest rates is what will allow them to buy what they want now, but may not be able to afford when the interest rates rise.
  • May 03 2010
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Love how this term is thrown around. What do you mean by buyers market. When we study trends a perfect market is one where the average home takes 6 months to sell. Ove six months is a Buyers market and under a sellers market.
That should hlep explain an answer. With the number of lower price buyers decreased we have moved more in the Buyers market direction in the lower priced homes. On the upper end there has been little to no effect.  In Allegheny
county the average days on the market for homes that sold is showing at 88 which is by deffination a sellers market, Many sellers would feel that anything over 90 days would be a buyers market.
  • August 04 2010
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It is a great buyers market and a great sellers market if as long as a home is priced correctly. Housing prices don't really depend on if 1 or 20 people are willing to pay the same price. Yes, supply and demand is important, but the general economy and area growth is much more important. Pittsburgh is a great market because our homes never go really high in price or dip really low. So yes, Pittsburgh is still a great market!
  • August 10 2010
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