How Changing Seasons Affects the Real Estate Market

It’s no secret in the real estate industry that spring is peak season for potential buyers to start looking at homes. Families want to relocate while the kids are out of school and there won’t be any chance of snow-related issues during the move.

While you may get more traffic by listing your home in the spring or summer, that may not be the best choice overall. One study found that sellers are more likely to sell their home above asking price between the months of December and March. This is even true for areas with cold winters. Furthermore, homes listed in the winter sold slightly faster than those listed in the spring, on average.

A possible reason for this could be that people looking in the winter are looking because they’re more serious about buying in a timely fashion. For example, if a couple needs a bigger home before the arrival of a child or if a professional needs to move for a new job. To get in a home they love quickly, they’ll sometimes be willing to pay top dollar.

Before you make winter listings your new passion, there are a few things to consider.

  • The Area’s Housing Market

Real estate fluctuates constantly. Before listing a home, do some research. Look at the homes currently for sale when winter hits. Have they all been on the market for two months? If so, it may be better to wait until the spring when there is a heavier flow of potential home buyers. If someone sees that the home has been listed for a while, they may try to use that as leverage to lower their asking price.

  • The Asking Price

Some sellers choose to price a home low to generate a bidding war. In the winter, that’s not a great idea since you’re less likely to receive multiple offers. However, you also don’t want to list the home too high because that could be an immediate turnoff. Seasoned real estate agents are pros at finding that sweet spot to hone in the right buyers.

  • Repairs that Matter

Home buyers in the winter aren’t looking for a major fixer-upper if they’re trying to move in immediately. If there are problems with the HVAC, furnace or roof, it could be a deciding factor that sends the buyers in another direction. Be sure that the home’s major systems have been inspected and updated if any repairs are needed. Additionally, change air filters, weather-strip the windows and clean the gutters before any showings or open houses.

Winter home sales might not be ideal for every seller, but it’s an option that shouldn’t be completely off the table from the start.

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Originally posted at http://jasoncohenpittsburgh.com/how-seasonality-affects-the-housing-market/

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Pittsburgh Real Estate: The Market in 2018

Those looking to make a savvy investment may want to look towards Pittsburgh. George Hackett, president of Coldwell Banker Real Estate Services in Pittsburgh, remarks that home sales have been “extraordinary” for 2018, citing a ten percent increase in home sale closings over the past year.

Pittsburgh, Pennsylvania isn’t the most booming market in the United States. It’s currently rated as the twenty-second most populous city in the country, but that can be seen as a positive given the long-term history of the city. The collapse of the city’s reputation as the steel manufacturing capital of the country presaged a nosedive for Pittsburgh’s economy, but today it’s seen as undergoing something of a renaissance.

Pittsburgh has been drawing in national tech companies like Uber and Apple, and with that comes both an influx of new residents and a higher standard of living. The sudden growth of industry in the city brings with it new investments in luxury boutiques and an aggressive push to make more appealing and livable spaces in the once-floundering metropolis.

Further bolstering this economic boom is a new initiative by the University of Pittsburgh Medical Center. They’ve recently announced plans to build a $200 million immunology center that could draw in scientists and medical professionals from around the world.

And while it’s easy to speak in anecdotes about a city’s health, these particular anecdotes come backed by some respectable numbers. Home prices have increased on average by almost eleven percent in the past year, putting the new median home price at $142,800. While that’s a significant increase, it still puts pricing well below the national median of $216,700. That leaves prospective homeowners in a promising position.

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I originally discussed this topic on my blog at JasonCohenPittsburgh.com.

7 Open House Mistakes to Avoid

For agents, a good impression at an open house is a jump start toward a successful sale. A bad impression can hurt future opportunities by leading to negative reviews and word of mouth.

Obtain a good impression by steering clear of these mistakes during your next open house.

No Marketing

Today’s buyers don’t read a front lawn sign or read a newspaper. Agents must take the announcement to them….

No Parking

It’s problematic to accommodate every buyer with a great parking space, but it’s mandatory. No buyer wants to attend an open house without ensuring his or her vehicles are safe

Both Unpleasant and Pleasant Smells

Agents know to remove unpleasant smells. However, good smells like candles or air fresheners can irritate buyers too, triggering allergies and sensitivity…

Unwanted Guests

Buyers are at ease talking to an agent rather than speaking to the seller. Although not intentional, sellers and his/her family annoy buyers with their bias viewpoint of the home…

Background Noise

Like smells, music playing in the background is a distraction….

Blocking Rooms

What are sellers hiding?…

Pitch Black

Similar to music and blocked rooms, a dark house is a signal for hiding something….

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To read my full blog and get all the info you need for your next open house, please visit this link to the full version of my blog

 

5 Updates Landlords Shouldn’t Make

Marble countertops, shiny tiled floors, and a brand-new patio: while they might be pretty, upgrades like these won’t help your bottom line. If you plan to invest and maintain a profitable rental property, you’ll need to strike a balance between updating the space and minding your budget.  By creating an appealing setting, you can make more of a profit by increasing the rent – however, if you stray from updates to full-scale renovation, you might end up dealing with a property that costs more than it earns. Here are a few renovations that investors shouldn’t make on a rental property.

  1. Adding a Swimming Pool

A pool may seem like an ideal addition to the backyard, but it won’t necessarily increase the value of the home. The feature can also take away space in the backyard for pets or children to play in on the property and make it seem unattractive to families who lack the time or resources to maintain it.

  1. Room Addition

According to loans.usnews.com, room additions don’t always pay off due to the high cost of the construction. Projects with a lower price tag – such as appliance updates and repainting – tend to have a better ROI for landlords.

  1. DIY Projects

From painting the walls to installing new sinks, DIY projects are cost-effective at a price; while they may seem cheap at the outset, they often look they were performed by someone who had a lack of experience and ultimately turn away would-be tenants. It’s necessary to leave the work to professionals to ensure that your money is an investment that pays off and attracts more tenants in the coming years.

  1. High-Maintenance Landscapes

According to Time Magazine, creating a beautiful garden benefits the aesthetics of a home – but it doesn’t justify increasing the rent that you charge. It can also require a significant amount of money for landscaping services to upkeep the property or the tenants may not want to spend their weekends pulling weeds and watering different areas of the yard. Stick to landscaping that is easy to maintain to ensure that you don’t waste your money if you’re renting out the house.

  1. Upgrading Everything

Many landlords make the mistake of upgrading everything and assuming that the home needs to have all new features or materials to attract good tenants. Overspending on upgrades can make the house appear too chic and regal for the local area, making it necessary to keep the upgrades to a minimum. Stick to adding new fixtures on the cabinets or new hardwood floors in the living room to make upgrades that are minimal, yet aesthetically effective.

 

*Originally posted on JasonCohenPittsburgh.net