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Rent Prices are Shifting in the U.S.

12/2/2020

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According to a recent study by Apartment Guide, rent prices are shifting as 2020 winds down. The study found that studio apartments are the least expensive unit at the moment. This is a change, as one-bedroom apartments were previously the most cost-effective. 
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The Apartment Guide study also found that three-bedroom units are continuing to see price increases compared to this time last year in the top 50 U.S. markets. In the top 50 U.S. markets, studio, one-bedroom, and two-bedroom apartments have all decreased in rental prices year-to-year. 

The Northeast has seen studio and one-bedroom apartments charge less rent, whereas two-bedrooms are seeing an increase in rent prices. These new trends could be a reflection of household consolidation due to the impact of the COVID-19 pandemic on the economy. Pew Research Center released a report in September that stated that 52 percent of adults aged 19 to 29 are living with their parents because of the pandemic. This was the first time since the Great Depression that a majority of young adults have reported living with their parents. 

Kelli Francis, senior content strategist for Apartment Guide, noted that "in Pittsburgh, studio prices have been falling," and that "one bedroom prices are down 2% year-over-year and three bedroom prices are down 17% year-over-year." Francis also stated that two-bedroom apartments "are the only unit type to experience an increase in Pittsburgh, up 13% year-over-year." 

According to Francis, "These numbers reflect an emphasis on either studio or two-bedroom units in bigger cities and potentially more interest in smaller cities overall," and that "it's possible that single renters in big cities may be looking to downsize or take on roommates, and that more people may be considering life outside of big cities."

​To read more about the current shift in rent prices, read the full study by Apartment Guide here.
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Pittsburgh: One City Where You'll Get the Most House for Your Money

9/1/2020

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With our society spending much more time at home, it's no wonder space is at a premium these days. In fact, in a recent survey of home shoppers, buyers' most-wanted home feature in the age of COVID-19 was more space. Realtor.com looked at the median list price per square foot in the top 100 metros to find out the ones that offer the most beds and baths for the buck. Can you guess where Pittsburgh came in at? 
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The 'Burgh was second on the list, with the median list price for a home coming in at $247,450, and the median price per square foot being $65. The number one city on the list was Youngstown, OH, and the city just below Pittsburgh was Wichita, KS. For a full rundown of all the cities that give you the most space for your money, check out the full article here. 
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Real Estate Amid Coronavirus

3/28/2020

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The landscape of the real estate industry is changing drastically with each day that passes during the COVID-19 pandemic. We are sharing the latest news, updates, information, and resources available for real estate professionals as well as sellers and potential buyers. 
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For Real Estate Professionals

Real Estate License Renewal and CE Requirements Extended 
"License renewal and continuing education requirements for real estate brokers and salespersons have been delayed 90 days, according to the Pennsylvania Department of State’s Bureau of Professional and Occupational Affairs.
The bureau announced the delay today as a result of the coronavirus pandemic. Renewals and continuing education requirements will now be required by Saturday, Aug. 29, 2020."

​PAR Officers: Follow Governor's Order

“'During this crisis, the governor’s order is clear that Realtors® can only do business if they can conduct it from their home. That means you shouldn’t be leaving your house to do any type of business activities. You can, however, contact clients via telephone or electronically. You could still take listings and offers, but you can’t go through a house –even if it’s vacant– to take photos or a video,' said PAR President William Festa."

Governor Authorizes Temporary Use of Remote Online Notarization
"A temporary notarial rule suspension to allow for remote online notarization of documents in a limited category of real estate transactions was approved by Gov. Tom Wolf this week."

Open House Guidance During COVID-19
"First, members should consult with their brokers, and consider how federal, state and local authorities' recommendations and actions, such as “shelter in place” mandates, impact the advisability, and even permissibility of open houses."

For Buyers and Sellers

Recession Alert: What Home Buyers, Sellers Need to Know About the Housing Market
"While it doesn't look like it will be business as usual anytime soon, home prices aren't expected to fall off a cliff and low mortgage rates may help buoy home sales. At least that's what experts are saying this week. But this is a fast-moving, unprecedented crisis, and no one knows yet how it will all play out."

Coronavirus: Resources for Property Owners
"The following resources provide property owners with assistance during the COVID-19 crisis."

​Should You Buy a House During the Coronavirus Pandemic?
"While low interest rates seem like a sure-fire reason to pull the trigger on a big purchase, there are plenty of factors to consider before you take the housing plunge."

Resources For Everyone

Centers For Disease Control and Prevention
​World Health Organization
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