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Real Estate in Pennsylvania During COVID-19

3/20/2020

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The situation with COVID-19 is continually changing, and it's safe to say everyone has a lot of questions. Because real estate transactions often utilize third-party service providers, each situation is different. Our aim is to provide resources and answer questions you may have with the information we have available at this time. 
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Pennsylvania's Governor ordered all non-life sustaining businesses to shut down. Does that include real estate businesses?
All real estate sales and leasing businesses have been ordered to close their physical locations until further notice. The order does not apply to remote operations, as long as social distancing and other measures are followed. We understand this to mean that brokers and agents can conduct whatever activities they can from home, but should not be in an office, and should likely avoid conducting business in client's homes. Most third-party providers (inspectors, contractors, title companies, etc.) have been impacted by the Governor's mandate as well. 
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​Resources:
-Centers for Disease Control and Prevention
-World Health Organization
​-Business Closure Order
-Life Sustaining Business PDF
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-National Association of Realtors Coronavirus Guide
-COVID-19 Addendum to the Agreement of Sale 
-County Recorders of Deeds status in each county
-Unified Judicial System of Pennsylvania Coronavirus Information
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-Pennsylvania Association of Realtors Coronavirus Updates
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Pittsburgh: One of the Most Affordable Metros for Getting Married and Buying a House in the Same Year

11/12/2019

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It's not uncommon to get married and buy a house all in the same year. These two big life changes can really add up, so Redfin set out to find which cities were the most affordable for couples to get hitched and buy a new house in. Pittsburgh ranked third on the last, just below Detroit MI, and Cleveland, OH. 
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To go about their study, Redfin calculated downpayment amounts in 25 popular metros in the U.S., assuming a downpayment of 20% on the median list price as of April 2019. They then added that data to wedding costs from WeddingWire, which reported that the average cost of a wedding, engagement ring, and honeymoon to be just under $39,000 in 2018.

Here's a look at the data for the top five most affordable metros for getting married and buying a house in the same year.
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Image Source: Redfin
According to WeddingWire, average wedding cost in Pittsburgh is $27,000, which is more than $10,000 below the nation average of $38,700. In Pittsburgh, the median list price was reported to be just under $190,000. The average median list price for the metros studied was $308,000.

A 20% downpayment, based off of a $190,000 list price, would be $37,980 in Pittsburgh, whereas the average downpayment for the metros studied was close to $80,000. The average wedding and downpayment on a home would cost a Pittsburgh couple $64,980, which is almost $50,000 below the national average. 

The five most expensive metros in the study were found to be Boston, MA, San Diego, CA, New York, NY, Lost Angeles, CA, and San Francisco, CA coming in at the most expensive, with an average wedding and downpayment costing a couple $325,000, which is over $215,000 above the national average and $260,020 above Pittsburgh's average wedding and downpayment cost. 

To learn more about the most and least affordable metros to buy a home and get married in the same year, check out the full article on Redfin's website here. 
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Pittsburgh Has the Most Homes For Sale Under $100K in the U.S.

10/17/2019

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It may seem nearly impossible to find a home for under $100,000 in today's real estate market, but it turns out that you absolutely can, and Pittsburgh is the place to look. 
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Realtor.com performed a search to find out which metros had the most single-family homes for sale below $100,000. Pittsburgh took the top spot with 2,452 single-family homes for sale under $100,000. It was found that the median home price was $168,000. Along with a high volume of inexpensive homes, Pittsburgh was noted for becoming a technology hub, with large companies such as Uber, Google, and Microsoft opening offices in the City.

While the fact that Pittsburgh is becoming more popular for tech firms, and thus increasing home prices in the areas near the tech companies' offices, neighborhoods such as Dormont, Castle Shannon, and Bellevue were noted for still being affordable for buyers.

The top five cities with the most homes under $100K were:
  1. Pittsburgh, PA - 2,452 homes under $100K
  2. Detroit, MI - 2,402 homes under $100k
  3. Chicago, IL - 2,070 homes under $100k
  4. St. Louis, MO - 1,900 homes under $100k
  5. Cleveland, OH - 1,587 homes under $100k
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To find out the rest of the top ten list, check out the original article on realtor.com. If you're looking for a home in Pittsburgh or the surrounding area, get in touch with us! We would love to help you find the home of your dreams!
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