Pittsburgh, PA, Market is Changing the Way Buyers Approach Real Estate

The Pittsburgh, PA, real estate market is experiencing the kind of change needed to pull the entire U.S. economy out of its current recession. After years of negative news about the real estate market as a whole, buyers are finally changing the way they view the home-buying process. "These days," says Kevin Mihm, one of many Pittsburgh, PA real estate agents predicting an upswing in the current market, "buyers are less emotional and more motivated by value. They're sharpening their skills when it comes to choosing a realtor."

Pittsburgh, Pennsylvania (PRWEB) June 5, 2009 -- The Pittsburgh, PA, real estate market is experiencing the kind of change needed to pull the entire U.S. economy out of its current recession. After years of negative news about the real estate market as a whole, buyers are finally changing the way they view the home-buying process. "These days," says Kevin Mihm, one of many Pittsburgh, PA, real estate agents predicting an upswing in the current market, "buyers are less emotional and more motivated by value. They're sharpening their skills when it comes to choosing a realtor."

This new focus is driven primarily by a shift in the way buyers view real estate. In years past, people have been trying to get more home -- and were willing to pay more money to get it. This spring is all about buying smart real estate, with an eye to increasing resale value five, ten, or even twenty years down the road.

Of course, buyers aren't the only ones driving this new concept. From the seller's perspective, the Pittsburgh real estate market is all about pricing. Banks have tightened up mortgage lending and take a good look at house worth before providing funding to prospective buyers. "This translates to more buyer awareness," Mihm asserts. "If you overprice your house, it won't sell; the mortgage lenders will see to it."

Kevin Mihm and other realtors like him are adjusting the way they approach buying and selling houses to get the most out of this new market. According to new data in the Pittsburgh, PA, home buying and selling market, first-time home buyers are on the rise, especially in the $100,000 to $175,000 price range. Thanks to options in FHA loans and the new $8,000 tax credit for first-time buyers, many people are planning on moving into their new homes in the ensuing spring months.

"But it's not all about the first-time buyers," Mihm advises. "Million-dollar listings in the low-crime, family-focused areas of North Pittsburgh are just now starting to see results, and I predict that six months from now, there's going to be a need for new construction. We all know people have been holding off on major purchases like houses, but that just means all that pent-up demand is just waiting to be released."

Experts suggest that this spring will see a shift in the entire U.S. economy, and the real estate market is going to play a big role in how that happens. Home purchases ultimately lead to purchases in home repair supplies, furnishings, and even domestic services. Since most economists agree that money being pumped back into retailers is the best way to create and sustain jobs for the future, increased real estate purchases may help to get the unemployment rate back down to a manageable level.

"In the Pittsburgh, PA, real estate market, it really is all about being smart," Mihm adds. "Whether you're buying or selling, it's a good idea to do your homework and be realistic. And if you have a good realtor and a trustworthy appraiser on hand, you're that much better poised for success -- and ultimately, the success of the economy as a whole."

About Kevin Mihm

Kevin Mihm, Realtor, E-Pro, CRB, GRI, CRS, ABR, ABRM, CIPS, SRES, has been the top sales associate for Coldwell Banker Real Estate in Pittsburgh, PA for 11 years. Since 1998, he has experienced annual sales averaging more than $50 million.

For more information on his listings and outlook for the Pittsburgh, PA, real estate market, visit him at http://www.PittsburghNorthHomes.com/.

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