The American Dream seems to be alive and well, as indicated by our Pittsburgh Real Estate Market.
The American Dream was introduced in the 1931 book, Epic of America, written by James Truslow Adams. Adams described it as “That dream of a land in which life should be better and richer and fuller for everyone, with opportunity for each according to ability or achievement.”
Homeownership has become a frequent measure of achieving the American Dream. The view of homeownership as a cornerstone of the American Dream’s achievement has not changed, even through a pandemic.
A recent survey by Realtor.com reveals that becoming a homeowner is still the main reason this year’s first-time homebuyers want to purchase a home. When asked why they want to buy, three of the top four responses center on the financial benefits of owning a home. The top four reasons were:
59% – “I want to be a homeowner.”
33% – “I want to live in a space that I can invest in improving.”
31% – “I need more space.”
22% – “I want to build equity.”
Experts thought that millennials would become the first generation of renters. It was surprising to see the survey results that showed 62% of millennials say a desire to be a homeowner is the main reason they are buying a home.
Our local market is an indication that the American Dream is alive and well. We have a low inventory of homes for sale and a much higher number of buyers ready to purchase. This creates a seller’s market.
The pandemic didn’t shift the strong seller’s market we were and still are experiencing. The Pittsburgh real estate market remains strong. Mortgage rates are still low, which makes the affordability of a home within reach.
In a seller’s market, the home prices rise along with the appreciation rate. Now is a great time to be a seller.
A home buyer needs to be prepared to win the offer of a home in the current Pittsburgh real estate market. To prepare, you should:
- Obtain a mortgage pre-approval. The seller will want a copy of a pre-approval letter from your lender when you submit an offer. It does take time for the lender to process your information. It is best to do this step before you look at any homes.
- Be prepared to make quick decisions. Home sellers are receiving offers within hours of a home being available for sale. It isn’t unheard of for a seller to receive an offer from a buyer who hasn’t yet toured the house. There may be no time to “sleep on it.”
- Prepare for a bidding war. The fact is that a well-maintained home that is priced correctly will receive multiple offers that create what we call a “bidding war.” Many buyers are offering over asking. One tactic used now is to look at homes on the low end of your budget, allowing you the room to make an offer above the seller’s asking price.
If you desire to add homeownership to your definition of the American Dream, we can help you prepare. Our team of buyer’s agents stays on top of the current trends to help our buyers have an advantage.
We would love to help you make your American Dream a reality. Contact us at 412-303-3600 or SAYHAYTeam@gmail.com.