Seller's Market in Pittsburgh

3/17/2018

Over the past several years, Pittsburgh has faced a seller's market. A seller's market is where there are more buyers in the market than housing inventory. Allegheny county has one of the largest population of senior citizens in the United States. Pittsburgh has been a great place to live with it's affordability for a long time and most people do not sell their home to leave the city. 

Recently, Pittsburgh's tech scene has grown tremendously. Some have dubbed Pittsburgh the "Silicon Valley of the East Coast." Large companies like Google, Uber, and Amazon have brought their offices and services into Pittsburgh. This has sparked a large amount of new development in the city. Pittsburgh is also on the top 20 list for Amazon's "HQ2," which would be Amazon's second head quarter location. The millennial generation have been migrating into Pittsburgh as a result of our tech boom. 

Economically, the demand is out reaching the supply. The combination of people not moving out of the city and the influx of a new generation of buyers is the perfect formula for a seller's market. 

A seller's market can create many multiple offer situations on a new listing. When their are multiple offers on a property, this means multiple buyers have submitted a written offer to the sellers within a short amount of time. This puts the buyers in a situation where they have to present their best offer for the property, negotiation is very important in this step. Agents are equipped with various tactics and strategies in order to make the best offer for their customers.   

 

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