Tips for the Pittsburgh Real Estate Market

If you're looking to purchase a home in the Pittsburgh-area, it seems as though you've picked the right place at the right time. In 2006, Kiplinger's Personal Finance Magazine rated Pittsburgh as the 9th "smartest" place to live in the nation when looking at the relative cost of living/quality of life in the area. According to cnnmoney.com, Pittsburgh real estate is "undervalued" by 15% as compared with the rest of the nation. This combination makes the Pittsburgh real estate market very attractive. But where in the Pittsburgh-area should you consider during your home search?

Alan Perlis' and Beth Bradley's "The Unofficial Guide to Buying a Home" confirms that location is key when making your decision on where to purchase a home. Where you will decide to live in Pittsburgh will depend upon your individual situation and needs. Here are some things to consider when looking at the Pittsburgh real estate market:

Value: Of course, the amount of money that you want to spend in your home purchase will play a huge factor in where you will buy a home. Pittsburgh has a range of homes in all price ranges and types. According to the 2005 American Community Survey completed by the U.S. Census Bureau, Pittsburgh has a much larger than average number of older homes than the rest of the nation (64% of homes in Pittsburgh were built before 1959, versus 33% for the rest of the nation). If you're looking for an older home, many of these homes are located within the city limits, with Squirrel Hill and Shadyside being the most popular (and most expensive) neighborhoods. Newer homes can be found in suburbs such as Franklin Park, Plum, South Fayette, and Moon Township.

School Districts: Pittsburgh is home to many top public school districts, including Mt. Lebanon, Upper St. Clair, and North Allegheny (which serves McCandless, Franklin Park, and Wexford). According to the Pennsylvania Department of Education, Clairton, Duquesne, McKeesport, Pittsburgh, West Mifflin, Wilkinsburg, and Woodland Hills School Districts have had issues meeting state academic standards.

Commute Distance: Traveling into the city from the east through the Squirrel Hill Tunnels can add significant time to your daily commute. Traffic through the South Hills can also be difficult, but many South Hills residents choose to use public transportation (including Pittsburgh's subway system, the "T") to get into the city. Commuting from the North and West can be easier because there are more interstates in these areas, but you'll definitely want to consider where you'll be commuting to when making your housing decision.

Assessed Value: Allegheny County, the county which makes up Pittsburgh and the surrounding area, has had recent controversies over how to assess the value of homes in the area. Recently, the decision was made that all home values should be based on the 2002 Assessed Value. This will help current home buyers, who were seeing their assessed values increase to the sale price of the home when making their purchase while their neighbors' assessed value remained at the 2002 value.

There are some additional websites that can help you to gather information about the Pittsburgh real estate market and the region in general. Links to these sites are below:

Allegheny County/Pittsburgh Real Estate Website (allows you to look at the price history/assessed value of all homes in Allegheny County):

http://www2.county.allegheny.pa.us/RealEstate/Search

A Newcomer's Guide to Pittsburgh (compiled by the Carnegie Library of Pittsburgh):

http://www.clpgh.org/subject/pgh/NewtoPittsburgh

Howard Hanna Real Estate Website (Howard Hanna is one of the largest agencies in the Pittsburgh real estate market and the website will allow you to complete searches based on neighborhood, price, and home size):

http://www.howardhanna.com/site