I was one of these individuals that sold my home and moved to Pittsburgh. Wile I made a profit on my house I sold in July (only had to go down 5k in price), it was a 2.5% interest rate that I gave up. Granted in January of 2023 / February rates were 6 to 7%. I bought points to lower the APR to 5.2% just because the math worked out as it’s going to be my permanent home. Granted it is hard and not everyone can buy points to lower the APR and does not always work out for people. Just be very careful out there and educate yourself. Too many people rely on others and not educate themselves and sometimes get screwed without knowing it. Especially if you’re looking into builders (do your research on the quality of those builders). For me, I moved because I wanted an epic older home that only Pittsburgh could offer! Pittsburgh is amazing, love it. Mid size city with big city perks!
Thank you, incredibly helpful recap of the market now and what steps can be taken. For property taxes, is it 63% of the value when sold to understand the 3 property taxes moving forward?
Residential to multifamily conversions are virtually at a halt. Could you name a couple projects that you say are converting to multifamily I don’t see any in Pittsburgh.
Do have a decent amount of cash saved up and no debt. Considering Pittsburgh as an option. Do have to admit the road/ parking situation did shock me a bit.
