PITTSBURGH — Michael Silverstein spent two years remodeling a rundown and abandoned home in Highland Park.
Now his hard work has paid off.
“We put the house on the market the Thursday before the Super Bowl and by Super Bowl Sunday I had three offers,” he said. “We had 20 appointments to see it in just in a matter of days.”
His house sold fast and for $15,000 above asking price.
“It’s pretty hot right now,” said Howard Hanna realtor Justin Cummings.
Realtors said five years ago, the same house would have been on the market at least 30-90 days.
They credit the trend to two factors.
“The interest rates are so low it affords them a nice house so people are able to buy a nice house on a modest salary,” said realtor Stephen Cummings.
“The number of properties on the market is lower than it was last year and last year was lower than it was the previous year,” said Justin Cummings.
Low inventory and low interest rates are a seller’s dream and a buyer’s nightmare.
“My brother, Stephen, and I had seven properties sell in less than a week in the last two months. Many had bidding wars,” said Justin Cummings.
According to West Penn Multi-List Inc., closings were up 10percent in southwestern Pennsylvania last year, and the average sale price jumped 6 percent.
In Allegheny County, the average home price skyrocketed nearly 14 percent.
As for Silverstein, he is already buying a house in the same neighborhood.