Searching for a Home in Pittsburgh: Navigating the Nuances

The Pittsburgh Real Estate Market is in Demand

Pittsburgh is a city that often finds itself on "best of" lists. Whether it’s being named the most livable city, a top food destination, or one of the most in-demand cities for various lifestyle attributes, Pittsburgh consistently garners positive attention. If there’s a list out there highlighting top cities in the USA, Pittsburgh is likely on it.

But what does this mean for potential homebuyers? In simple terms, Pittsburgh homes for sale are in high demand.

While the city’s population may not be growing rapidly, the number of people buying houses is certainly on the rise. Competition for housing is fierce, to say the least.

Financing, Fees, and Closing in Pittsburgh

Once you find your dream home and have your offer accepted, the real journey begins with banking approvals, inspections, and closing procedures.

Closing Costs

Determining the exact amount of money needed at closing can be tricky in any market, and Pittsburgh is no different. There is the down payment, but also various closing costs that need to be factored in. Your realtor or real estate attorney can provide a detailed breakdown of these costs based on your price range and chosen house. However, it’s important to be aware of the various fees that might apply, including:

• Appraisal

• Escrow fees

• Notary fees

• Attorney fees

• Title insurance

• Title transfer tax

• Prepays for insurance and annual taxes

Inquiring about these fees early in the process can help ensure you are getting accurate estimates and are financially prepared for closing.

Title Transfer Tax

Within the City of Pittsburgh, a 5% realty title transfer tax typically applies to the house value. Outside of the City most Transfer Taxes are only 2% . This tax is often split 50/50 between the buyer and the seller and can be one of the largest contributors to closing costs. It’s essential to discuss this with your realtor when looking at houses to avoid any surprises.

Final Thoughts

Navigating the Pittsburgh real estate market can be challenging, but with the right guidance and preparation, finding your dream home is achievable. Whether it’s understanding the nuances of closing costs or finding the perfect neighborhood, being well-informed is key.

We can help connect you with great professionals for neighborhood upkeep and ensure you find the right person for the job.