Thanksgiving always reminds us of how lucky we are. Ted and I are blessed with four beautiful, healthy children, much of our extended family live nearby, and we have a home that we love coming back to at the end of every day.
But when Black Friday hits the day after Thanksgiving, many of us can’t help but look around for great deals to optimize our home. A new set of dish towels, a bright area rug, some new artwork to hang on the office wall—all of it helps to make your home feel a little cozier and a little more inviting.
For some, Black Friday shopping isn’t enough to improve upon a home. If you feel like you need to completely move, take the time to consider whether it’s the right option for you and your family.
Is Buying a New Home the Right Choice?
When you’re unhappy with where you are, the temptation to get out is strong. But you should first consider whether it’s the best choice or, like with Black Friday deals, whether there’s an outside force pushing you to make an unnecessary expensive decision.
For many, moving out isn’t the best financial move for them to make. Some may find it would be better to make upgrades and improvements with some light remodeling. When we were expecting our son two years ago, we had a tough decision: Should we move into a new home with more space, or should we find a way to make our home work?
We decided to remodel our basement. After adding in some extra shelves, an office space, and a half-bath, we found we had plenty of room in our house, and we had earned extra equity in our home.
For those who like the DIY route for home improvement, there are many inexpensive ways to improve your current home without breaking the bank. Even a layer of paint or some new lighting fixtures can be enough to breathe new life into your home.
Looking Ahead to the New Year
If you’re still set on moving into a new home in 2020, here are some factors to consider:
1. Stay local. Pittsburgh is a great place to stay. In 2019, the house price index for Pittsburgh was $213,000. Across the U.S., that number was $435,000. Real estate values in Pittsburgh have appreciated over the last 10 years, but homes are still much more affordable here than in other cities.
2. Prices may fall slightly. Experts are predicting a slight recession for 2020. There’s good news, however: Few predict it will be nearly as bad as the last one we went through during the housing crisis. Instead, we may see housing prices soften as more people decide to stay put. As the pool of potential buyers dries up, so does the competition that drives prices upwards. You may see home prices come down slightly.
3. Have cash on hand. If we do enter another recession, banks may feel the need to tighten their belts. If they’re less willing to part with their money, you’ll need to bring more money to the table. If you’re planning to buy in 2020, now’s the time to start socking away extra money so that you don’t miss out on opportunities.
If a new home is on your radar for 2020, contact us at theblocks@theblocksintheburgh.com or 412.926.7976. We can make sure you make the right choice.
Cheers,
Julie & ted
Cheers,
Julie & ted