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It's a Buyer's Market in Scott

Lindsay Road currently has quite a few homes for sale.

These days, for sale signs outnumber flower pots on the front lawns of Lindsay Road homes in Scott Township.

“It seems like the population is aging there, and a lot of older families are moving out as younger ones look to move in,” said Jeffrey Stephan, a Coldwell Banker realtor.

There are about a dozen active listings on the road and several dozen more throughout the township, but some of them are moving fast amidst affordable prices and record-low interest rates.

“A lot of people like the Scott Township area and the Chartiers Valley School District. When houses are priced right, they go fast,” said Teri Vidovich, a Coldwell Banker realtor.

The number of additions built onto Lindsay Road homes also speak to the area’s popularity, Stephen said.

“People move there and don’t want to leave, so they add on. It’s always been a popular neighborhood and popular school district,” he said.

Both Stephan and Vidovich are working in the area, where most homes have an asking price between $114,000 and $150,000.

Many of the homes listed on Lindsay have three or more bedrooms and two bathrooms, feature finished game rooms and full updates for less than $140,000.

“It’s absolutely a buyer’s market,” said Kevin Brown, president of the Realtors Association of Metropolitan Pittsburgh. “If you can afford a home and qualify for a mortgage, it’s a good time to buy.”

Mortgage interest rates are below 5 percent for the first time in decades, and Pittsburgh is still a place where first-time buyers can find a starter home for about $100,000, Brown said.

“People have always said Pittsburgh is 10 years behind the curve on everything, and this is one party we never went to. We never went to the party, and we’re not suffering from the hangover,” he said.

One of the reasons home sales have been steady here is because of the region’s older demographic, like many of the sellers on Lindsay Road.

“In Southwestern Pennsylvania, the older generations never got hooked up in adjustable-rate mortgages or refinancing like crazy, which is why we don’t have a ton of foreclosures here,” he said. “Most sellers here are selling because they want to, not because they have to.”

How long a house stays on the market depends on a number of factors, but it’s mostly about pricing properly.

“All real estate is local,” he said. “You have to look around and see what others recently sold for on your street. That’s a good indicator of the value of your home.”

kevinandrew99 June 21, 2011 at 10:10 AM
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