Again we see Pittsburgh being hailed in the spotlight when it comes to the real estate market place. Pittsburgh is not without its share of issues but we are blessed to be able to say that we still have a strong economy and real estate market when compared to the rest of the country. Here is a clip from the actual article from the latest Pittsburgh Business Times.

Forbes Magazine named Pittsburgh the best place to buy a house on its new list of America’s Best Housing Markets.

Using the Housing Opportunity Index, a metric created by the National Association of Home Buildersand Wells Fargo, the magazine said Pittsburgh’s appreciating prices, affordability ratingand low number of foreclosures, which help keep prices stable, all factored into the city’s ranking.

Forbes said the decline of what it called Pittsburgh’s “manufacturing-dependent economy,” helped the region’s real-estate market avoid the sharp increase in prices that occurred in other parts of the country.

Other cities in the top 10 included Louisville, Ky. (2nd); Houston, Texas (3rd); Minneapolis-St. Paul (4th); Indianapolis (5th); and Columbus, Ohio (tied for 6th).

Last Sunday I was performing an open house at one of my listings when a young couple visited me. They had mentioned that they have been to several open houses that day and others prior to last Sunday. We talked casually about the home and their situation when they mentioned they currently own a home and have done so for the last number of years. At that point I had mentioned the “seller’s tax credit” and to my astonishment they looked at me like I was crazy. They emphatically stated they have never heard about this from any other agent at any of the open houses they visited or conversations they have had with other floor agents when calling offices.   I have again added the information below for home owners who would like to sell their home and purchase a new home. 

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The maximum credit amount remains at $8,000 for a first-time home buyer –– that is, a buyer who has not owned a primary residence during the three years up to the date of purchase.

But the new law also provides a “long-time resident” credit of up to $6,500 to others who do not qualify as “first-time  .” To qualify this way, a buyer must have owned and used the same home as a principal or primary residence for at least five consecutive years of the eight-year period ending on the date of purchase of a new home as a primary residence.

For all qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 tax returns.