By Michael M. Miller, Reuters Managing EditorApril 15, 2018 13:21:26With a $1.5 billion price tag, the new Pittsburgh real estate real estate property auction on April 18 has attracted more than 200,000 bids and nearly $20 million in revenue, according to data from the Pittsburgh Realtors Association.
While some buyers are seeking to cash in on the rising price, others are turning to the crowdfunding platform to secure a piece of the action.
“We have seen a large number of new buyers come in with their bids for homes and homes are coming in at the highest price possible, and people are finding the process is very rewarding,” said Mike Hickey, president and CEO of the Pittsburgh Real Estate Association.
Hickey said the group has seen an uptick in activity this year, especially after the new year, which typically marks the beginning of the real estate recovery.
Hibbert, who owns a condo complex in the Pittsburgh area, is looking to raise money to pay off his mortgage and pay off the mortgage on his property.
The city is experiencing a major housing shortage, with demand outstripping supply.HIBBERT AND HIS PICKETED PICTURESHibberts apartment was listed on the MLS Real Estate website on March 15, but the listing was soon scrubbed.
He said he decided to wait for a better time to put down his bid.
“I was like, ‘You know what, I think I can make a better offer for a house than what they’re asking right now,’ and then I started to look for other sites that would be more affordable,” said Hibberts mother, Mary.
Mary said the bidding process took some time.
She said she saw several homes that were listed at less than $500,000.
The listing was eventually removed from the MLS site.
Mary Hibbert, right, and her son, Mike Hibbert, have put down a $500k offer on their home.HISTORY OF REALTORS ASSOCIATIONA group of real estate professionals has been working to build a network of realtors in Pittsburgh since the 1970s.
Hospitality has been a key component of that effort.
In the early 1990s, a group of Pittsburgh realtresses opened the first real estate brokerage in the city, a new real estate company that later became Hospitality.
In 2008, the city established the Real Estate Partnership for Greater Pittsburgh to create a national network of brokers to support the local economy.
The group has since grown to more than 1,000 realtores nationwide.
“There is a real opportunity in Pittsburgh,” said Paul Waggoner, president of the Real Property Partnership for Pittsburgh.
Waggoner said the Real estate Partnership for Pittsburghers has worked with local, state and federal governments to promote real estate activity in the area.
“The real estate marketplace is evolving and is growing every day,” Waggerson said.
“It’s an opportunity to be part of the local real estate community, to be a broker or a buyer or a seller.”
The Pittsburgh Realty Association estimates the average price of a home in the region is $739,000, while Pittsburgh ranks No. 6 in the nation in median home price.
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