In the dynamic world of luxury real estate, there exists a name that resonates with unparalleled excellence and innovation: Engel & Völkers. With a legacy spanning over four decades, this European-based brokerage has expanded globally, offering a boutique-style approach to real estate that sets it apart from traditional agencies.

Katie, an expert advisor from Engel & Völkers' Pittsburgh location, shed light on the unique aspects of operating within our co-working environment, Alloy 26 at Nova Place.

“The location of Nova Place is perfect,” says Katie.

Katie talked about the convenience and how the company’s office location at Nova Place facilitates easy access for agents amidst their busy schedules.

“With showings and things like that, I feel like we are so centrally located …agents are always on the road, and this is such an easy place to go from or to come back to after showings.”

Katie continues, “There are lots of close by places to go grab lunch where you can just walk there. We like to go to lunch at Federal Galley.”

Katie highlighted the benefits of operating within a co-working environment.

“There's always hubbub. We’re getting good exposure just by being here in this community workspace. There’s lots of natural networking and it’s a fun space.”

Katie said, “There’s always so many interesting happenings…monthly events, member breakfasts, pop-ups like Betsy Ann selling chocolates, and plenty of networking events.”

There are also a lot of industry-specific happenings that benefit the company.

Katie recalls, “There was just an interior design event and a women in real estate event here last week.”

She talked about other resources available here at Nova Place that help with convenience such as parking, discounted gym memberships, printing services, and access to conference rooms.

“We love having access to the conference rooms. We can bring in our clients if we need to and it’s an easy and confidential place to meet up.”

Engel and Völkers have over 1000 locations in over 30 countries all with a boutique style approach. When asked about the real estate market in Pittsburgh, Katie underscored the city's appeal as a strategic choice for Engel & Völkers. Despite not being a traditional luxury market like Aspen or Naples, Pittsburgh offers ample opportunities for the brokerage to thrive by providing high-quality service tailored to local clients' needs.

“We offer a white glove service to all clients at any price point. So, although Pittsburgh is not an Aspen or Naples, it doesn't matter. The brand is going to thrive here because we are basically offering that same luxury service but to all price points.”

Katie emphasized the company's focus on offering personalized, hands-on assistance, regardless of the property's value. This dedication to excellence has been a hallmark of Engel & Völkers since its inception in the 1970s, and it continues to drive the company’s success today.

Katie explains, “…we think Pittsburgh needs [this type of service] because there’s a lot of transactional brokerages out there, where our company has a very hands-on, very white glove experience.”

Transitioning to home-buying tips, Katie stressed the importance of education and assembling a dream team comprising an expert advisor and a lender.

Tip #1: Knowledge is power.

Katie encourages all future home buyers to get educated before they seriously start the home-buying process.

“You have to go through the exploration phase as a buyer but create your dream team. Link up with an expert advisor and link up with a lender. Have those two relationships and work with them. Ask all the questions, be an expert, and get educated on the buying process before just looking for homes.”

Katie continues, “I can't tell you how many people have gone to open houses, they're exploring, they're touring, and then they get down to the nitty-gritty with an agent and a lender, and there’s a lot of information they don’t know much about.”

Advisors can tell you important information about a particular location you are interested in. Katie said, “I can tell you off the bat, what school districts are going to be higher taxes than others.”

Tip #2: Define a location

Consider where you or other family members work and your family’s needs in relation to public transportation, school district, convenience, etc

“Knowing the location of where you want to live is key. Your home location should make sense for your family.”

Katie also highlighted the significance of understanding the market and current trends, especially given the fluctuations in interest rates and supply versus demand dynamics.“It’s also very important to understand the current market that you're going into because between 2019 and where we are today, in 2024, the markets changed so many times. Right now, we're entering a different market than we were last year.”

Katie explains, “You have to watch interest rates and supply versus demand. We had low supply, but low-interest rates from 2019 to 2022, so it was a buyer frenzy. Very much so a complete seller's market. Everybody wanted to buy a house because it was the lowest interest rate we'd ever seen and we might never see that 2.75 rate again… but those were the lowest rates we've ever seen plus the low inventory, and it just created a boom. Now that inventory is going up a little bit, rates are up a little bit.”

Tip #3: Don’t buy the rate, buy the house!

Katie clarifies, “People will be like, I'm waiting because of all these buyers, and because the rates are too high.”

Her advice is to buy the house if you love the house because you can always refinance later to get a lower rate.

“Also, when rates go down, there's going to be a buyer frenzy.”

She shared that when rates do go down, everyone who was waiting will be coming out of the woodwork and then it becomes a very competitive situation with a million offers per home.

“So, if everyone's waiting for rates to get around 5%, and that doesn't happen until 2025, this might be the best time to buy…Don't wait to buy for the rates to go down.”

Katie further explained, “Rates went up, and that's why it was a very slow market at the end of last year because people were thinking they would wait to buy until the rates went down.”

As we delved deeper into market myths and realities, Katie dispelled misconceptions about the necessity of putting a 20% down payment.

“A lot of first-time homebuyers don't know that there’s a lot of help for them. That there are options like the FHA loan that gives you the chance of only doing the 3.5 down, or that you don’t need to put 20% down.”

Katie continues, “The less you put down the more your monthly payment is and the higher your interest. The interest hits you harder when you borrow more, but if you're a young buyer and you just don't want to put 20 percent down, then know that you don't have to.”

Katie also dispelled the myth that it’s beneficial to price homes higher for negotiation purposes. Her insights reflected Engel &Völkers' commitment to transparency and client-centric practices.

“The old school of thought is that if you price your home higher, that's how you'll get more money, or you'll have more room to negotiate. That is an absolute myth. Nowadays statistically, you will see that the closer you price your home to market value, the closer you get to your asking price.”

Wrapping up our discussion, Katie shared her excitement for the 2024 real estate market.

“We’re moving into what we’re calling a healthy market where it's not buyers having to overpay hundreds of thousands of dollars for a house.”

Katie’s enthusiasm mirrored Engel & Völkers' unwavering dedication to delivering exceptional service and results in every transaction.

“I got into residential real estate because I really love the personal aspect. I typically work with people that I know, and if I don't know them very well, I get very close with them through the process.”

Katie shares, “It's the most important investment of someone's life, and you're there for it. I just feel like it's a very personal business and there's nothing transactional about this.  So, I like that and how entrepreneurial it is. This is a career I’m able to create a future for my family with.”

Engel & Völkers' presence in the luxury real estate market is characterized by a blend of sophistication, innovation, and personalized service. With expert advisors like Katie at the helm, the company continues to redefine industry standards, setting new benchmarks for excellence with each successful transaction.

Whether you're buying or selling a property, Engel & Völkers offers the expertise and support needed to navigate the real estate journey with confidence and peace of mind.

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