Zillow Lists 10 Best Markets for Buyers and Sellers
By: Esther Cho
San Francisco, San Jose, and Las Vegas metro areas were named as the top markets for sellers, while Chicago, Milwaukee, and Cleveland were categorized as markets where buyers have more power, according to a report released from Zillow Tuesday.
In the top sellers’ markets, price cuts are uncommon and homes often sell for at or near their asking price. In markets where buys are favored, homes are taking longer to sell and buyers receive discounts averaging 5 percent below the asking price.
Zillow analyzed the 50 largest metros by looking at the sale-to-list price ratio, number of days listings spent on Zillow, and percent of homes on the market with a discount.
Sellers’ markets were not necessarily ones where home values are rising, but places sellers are more likely to sell their home for close to asking price and where listings spend less time on the market.
“It’s refreshing to see some markets swinging back in favor of sellers, with asking prices being met and listings spending fewer days on market,” said Zillow Chief Economist Stan Humphries. “The housing recession has been long and rocky, and we’re seeing more balance during this summer selling season. Of course, many markets are still firmly in favor of buyers, and we expect that to continue until the recovery takes more of a hold nationwide.”
Humphries also added that some of the best markets for sellers have seen the largest price drops since the recession, but the benefit for sellers is likely due to investors who are buying properties in bulk, which is helping to increase prices for those markets.
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