Where the Best Markets Are for Homebuyers and Sellers?

Image source: Zillow.com

According to Zillow.com Home sellers have more bargaining chips in today’s market—they profited an average 21 percent on sales in 2016—but in some areas, the tables have turned in favor of homebuyers.  The strongest seller’s markets, according to a new report by Zillow, are clustered in California, while the strongest buyer’s markets dot the East Coast.

Zillow’s report on the Cincinnati area reflects an increase in annual growth of +5.8% and a 1 year forecast +3.%.  Followed by the news that the inventory of homes for sale is down -16.8%

So the amount of profit or chances of profiting on the sale of your home may depend on where you live in Cincinnati and when you purchased your home.  Buyers during the boom years may see less appreciation because the purchase prices were much higher.  The local Cincinnati real estate market continues to gather steam – with some neighborhoods moving faster than others.

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Weighing days on market (on Zillow.com) and price reductions, Zillow’s top buyer’s markets are:

• Baltimore, Md.
  Days on Zillow: 104
  Percentage of Listings with Reduced Prices: 12.7 percent
• Miami, Fla.
  Days on Zillow: 108
  Percentage of Listings with Reduced Prices: 11.5 percent
• Philadelphia, Pa.
  Days on Zillow: 101
  Percentage of Listings with Reduced Prices: 13.3 percent
• Chicago, Ill.
  Days on Zillow: 105
  Percentage of Listings with Reduced Prices: 10.6 percent
• Houston, Texas
  Days on Zillow: 94
  Percentage of Listings with Reduced Prices: 10.9 percent

Today’s buyer’s markets could set in motion a shift to a buyer’s market and Zillow is predicting a shift within 3 years.—
Zillow’s top seller’s markets are:

• San Jose, Calif.
  Days on Zillow: 50
  Percentage of Listings with Reduced Prices: 6.0 percent
• San Francisco, Calif.
  Days on Zillow: 51
  Percentage of Listings with Reduced Prices: 5.4 percent
• Denver, Colo.
  Days on Zillow: 57
  Percentage of Listings with Reduced Prices: 6.5 percent
• Seattle, Wash.
  Days on Zillow: 53
  Percentage of Listings with Reduced Prices: 6.6 percent
• Sacramento, Calif.
  Days on Zillow: 62
  Percentage of Listings with Reduced Prices: 7.5 percent

Zillow’s chief economist has some suugestions:…. “If you’re a buyer in a seller’s market, it’s important to get preapproved for a loan so you can move as quickly as possible. It’s also helpful to find an agent with a track record of winning bidding wars. If you’re a seller in a buyer’s market, consider making small improvements to your home to make it more attractive, and be prepared to be a bit more patient waiting for offers to come in. Every housing market is different, so it’s important for buyers and sellers to educate themselves on the type of market they’re in.”.
For more information, please visit www.zillow.com.