Knowing which type of market is currently trending in your area can help determine the ease or difficulty of your next move. This article details recent market research gathered by Zillow for several metro areas across the United States. Read more to learn about market trends in your specific area.
As the spring home shopping season heats up, buyers and sellers nationwide can expect very different experiences when it comes to negotiating power. Zillow took a look at recent data to determine markets where sellers have the power and those where buyers are in control. Our analysis shows many home sellers are thriving in the Bay Area, San Antonio and Los Angeles metro areas, where price cuts are sparse and homes often sell at or near their asking price. On the other end of the spectrum, the Cleveland, Philadelphia and Tampa metros are buyers’ markets, with homes taking longer to sell, less competition in the marketplace and more room for bargaining on prices. In this analysis, a sellers’ market is not necessarily one where home values are rising, but rather one in which homes are on the market for a shorter time, price cuts occur less frequently and homes are sold at prices very close to (or greater than) their last listing price. In buyers’ markets, homes for sale stay on the market longer, price cuts occur more frequently and homes are sold for less relative to their listing price.
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