After a severe winter, the housing market is expected to see more activity in Spring.
In time for that, Zillow is out with its list of top 10 markets for both sellers and buyers.
The criteria for the best sellers market isn’t just one where home prices are expected to appreciate the most. Instead, three distinct characteristics make a city a good place for home sellers:
- Cities where homes are on the markets for a shorter period of time.
- Cities where price cuts occur less frequently.
- Where homes are sold at prices close to or higher than their last listing price.
And the opposite is true for buyers markets.
Sellers have an edge on the West coast as supply remains tight and demand is strong on the back of a stronger job market. Meanwhile, the East coast gives buyers an edge as homes end up on the market longer.
“In general, buyers in sellers’ markets this spring can expect tight inventory, increased competition and a greater sense of urgency,” said Zillow chief economist Stan Humphries in a press release. “Sellers in buyers’ markets may need to be prepared to lower their asking price, or to wait longer for the perfect buyer to come along.”
Here’s a look at the 10 best buyers and sellers markets:
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