Western U.S. Shaping Up for Strong Spring Sellers Market

Sellers will largely have more negotiating power in the western United States during the spring home shopping season, while buyers will have the upper hand in the Midwest and the East Coast, according to an analysis from Zillow. The top 10 sellers’ markets will be San Jose, San Francisco, San Antonio, Los Angeles, Seattle, Riverside, Denver, the District of Columbia, Sacramento, and Dallas-Fort Worth. Zillow has identified the top 10 buyers’ markets as Cleveland, Philadelphia, Tampa, Chicago, Pittsburgh, Cincinnati, New York, Detroit, Baltimore, and St. Louis. Buyers in seller’s markets will likely face tight inventory, increased competition, and a greater sense of urgency, speculates Zillow chief economist Stan Humphries. Sellers in buyers’ markets may have to lower their asking prices or wait longer for the perfect buyer. “As we put the housing recession further in the rear-view mirror, the broad-based dynamics that applied during those days, when all markets were reacting similarly to nationwide economic conditions, are fading,” adds Humphries. | Read More