Chicago is Buyer’s Market According to Zillow

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.

“The overall recovery has been more robust in some markets, especially on the West Coast, with fast home value appreciation, strong job growth and solid income gains,” says Dr. Svenja Gudell, Zillow’s chief economist. “Many of these markets are also experiencing above-average housing demand coupled with limited inventory, putting sellers in the driver’s seat. On the flip side, a number of markets nationwide continue to struggle with slower job growth, weaker home value appreciation and higher rates of negative equity, giving buyers more negotiating power.”

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

1. Baltimore, Md.
   Days on Zillow: 104
   Percentage of Listings with Reduced Prices: 12.7 percent

2. Miami, Fla.
   Days on Zillow: 108
   Percentage of Listings with Reduced Prices: 11.5 percent

3. Philadelphia, Pa.
   Days on Zillow: 101
   Percentage of Listings with Reduced Prices: 13.3 percent

4. Chicago, Ill.
   Days on Zillow: 105
   Percentage of Listings with Reduced Prices: 10.6 percent

5. Houston, Texas
   Days on Zillow: 94
   Percentage of Listings with Reduced Prices: 10.9 percent

Zillow’s top SELLER’S markets are:

1. San Francisco, Calif.
   Days on Zillow: 51
   Percentage of Listings with Reduced Prices: 5.4 percent

2. San Jose, Calif.
   Days on Zillow: 50
   Percentage of Listings with Reduced Prices: 6.0 percent

3. Denver, Colo.
   Days on Zillow: 57
   Percentage of Listings with Reduced Prices: 6.5 percent

4. Seattle, Wash.
   Days on Zillow: 53
   Percentage of Listings with Reduced Prices: 6.6 percent

5. Sacramento, Calif.
   Days on Zillow: 62
   Percentage of Listings with Reduced Prices: 7.5 percent

“Whether you live in a buyer’s or seller’s market, there are a few things you can do to stand out from the crowd,” Gudell says. “If you’re a buyer in a seller’s market, it’s important to get pre approved for a loan so you can move as quickly as possible. 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.”