Housing supply is tight in most cities across the United States, but that does not mean that every market is a seller's market.
Today's homebuyers are a finicky lot and a mortgage-dependent lot and a confidence-lacking lot; they may want to buy a house, but they're not as willing to be as "house poor" as they might have been in the past. That is why it is more important than ever today, as both a buyer and a seller, to know your market well and know its housing value even better.
Less than a third of U.S. housing markets are seeing homes sell for above asking price, 60 percent are still seeing homes sell for below and about 14 percent are seeing homes go at market value, according to RealtyTrac, a real estate sales and analytics company. At the same time, a larger-than-normal percentage of sales are being done all in cash, which increases competition even in markets where home prices are not soaring ever higher.
As always in real estate, sellers need to know what the market will pay, and buyers need to make smart bids. In today's market, those truths are more acute than ever, as an increasing number of buyers compete for a dwindling number of listings. Even in a tight market, some homes will sit if not priced correctly.
So where are sellers in the driver's seat? No surprise, the Bay Area of California, where homes are selling for 108 percent of asking price on average, according to RealtyTrac. Sellers are also getting more than asking in Washington, D.C., Winston-Salem, North Carolina, and Cass County, North Dakota.
Buyers are more in control in St. Louis, Baltimore, Pittsburgh, Atlanta and Burlington, Vermont. Sellers are getting around 80 percent of asking price in these markets, even though supplies of listings are still limited.
Where are the stakes even between buyer and seller? Raleigh, North Carolina, the D.C. suburbs in Montgomery County, Maryland, Riverside County, California and the Phoenix metropolitan area.
Home price gains have been accelerating nationally for the past several months, thanks to tight supply and still-low mortgage rates; builders are still operating below a normal pace, and a lot of potential sellers are still reluctant to list, as they fear they will find nothing they like or can afford to buy.
Should mortgage rates move higher, as some expect, the dynamics in all of these markets could shift dramatically. For now, though, it is good to know as much as possible about your market's value, and even better to know when to walk away.
Author:Donato DAlberto Phone: 614-774-5123 Dated: August 3rd 2015 Views: 234 About Donato: Donato D'Alberto is the Associate Broker with Coldwell Banker Kingthompson. Born in Pescara, near Ab...
Serving more than 50 of the 100 largest metro areas in the United States, independent sales associates affiliated with NRT distinguish themselves every day by creating exceptional real estate experiences for their customers and their communities. But don’t just take our word for it. In 2015, REAL Trends ranked NRT as the #1 Residential Real Estate Brokerage Company for an unprecedented 18th consecutive year. It’s an honor we’ve achieved by focusing on exceptional customer service and consistently putting our clients’ evolving real estate needs first.
Whether you measure our performance in terms of size, sales volume or number of transactions, the leadership of the companies and sales associates represented by ColdwellBankerHomes.com is driving innovation and delivering value to homebuyers and sellers. As a result, NRT’s growing presence includes more than 44,000 affiliated sales associates and 4,900 employees in 727 offices, all ready to serve you.
Looking to buy a home in Whitehall? Check out this amazing deal!The Ci
"Client Feedback on Eric Hanas --
How fast did your agent respond to your questions: 5 out of 5
How well did your agent use technology: 5 out of 5
How helpful was the support staff: 5 out of 5
How good was the auxiliary services we recommended: 5 out of 5
How did the closing go: 5 out of 5
How close did we meet your expectations: 5 out of 5
How likely are you to recommend us: 5 out of 5
Services used: Buy
How did you find us: Other
Your most memorable moment
Eric was friendly, courteous, and prompt when it came to all the showings. He got us answers to our questions quickly and was a delight to work with!
The moment you'd rather forget?
loved every minute!!