Top Buyers’ & Sellers’ Markets

Top Rehab CitiesAs the housing market improves, there is a better distinction between a buyers’ market and a sellers’ market.  A buyers’ market is characterized with properties on the market longer with more price cuts and is sold below asking price.  Properties in a sellers’ market sell fast for at or above asking price and have fewer price cuts.

September 2014, Zillow released a report that listed the current top buyers’ markets and current top sellers’ markets across the United States.  Among the cities for the top 10 sellers’ markets include Nashville, TN, while the buyers’ market includes Cleveland, OH; Philadelphia, PA; Chicago, IL; Pittsburgh, PA; New York, Northern NJ; and Cincinnati, OH.

The top sellers’ markets give sellers the most negotiating power and final sales prices are generally at or above asking price.  As for the buyers’ markets, there is plenty of inventory, including foreclosures, for investors to purchase at lower prices.

What type of market are you seeing in your area?