If you live in the San Francisco Bay Area then Zillow’s latest report highlighting the advantages of selling one’s home in this market won’t surprise you. As anyone following the real estate market is acutely aware, the strong appreciation of housing prices has created a lopsided market favoring sellers. Now, the Zillow report confirms that the Bay Area market outstrips all other regions in advantaging the seller over the buyer. The Zillow methodology focuses on the percentage of price reductions for active listings and the total time it took for homes to sell. Within the SF Bay Area 5.4% of listings experienced a price reduction and sat on the market an average of 51 days. Nationwide, however, 7% of listings experienced a price reduction and properties remained on the market, on average, a total of 90 days. While the market still clearly favors sellers, there are market indicators pointing to greater normalization and parity. As interest rates have risen, demand and competition among buyers have abated slightly. More time is needed, however, to determine if the trend towards a more balanced market will continue or if this simply represents a current plateau.
Read the full article here: SF Bay Area: Best Market for Sellers