Online real estate site Zillow released a study on Friday that listed the markets for sellers and buyers in the United States.
Stan Humphries, Zillow’s chief economist said the lists show an east/west divide.
Most of the best markets for sellers, says Humphries, are on the West Coast. Markets like San Jose, San Francisco and Seattle top the list. Most of the cities that favor buyers are in the east and midwest.
“Markets like Providence, Cleveland and Philadelphia. And it’s not necessarily by historical standards that they’re bad markets,” Humphries said.
He said home prices in many of the buyers’ markets haven’t risen as sharply, but that also means that when the market slows, home prices won’t crash as hard.
“You know a lot people think realtors are really excited about this hot market, and truthfully we’re not,” he said.
Hamilton said right now, buyers are offering way too much for houses. While responsible realtors advise against such irrational behavior, he said, when the market slows and prices crash, clients don’t remember.
“Everyone kinda came back and said, ‘Why did you tell me to buy this?'” Hamilton said. “You know, well, if you looked back at that day, we didn’t.”
We’re here to help you navigate this changed world and economy.
Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.
In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.
Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.