If you’ve been in the housing industry for even a short while, you’ve probably heard of John Burns.
The Nation’s Hottest And Coldest Markets For Sellers
Houses are selling fast in San Francisco and lingering on the market in Baltimore.
Zillow named the nation’s hottest and coldest housing markets based on the share of properties that cut prices and the average number of days that listings spent on the market.
According to Fortune, houses in the nation’s hottest housing market, San Francisco, are only on the market for 51 days, and just 5.4 percent of listings had a price cut before finding a buyer. Conversely, homes in Baltimore stay on sale for 104 days, and 13 percent of sellers had to reduce prices.
Most of the hot markets are located in the west, such as San Jose, Denver, Seattle, and San Diego. The colder markets, which favor buyers, are out east or in the Midwest, including Miami, Chicago, and Detroit.
Zillow also polled 111 housing experts. The majority of them expecting home sales to become a buyer’s market again in 2018 or 2019. The annual increase in home values is expected to slow to 3.5% by the end of the year, compared to the nearly 7% appreciation homeowners are currently experiencing, which is a major factor in the anticipated shift from a seller’s market to a buyer’s market.