Homes Spend Less Time On The Market Than In 2012
U.S. homes spent nearly a month less on the market this
year than in 2012, according to a new report from real estate database, Zillow.
On average, homes spent 86 days on the market before being sold, a number
that’s down 30 days from the average of 116 in September 2012.
“The declining inventory of for-sale homes over the past
year naturally creates pressure for buyers to more quickly snap up the
inventory that is on the market,” said Stan Humphries, Zillow chief economist.
“This demand has been fueled by huge resets in home prices since market peak,
historically low mortgage rates and a slowly improving broader economic
climate.”
Humphries said that homebuyers should be prepared to
“move quickly,” by securing pre-approval statements, and establishing a home
price they can live with. Despite the high paced environment, he added that
sales are expected to slow in the near future as mortgage rates rise, more
homes enter the market and new construction continues to break ground.
The fastest moving markets included San Jose, Calif., San
Francisco and Austin, Texas with an average listing of 43, 48 and 57 days,
respectively.
Source: Zillow
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