If 2017 is any indication, buyers will be against an all-out frenzy this spring and summer.
In 2017, the median listing was snatched up in 81 days—a record, according to data from Zillow. Competition was fiercest in June, with 73 days on-market for the median listing. (Closings are included in the timeline.) In almost every one of the 35 largest markets, homes moved quicker than they did in 2016:
“As demand has outpaced supply in the housing market over the past three years, buying a home has become an exercise in speed and agility,” says Aaron Terrazas, senior economist at Zillow. “This is shaping up to be another competitive home-shopping season for buyers, who may have to linger on the market until they find the right home, but then sprint across the finish line once they do.
“Being prepared—working with a great agent, getting financing preapproved—can help a buyer make a stand-out offer,” Terrazas says.
For more information, please visit www.zillow.com.
For the latest real estate news and trends, bookmark RISMedia.com.
