The Real Deal New York

New York Metro a top market for buyers, not sellers: Zillow study

Cleveland rated the best town for house hunters; San Jose No. 1 for those looking to unload
March 21, 2014 08:37AM

The New York Metro area is one of the top U.S. markets for buyers, but not for sellers, according to a new study from Zillow.

Buyers in Cleveland, Philadelphia and Tampa are likely to have more options when it comes to inventory with price chops or that have been on the market for a long time. New York came in at No. 7 on the ranking. San Jose, San Francisco and San Antonio, meanwhile, dominated the list of the top 10 sellers’ markets in the U.S. – with New York nowhere to be found.

“In the East, housing markets are appreciating a bit more slowly, and homes are staying on the market longer, which helps give buyers the upper hand,” Stan Humphries, chief economist for Zillow, told Forbes. “In general, buyers in sellers’ markets this spring can expect tight inventory, increased competition and a greater sense of urgency.”

Market reports and brokers’ accounts largely conflict with the report, with examples of tight inventory and robust sales that favor sellers. With few new properties on the market, buyers’ brokers have had difficulty finding apartments to show their clients, since many apartments get snapped up even before they are listed online, as The Real Deal reported. [Forbes]Mark Maurer