"Go West, young man," author Horace Greeley famously advised back in the 1800s. Judging from real-estate Zillow's list of the top 10 markets for both buyers and sellers, men (and women!) continue to vigorously heed Greeley's words.
According to Zillow, the West coast is oh-so-hot right now, which means sellers should have the upper hand in negotiations as listings are snapped up. Meanwhile in the Midwestern and East Coast metros, the equation is reversed; homes typically remain on the market longer, giving buyers leveraging power.
"The real estate data in markets on both coasts are telling markedly different stories," Stan Humphries, Zillow's chief economist, said in a statement. "Relatively strong job markets in the West are helping spur robust demand, which is being met with limited supply, causing rapid home value appreciation and giving sellers an edge. In the East, housing markets are appreciating a bit more slowly, and homes are staying on the market longer."
The hottest markets for sellers are not necessarily those where home values are rising, the firm stated. Instead, three key characteristics determine if a particular city is a good place for home sellers:
- Homes are on the markets for a shorter period of time.
- Price cuts occur less frequently.
- Homes are sold at prices close to or higher than their last listing price.
In buyers' markets, of course, the reverse is true.
"In general, buyers in sellers' markets this spring can expect tight inventory, increased competition and a greater sense of urgency," Humphries said. "Sellers in buyers' markets may need to be prepared to lower their asking price, or to wait longer for the perfect buyer to come along."
Check out both lists below: