The top US markets for buyers and sellers have been named by real estate blog Zillow, and their analysis reveals that buyers have the most control in Chicago, Milwaukee and Cleveland.
In these areas, house-hunters are generally able to negotiate discounts of 5% off the asking price. Sellers on the other hand, are more likely to hold the power in San Francisco, San Jose and Las Vegas where discounts are few and far between and properties sell quickly and for close to the asking price.
The company analysed the length of time a property was listed with them and the percentage which were forced to take a price cut or a lower asking price to draw their conclusions. They found that a sellers' market is not necessarily one where home values are rising, but is a market where sellers are more likely to sell their home for close to asking price and where listings spend less time on the market.
For example, many of the markets where sellers were successful were dominated by low priced bank repossessed properties which made them attractive to buyers.
“It's refreshing to see some markets swinging back in favour of sellers, with asking prices being met and listings spending fewer days on market,” said Zillow Chief Economist Stan Humphries. “The housing recession has been long and rocky, and we're seeing more balance during this summer selling season. Of course, many markets are still firmly in favour of buyers, and we expect that to continue until the recovery takes more of a hold nationwide.
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