Dragon Images / Shutterstock.com In its latest market report, Zillow rated New York City fifth in best buyer’s markets across the country. The rankings were determined by price cuts, inventory and days on the market to point at which markets benefit buyers over sellers. Zillow’s analysis indicates that buyers are less likely to face bidding wars in New York City, where they also might find themselves with more bargaining power. Philadelphia came in at number one on the list, followed by Chicago, Baltimore and Hartford. Miami took the number six spot, while Indianapolis, Jacksonville, Virginia Beach and Orlando filled out the bottom of the list of best buyer’s markets. Location vs. buying power, according to Zillow Zillow chief economist Dr. Svenja Gudell illustrated ...
- Zillow’s analysis indicates that buyers are less likely to face bidding wars in New York City, where they also might find themselves with more bargaining power.
- While buyers in a seller’s market must move fast because higher demand takes homes off the market more quickly, buyers in markets like New York City have a little more leeway.
- Nationally, home values rose 4.2 percent to reach a Zillow Home Value Index of $184,000. In January, the national market hit its tenth-straight month for U.S. property price escalation.
- With rents continuing to rise and an optimistic outlook for buyers in the field– combined with current low interest rates– NYC residents with the savings to spend might be ready to switch.