• Mortgage preapproval could land your client their next home on the first offer.
  • NerdWallet determined San Jose, California the best place where preapproval can help secure the purchase.
  • The states with the most cities on the full list were California, Florida, North Carolina, Michigan, Texas and Tennessee.
South San Jose

South San Jose

If you’ve ever experienced a rejected offer, it could be because your client didn’t get preapproved for a mortgage. And in some places, getting preapproved could be the difference between getting the keys to a new house or grabbing the keys to your car to go see another one.

NerdWallet, a San Francisco-based financial advisory company, just revealed the top 10 markets in America where preapproval plays an important factor in securing a property. The company used data from Zillow regarding 175 cities across the country, which centered around how long properties were listed for sale and the inventory age, to figure out what markets offered the fastest-selling homes.

To start, NerdWallet looked at the median number of days homes sold were on the market for every month during 2015, including foreclosure resales. This determined the annual average. Next, the age of inventory was taken into consideration. This is the median number of days all active listings were available. This, too, was calcualed to determine the average.


Using this data, NerdWallet was able to determine the fastest moving markets by using the average days on market compared with available inventory. In determining this, NerdWallet was able to learn which markets were the hottest and in what cities having the advantage of mortgage preapproval could be most helpful.

Fast moving markets are the result of high demand placed upon low supply of inventory. As a result of knowing which markets experience high demand on low supply with fast turnover rates, NerdWallet was able to learn which places in the country can benefit the buyer the most by getting preapproved for a mortgage.

The top ten cities where mortgage preapproval can benefit the buyer the most are:
1. San Jose, California
2. San Francisco
3. Denver
4. Greeley, Colorado
5. Dallas-Fort Worth
6. Seattle
7. Boulder, Colorado
8. Santa Cruz, California
9. Austin, Texas
10. Portland, Oregon

The states with the most cities on the full list are California, Florida, North Carolina, Michigan, Texas and Tennessee.

Email Britt Chester

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription