East Coast housing market offers favorable buyer conditions
Posted on Wednesday, March 19, 2014 at 9:13:30 AM
The national housing market is offering up several different conditions for buyers interested in residential financing. According to a recent report from Zillow, the East Coast is geared toward buyers, while the exact opposite is true on the West Coast.
This situation has appeared thanks to fluctuating home values and sales figures. Zillow noted that the sellers' market in the western portion of the country is due to a high demand for real estate, fewer home price cuts and sales that are either hitting or exceeding the asking price.
"The real estate data in markets on both coasts are telling markedly different stories," said Zillow chief economist Stan Humphries. "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, which helps give buyers the upper hand."
In addition, John McFarland, coordinator of the financial planning track at the Virginia Commonwealth University School of Business, told Bankrate.com that while all parts of the housing market are healthy, foreclosures could get in the way of the recovery. He explained that the large bank inventory of these properties is a big challenge to the real estate segment.