The housing market is currently rising. According to a reported posted on Redfin (www.redfin.com), the average homeowner took a little over 70 days to find and own a new home. This time frame included the first house tour and the complete house sale. The Redfin news report also said last year there were 76 days to close the house while this year it took 73 days.
Housing Winter Is Coming: What You Need to Know?
During winter the housing market fluctuates in status. For 2019 there are many predictions being published by economists.
Their predictions stem from current housing market news. In this year there are more sellers than there are buyers. Meaning buyers are more likely to have their first offer be accepted while sellers are left waiting for incoming buyers. Redfin chief economist Darryl Fairweather agrees “It’s like a 1950s-era school dance with more boys than girls — the girls can quickly find a dancing partner, but more boys are waiting around with no one to dance with.”
In other words, sellers need to be patient. Redfin is known for its accurate housing market reports. In this report, analysts took into account sales made from Redkin agents between a three month period. for over five years.
Every State is Different; Keep Looking
While the housing market in your neighborhood/state may not be your perfect fit, don’t be afraid to expand out and look at different housing markets. There are states and cities that sold faster and slower.
The locations that sold quicker include; Philadelphia, Houston and Washington D.C. Philadelphia took only 45 days for a buyer to buy the house, 28 days less than the average of 73. Houston took 56 days as opposed to 73 and Washington D.C. on average sold a house in 59 days.
While there are cities that took less, there is always the counter. The cities that took longer than the average include; Miami and New York both averaging 10+ days more than the nation Redfin average. This information has been brought to you through the Redfin report.