Trulia recently released a report entitled, “Where sales pace is fast in US.” The report compared data from the period of February 5th to April 5th to see which Metro areas had the highest percentage of sales coming off the market in two months or less. Obviously, most of those were sales, because few homes are taken off the market in less than two months.
In the US the fastest market was San Francisco with 74% of listings disappearing in two months. Surprise? Not! Second was San Jose at 70% followed by Oakland -70%, San Diego – 67%, Orange County – 59%, Seattle – 58%, Sacramento -58%, Los Angeles – 57%, Ventura – 57%, and Salt Lake City-55%.
What does this mean to homeowners? You can expect a faster sale on average than in the past few years. The number of listings is low in comparison to other normal years. Therefore, if you are house hunting, get approved for a loan before going outside and be ready to make an offer when something you like appears. Pull the switch.
For sellers, make sure any offer is realistic from a reputable person who has loan approval. Loan approval does not end all your problems, but it is sure a better start than any other except a cash offer and there does not seem to be that many cash buyers at the moment. The big investors seem to have pulled out of the market when distressed sales slowed down.
courtesy of: Duane Gomer Newsletter