Western real estate markets are in for a real estate rush this spring, as temperatures warm up and buyers become more active.
Clear Capital’s recent Home Data Index (HDI) Market Report states that nationally, the median days on the market for real estate is down to just 43 days, compared to 85 days in January 2012. The hottest markets continue to be in the western United States, with some metro areas like Denver dropping to less than two weeks average on the market.
The upcoming real estate rush is fantastic news for homeowners looking to sell their properties. Alex Villacorta, vice president of Research and Analytics at Clear Capital, explains, “Along with an increase in temperatures, the spring season also brings out the buyers and an increase in demand to the housing market, which most often translates to fast price growth and a decrease in marketing times. But what’s great news for homeowners- particularly those looking to get out of negative equity or sell outright- is unfortunately bad news for prospective buyers.”
With surging home price growth rates, buyers will need to keep a constant eye on the market and be wary of rushing to purchase a property at a record high price. Villacorta continues, “This situation, coupled with the already precarious affordability situation for buyers, can lead to a self-fulfilling prophecy of sorts for the market as a whole, one where buyers rush to purchase homes at or above asking price for fear of waiting too long and losing out- pushing prices up and pulling marketing times even lower.”