By Nora Tooher
Homebuyers will have the edge in the local real estate market this spring, according to the latest analysis from Zillow.
A buyer’s market is one in which homes for sale stay on the market longer, price cuts occur more frequently and homes are sold for less relative to their listing price.
“Cleveland, Philadelphia and Tampa metros are buyers’ markets, with homes taking longer to sell, less competition in the marketplace and more room for bargaining on prices,” the report stated.
The Cleveland metropolitan area is the top buyer’s market in the country this spring, according to Zillow. The rankings are based on actual sales prices compared with asking prices, the number of days listings spent on Zillow and the percentage of homes on the market with a price cut.
The median home value in Defiance is currently $93,900 and home values have gone up10.8 percent over the past year. The median price of homes sold in Defiance is $87,700.
Philadelphia was the No. 2 buyer’s market, followed by Tampa, Fla., and Chicago.
Pittsburgh was No. 5, followed by Cincinnati, New York, Detroit, Baltimore and St. Louis.
According to the latest Zillow market analysis, sellers in the West will likely have the upper hand in negotiations when selling their home, while buyers in Midwestern and East Coast metros will likely face less competition and have more room for bargaining on prices.
Home sellers in many older East Coast cities have been forced to cut prices. In the New Haven, Conn., metro, for example, the median price of homes currently listed is $214,900, while the median price of homes that sold is $182,125 – $32,775 below the median listing price.
On the opposite end of the real estate spectrum, San Jose, Calif., was ranked the top seller’s market in the country, followed by San Francisco, San Antonio, Los Angeles, Seattle and Riverside, Calif. Denver was seventh, followed by Washington, D.C., eighth; Sacramento, Calif., ninth and Dallas-Fort Worth, tenth.
Nationwide, Zillow’s Home Value Index – Zillow’s median valuation, including single-family homes, condominiums and cooperatives – rose 5.6 percent on a year-over-year basis in February to $169,200. U.S. home values are expected to rise another 3 percent through 2015.