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Seattle is second toughest housing market in the U.S. for first-time buyers, Zillow reports

Low inventory has made Seattle a tough housing market to crack. (Flickr Photo / Harold Hollingsworth )

The days are warming up, but will Seattle’s housing market recapture its status as the nation’s hottest? For at least one group, it’s still not easy to get in on the housing game.

A new report from real estate technology company Zillow shows the city to be the second toughest market in the nation for first-time home buyers. Only San Francisco eclipses Seattle in a ranking that examined the 35 largest U.S. housing markets.

New buyers make up 46 percent of all buyers, and more than six in 10 of them are millennials, Zillow says.

In searching for markets with low prices, high inventory, more frequent price cuts and strong forecasted appreciation, Zillow’s analysis found that new buyers would have the best luck on the other side of the country, in Tampa, Fla.

Ten best markets for first-time homebuyers:

Tampa, Fla.

Las Vegas

Phoenix

Atlanta

Orlando, Fla.

Miami

Detroit

Dallas

Nashville, Tenn.

Charlotte, N.C.

Ten most challenging markets for first-time homebuyers:

San Francisco

Seattle

Washington, D.C.

Los Angeles

Sacramento, Calif.

Minneapolis

Denver

San Diego

San Jose, Calif.

Boston

Zillow reported that the U.S. housing market has cooled recently and inventory is up 1 percent year-over-year, after being down 8.7 percent last year. It’s the first time inventory has been up heading into home-shopping season in at least five years.

Zillow also said the median home value in the Seattle metro area is $491,500, and is expected to rise 3.1 percent in the next year. The company said there are about 5,800 homes for sale.

“The Seattle slowdown is visible in the relatively low forecasted appreciation — 3.1 percent over the next year, which is 10th lowest if you’re looking at the biggest markets in the country,” Skylar Olsen, Zillow’s director of economic research, told GeekWire. “That means that today’s first-time buyers can’t expect the same rapid home value appreciation — and therefore, growth in their overall wealth — as someone who bought a year ago.”

Olsen said that the good news for Seattle buyers is that inventory, however limited, is growing, which should continue to ease competition.

“Homes aren’t selling above their list prices as often anymore,” Olsen said. “The high prices are likely here to stay though, creating a high entry price point for prospective buyers.”

After years of relying on a hot tech job market and seeing massive population growth, it may have started to feel like Seattle is running out of room for newcomers, or that perhaps Amazon, the city’s top employer, had cooled on its own growth plans in the city. But Olsen said the numbers are consistent.

“Seattle jobs numbers haven’t really begun to slow. We’re still adding jobs at a year-over-year rate around 2.5 percent, a pace we’ve held consistently since mid-2017,” she said. “So any impact tech jobs or jobs in general are having on Seattle housing markets is more about expectations. But expectations can be powerful. Seattle home values and rents both grew so fast for so long without income growth to match. Housing demand simply can’t keep that up for long. It’s harder still to justify outbidding your competition if you don’t think Seattle will continue to add high income jobs at the same pace it did in say 2015 and 2016.”

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Spring Housing Slowdown? No Way! Here’s Where Homes Are Flying Off the Market

Davel5957/iStock; realtor.com

It’s (almost) time to put away the ice scrapers and banish that bulky, battered winter coat to the rear of your closet. Spring is here—and it’s not just the mercury that’s heating up. This is the unofficial kickoff to the home-buying season, when buyers come out of hibernation and start hitting the open houses in earnest. And this year’s spring market is extra significant, since it will tell us whether the recent slowdown in home sales and price appreciation is just a fluke—or the new normal.

But while everyone is obsessing over prices, prices, prices, we’re taking a deep dive this week into lesser-known waters, a (data) stream that can help bring the big picture into focus, warts and all: how long it takes homes to sell. After all, when there’s way more demand (eager buyers!) than supply (homes for sale!), it means places fly off the market in mere days—terrific for sellers, not so much for buyers. A more leisurely paced market indicates a slowdown, and that translates into opportunities for price-conscious buyers to window-shop and negotiate while sellers cool their heels, and get a wee bit nervous.

So where are homes selling the fastest—and the slowest? To find out, our data team looked at how long it took homes to sell in the 250 largest metropolitan areas* on realtor.com® from March 2018 through February 2019.

Here’s what we learned: Nationally, we do indeed seem to be moving closer to a true buyer’s market. For four consecutive years through 2018, the length of time it took to sell a home fell. But this February the typical home sat on the market 83 days, unchanged from last year. It’s a telltale sign of a market that’s pumping the brakes, if not yet slamming into reverse.

But we continue to be a nation of housing haves and have-nots. While homes are disappearing off the market in around 30 days in the fastest-moving market, they are taking a positively pokey 131 days to sell in the slowest.

Still, the gap is closing! Many of the places where homes are selling the fastest are the nation’s most expensive coastal markets—the very places becoming overheated, where days on market are inching up. Meanwhile many of the places where homes sit on the market the longest are smaller Midwestern and Southern markets where home prices have long lagged, but are now starting to see such much needed improvement and homes sell a tad faster.

The churn is leading to opportunities—and challenges—for eager home buyers, says Chief Economist Danielle Hale of realtor.com. “In a lot of these markets you can probably negotiate on price more than you could a year ago,” she says.

But it cuts both ways: “In a fast-moving market, you need to move quickly. A home you saw one week might be gone the next.”

So, first, where do buyers need to be ready to pounce?

Markets where homes sell fastest

Tony Frenzel

1. San Jose, CA

Median list price: $1.1 million Median days on market: 30.1 Change in days** on market: +8 days 

San Jose, CA

SpVVK/iStock

Yes, the epicenter of America’s booming tech biz remains the most competitive market for real estate. But paradoxically enough, it’s also nucleus of the nation’s real estate slowdown. Still following us?

“Santa Clara County [home to San Jose] was probably the hottest, most competitive market in the country. However, since midsummer 2018 it became the market in the [San Francisco] Bay Area that cooled off the most,” says Patrick Carlisle, Bay Area chief marketing analyst at the real estate firm Compass.

Median home prices in the metro fell 10% in February year over year—or more than $100,000. In the meantime, the number of homes for sale on the market has climbed 124%.

But let’s get real: The pace of San Jose’s market is less frantic than it was a year ago, but buyers still better be ready to act fast. Most homes that go up for sale have a new name on the deed within a month. And sellers in this market, especially those in Palo Alto and Mountain View, where Google is based, still hold all the power.

“Buyers in the Bay Area have been trained to act quickly,” Carlisle says.

2. Salt Lake City, UT

Median list price: $397,000 Median days on market: 37 Change in days on market: +8 days 

Salt Lake City

AndreyKrav/iStock

While both urban and suburban homes are still selling fast in this outdoor lover’s paradise, they spend a bit more time on the market than they did at the same time last year—eight more days, to be precise. Still, there’s no shortage of buyers hungry to get into the market here, and they have plenty of attractive options.

Unlike many Western cities, Salt Lake City has many new homes going up. In fact, about 1 in 3 homes on realtor.com in that market is new construction. At a median price of $389,000, these new homes actually cost less than existing homes in the market, despite typically having an extra 400 square feet.

3. Seattle, WA

Median list price: $592,000 Median days on market: 37.8 Change in days on market: +19 days

Pike Place Market in Seattle

Sean Pavone/iStock

Long the poster child for rapidly rising home prices, high-flying Seattle finally hit the power lines late last year. Would-be buyers were priced out at the same time that sellers and investors, sensing the metro had peaked, began listing more properties. That resulted in homes staying on the market for 19 days longer in February compared with a year ago. And that big drop still wasn’t enough to get Seattle knocked off our ranking. Far from it, in fact.

“It’s still a tight market, but it is not as tight as we’ve seen over the last couple of years,” says Matthew Gardner, chief economist at Windermere Real Estate, a Seattle-based brokerage. “Well-positioned, well-priced homes are still selling very quickly.”

There are fewer bidding wars, Gardner says. But buyers who think that means they don’t have to act fast will lose out.

“We are still a seller’s market, but it’s just a little less frantic,” he says.

4. Denver, CO

Median list price: $462,000 Median days on market: 40.2 Change in days on market: +4 days 

Denver

Stefan Tomic/iStock

The Mile High City is in the midst of a record housing shortage that gives buyers hours—not days—to submit their offers.

“I see bidding wars every day. It’ll go back and forth between buyers trying to offer the highest and try to best each other. And half those offers are in cash,” says Ryan Penn, associate broker at 360dwellings Real Estate, in Denver. “I’ve had clients list their house on a Monday and have 10 to 15 offers by Tuesday night.”

The Denver market is driven by well-off, first-time home buyers looking for something between $300,000 to $500,000. There’s precious little below that range anymore, Penn says.

5. Boise City, ID

Median list price: $340,000 Median days on market: 40.9 Change in days on market: -1 day

Boise

peeterv/iStock

San Francisco’s loss may be Boise City’s gain. Folks from higher-cost Western cities continue to flock to the Idaho mountain town, driven by good prices, natural beauty, and its own burgeoning tech scene.

“It’s not uncommon for a home priced under $250,000 to get eight, nine offers,” says Robert Inman, director of operations for Boise’s Best Real Estate Team, a Keller Williams affiliate. “The prices have just gone up, up, up. ”

Home prices are up 8.8% here year over year as the population has increased 9.3% from 2013 to 2017.

Popular neighborhoods include Boise’s North End, where many of the three-bed, one-bath, wooden abodes were built in the early 1900s. Homes there are going for around $400,000, but can be worth more than $1 million once they’re fixed up.

The rest of the top 10 metros with the fewest days on market are Omaha, NE; Nashville, TN; Las Vegas; Columbus, OH; and Minneapolis. 

OK, now let’s take a tour of the cities where you have plenty of time to shop around for a home—and maybe even negotiate down prices.

Markets where homes take longest to sell

Tony Frenzel

1. Brownsville, TX 

Median list price: $200,000 Median days on market: 130.9 Change in days on market: -11 days 

Brownsville, TX

DenisTangneyJr/iStock

This U.S.-Mexico border town enjoys its high-energy celebrations, from the annual Latin Jazz Festival to the Sombrero Fest. But when it comes to housing, things amble along at a relaxed pace.

The reason? Paychecks tend to be smaller in Brownsville, and folks don’t part with their money easily. In this market, sellers often have to make sacrifices in order to sell their homes faster.

“A lot of these folks don’t have the down payments,” says Bruno Zavaleta, a broker at Zavaleta Realty, in Brownsville. “So they’re asking for seller concessions to help with closing costs.”

But that doesn’t mean first-time buyers can be too relaxed. Homes priced from $80,000 to $130,000 sell considerably faster. Earlier this year, Zavaleta listed a three-bed, two-bath home with a pool for $129,000, and within a week he had three offers on it.

The opposite is true for expensive homes. “Half-a-million-dollar homes will sit there for months, if not years, before they sell,” Zavaleta says.

2. Claremont, NH

Median list price: $259,700 Median days on market: 119.0 Change in days on market: -18 days 

Downtown Claremont

Visions of America/UIG via Getty Images

The city of Claremont has poured millions into revitalizing sections of its downtown. That helped improve the housing market here, but not quite enough: Claremont has long lagged behind the rest of the state, and still has a lot of catching up to do.

A big reason is that folks just don’t have the income to afford the high cost of New England living. The median household in New Hampshire brings in $71,305 per year, compared with just $58,777 in Claremont.

But there are deals to be had. There are a number of homes under $140,000 in this market, although they tend to sell at a faster rate as first-time buyers try to get into the market.

3. Houma, LA

Median list price: $187,500 Median days on market: 112.8 Change in days on market: +2 days 

Four-bedroom home in Houma

realtor.com

Just an hour from New Orleans, Houma lies in the heart of Cajun country. Houma’s downtown district is on the National Register of Historic Places. But while many in this Gulf community still work gathering shrimp or shucking oysters, these days the oil industry dominates the job market.

Local offshore drilling took a hit in 2015, when the price of oil dropped, and it hasn’t fully rebounded—weakening the economy and pulling the steam out of its housing market since fewer people are looking to buy.

“When oil prices went down, more houses went on the market and they took much longer to sell,” says Michelle Parsons, an associate broker at Town and Country Real Estate, in Houma.

But buyers still need to move quickly in areas with good schools, like Mulberry School District. Brick one-story homes priced under $250,000 near this school go faster than most.

4. Salisbury, MD

Median list price: $317,000 Median days on market: 111.8 Change in days on market: No change 

Home in Salisbury

realtor.com

Located east of the Chesapeake Bay, Salisbury is a quaint, coastal community known for its great seafood (try the Maryland blue crab!). But when it comes to reeling in a home, buyers can let that line sit out for a while.

This market doesn’t have a huge number of the first-time buyers who usually keep a market churning at a steady rate. Four in 10 home buyers here are over 60, and they tend to take their time.

But these older buyers have plenty of choices. In fact, realtor.com recently named Salisbury one of the top markets in the country to buy a “forever home.” The many one-level rambler-style homes are local favorites, and one can be grabbed for under $200,000.

5. Lynchburg, VA

Median list price: $140,000 Median days on market: 110.5 Change in days on market: 40 days 

Lynchburg, Virginia

SeanPavonePhoto/iStock

Home buyers in Lynchburg almost have too many choices after the number of homes on the market jumped 53% over the previous year. And the length of time it takes to sell a home has skyrocketed, too.

But not every neighborhood is buyer-friendly. Those looking to move up into old-money neighborhoods like Boonsboro, a very desirable suburb, had better be ready to put down a bid fast, says Scott Fogleman, associate broker at Keller Williams Lynchburg. Competition is fierce on properties like this two-story brick home with four fireplaces, priced at $360,000.

The rest of the top 10 metros with the most days on market are Torrington, CT; Hilo, HI; Naples, FL; Hilton Head Island, SC; and Huntington, WV. 

* A metropolitan statistical area is a designation that includes the urban core of a city and surrounding smaller towns and cities.

** Change in median days on market between February 2018 and February 2019.

Allison Underhill and Clare Trapasso contributed to this report.

The post Spring Housing Slowdown? No Way! Here’s Where Homes Are Flying Off the Market appeared first on Real Estate News & Insights | realtor.com®.

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Haute Homes: The Diverse Luxury Digs of America's Priciest Neighborhoods - Realtor.com News

Haute Homes: The Diverse Luxury Digs of America's Priciest Neighborhoods  Realtor.com News

See what luxury means in your state—and others—by checking out these 12 homes for sale right now in the most expensive neighborhoods across America.

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ABQ home sales hit 12-year high

Albuquerque's housing market continues its hot streak, hitting a 12-year high in October. Pending sales hit a 12-year high at the end of October, reports the Greater Albuquerque Association of Realtors, with both home sales and homes under contract surpassing 2017 year-to-date totals. Home inventory remains at historic lows with nearly 1,500 new listings added for October, according to GAAR. “Reduced levels of homes for sale has not slowed down the record sales activity we have seen going into… from DIYS https://ift.tt/2qKr4Hy

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Homes for Sale in Ocean Walk

When tropical breezes are lightly swaying your thoughts, making it hard to concentrate on your work-a-day world, it’s time to move to the beach! There is no better place to set your inner islander free than in a beautiful Ocean Walk home. This incredible community is only about a mile from one of the finest stretches of sand in Myrtle Beach. 

Ocean Walk features a variety of amazing single-family homes and luxury townhomes, offering 3, 4, and 5-bedroom floor plans in sizes of 1500 to 2,900 square feet. These extraordinary homes are constructed by DR Horton Homes and feature standard upscale upgrades like hardwood and tile flooring, granite countertops, high-end cabinetry, stainless appliances, fireplaces and more. Prices run from the upper $100,000s to the mid-$200,000s.

The community’s clubhouse has an outdoor pool and a heated indoor pool, as well as a lazy river, fitness room, a fitness room, and much more. Nearby, Myrtle Beach State Park provides exclusive educational opportunities, along with great fishing and lots of fun. The Market Common urban village offers great dining, exceptional shopping opportunities, and entertainment for all ages. And the Grand Strand is a never-ending source of exciting things to do.

Whether you are following your dream to live a carefree tropical lifestyle, looking for a stress-free place to raise a family, want to retire to the beach, or looking for a great vacation rental property, this is the ideal place to start looking. Visit our website to learn more and call our real estate professionals with any questions you might have. Don’t forget to schedule a private tour of the Ocean Walk homes for sale and see for yourself how much this community has to offer.

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On the Market: Homes for Sale in New York

This week’s properties include homes in Lattingtown and Pound Ridge, N.Y. from DIYS https://ift.tt/2DWDdCD

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On the Market: Homes for Sale in Manhattan, Brooklyn and Queens

This week’s properties are in Bedford-Stuyvesant, Brooklyn, Astoria, Queens, and the West Village. from DIYS https://ift.tt/2zSr2mh

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Click, Buy, Build: Could Kit Homes, Now Available Online, Make a Comeback?

Click, Buy, Build: Could Kit Homes, Now Available Online, Make a Comeback?

iStock; realtor.com

A century before home buyers could open an app and thumb through scores of Colonials, Cape Cods, and Tudors, they could open a printed catalog and thumb through pages of homes for sale, in all different styles. And then they could order them through the mail!

The catch: These homes had to be put together, beam by beam, from more than 10,000 pieces of precut lumber, fitted…

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Dream homes: Five tempting homes for sale in Aspen Dream homes: These are five tempting vacation homes for sale in Aspen.           from DIYS

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Myrtle Beach Golf Course Homes

Every avid golfer dreams of having a golf course in his backyard. The smell of lush course greens heavy with morning dew wafting through the morning breeze and sunny afternoons spent leisurely puttering from hole to hole. Sigh… wouldn’t it be nice? Myrtle Beach is the paradise where golf dreams come true. You don’t have to be a golf enthusiast to appreciate the stunning tranquil vistas that a golf course offers. There are approximately 100+ extraordinary golf courses providing an endless variety of communities to choose from, featuring golf condos that won’t break the bank for under $100K  to extraordinary multi-million-dollar mansions. Many of the communities are outside city limits, offering lower insurance rates and lower property taxes. Homes in communities near the beach have exceptional amenities and can make good rental properties for those looking to invest.

Some of the most popular golf course communities include: Golf and Tennis Family Communities

Prince Creek Homes for Sale

Prestwick Golf and Tennis Homes

Golf Homes Near the Beach

Homes in Pine Lakes Golf Course

Barefoot Resort Homes

Elegant Golf Course Homes

Legends Golf Homes

Willbrook Plantation Golf Course Homes

Arrowhead Golf Course Homes

Home in Pawleys Plantation

Homes in The Dunes Club (on and near the beach)

Grande Dunes Homes (on and near the beach)

Golf Course Condos

Barefoot Resort Condos and Townhomes

Yacht Club Villas at Barefoot

Myrtlewood Golf Villas

If you want to make your dream come true, visit our website for more information and call our real estate experts with any questions you have. Schedule a private tour of Myrtle Beach golf course homes and see paradise for yourself!

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On the Market: Homes for Sale in Brooklyn and Manhattan

On the Market: Homes for Sale in Brooklyn and Manhattan

This week’s properties are in Chinatown, Midtown and Windsor Terrace, Brooklyn

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On the Market: Homes for Sale in New York and Connecticut

On the Market: Homes for Sale in New York and Connecticut

This week’s properties include a four-bedroom in Pelham, N.Y., and a five-bedroom in Stamford, Conn.

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Pending home sales fall for seventh straight month in July

The index was down 2.3 percent compared with July 2017. Buyers have been struggling to find affordable homes this year, as the supply of homes for sale has fallen annually for most of the year.  from DIYS https://ift.tt/2PLF3bf

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Pending home sales fall for seventh straight month in July

Pending home sales fall for seventh straight month in July

The index was down 2.3 percent compared with July 2017. Buyers have been struggling to find affordable homes this year, as the supply of homes for sale has fallen annually for most of the year. 

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On the Market: Homes for Sale in New York and New Jersey

This week’s properties include a three-bedroom in Millstone, N.J., and a five-bedroom in Great Neck, N.Y. from DIYS https://ift.tt/2LkfeeI

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On the Market: Homes for Sale in Brooklyn and Manhattan

This week’s properties are in Turtle Bay, Kips Bay and Crown Heights, Brooklyn. from DIYS https://ift.tt/2w8Y5Qx

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(Galleries) Wyndham Championship draws eyes - and potential buyers - to valuable Sedgefield real estate

Greensboro’s Sedgefield Country Club is ready for its close-up this week. And so are the four dozen or more homes for sale in the exclusive Sedgefield section — and equally exclusive adjoining developments. This week through Sunday, Sedgefield is hosting the annual Wyndham Championship golf tournament, a televised PGA Tour event that brings to Greensboro thousands of golfers from across the globe. Last year's attendance alone was 75,000, slightly down for the typical 80,000 to 100,000 range. Behind… from DIYS https://ift.tt/2PeMw2f