Zillow predicts another hot spring market this year, as well-priced homes are selling quickly and overpriced homes are seeing price cuts.
Zillow reports that nationwide, homes priced well sold in 29 days in January, though one-fifth of sellers cut prices. Additionally, new listings and total inventory are up slightly over last year.
The Boston area continues to buck the national trend. Zillow reports new listings were under offer in nine days, only 14 percent of listings saw a price cut, and a whopping 50 percent of listings sold for above asking price in December. Inventory rose almost 6 percent over last January, however, a hopeful sign for buyers in a tight market.
“Some of the homes loitering on the market may just need the right buyer and digital curb appeal to cast a wider net, but many may be overpriced. There are slightly more homes for sale than this time last year, and there is still plenty of competition for well-priced houses,” Zillow Chief Economist Skylar Olsen said in a statement. “Buyers should prep their credit scores and sellers should prep their properties now – attractive listings are going pending in less than a month, and time on market will shrink in the weeks ahead.”