This month, we compare markets from coast to coast. President Obama signs a new law on flood insurance, and gives us our annual housing report card. Also, the big time investors are looking to switch gears. Inventory may be to blame as zombie foreclosures rise and short sales continue to decline. Finally, we discuss what’s trending in real estate, including drone photography and some exciting 3D printing.
East vs. West: The Market Battle Depending on where you are in the country, you may notice a difference in your negotiation powers. According to the latest market analysis report by Zillow, sellers on the west side of the country will likely have the upper hand when selling their home, while buyers in the Midwest and East Coast metros are less likely to face competition and have a better chance of bargaining. People are moving where the jobs are and since the better job market seems to be in the West, buyers are driving up competition for homes. The analysis done by Zillow does not define a sellers’ market as one in which the homes sit on the market for a shorter period of time, allowing for less price cuts. They define a buyers’ market as an area where homes stay on the market much longer and price cuts occur more frequently.