New York a market for buyers, not sellers: Zillow study

Stan Humphries and downtown Cleveland, Ohio

New York City is one of the top U.S. markets for buyers, but not for sellers, according to a new study from Zillow.

Buyers in cities such as Cleveland, Philadelphia and Tampa are likely to have more options when it comes to inventory with price chops or long periods on the market. New York took seventh place in that ranking. San Jose, San Francisco and San Antonio, meanwhile, dominated the list of top sellers’ markets in the U.S. – with New York nowhere to be found.

“In the East, housing markets are appreciating a bit more slowly, and homes are staying on the market longer, which helps give buyers the upper hand,” Stan Humphries, chief economist for Zillow, told Forbes. “In general, buyers in sellers’ markets this spring can expect tight inventory, increased competition and a greater sense of urgency.” [Forbes]Mark Maurer

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