Going, Going, Gone! Existing Homes Are Selling Like Hotcakes
Tai Bixby, SIOR, CCIM
Director @ Real Estate Advisors | Commercial Real Estate
By Clare Trapasso
24 May 2017
Home buyers had better act fast: Homes are flying off the market.
In April, existing (as opposed to newly built) homes across the nation were for sale for a median of only 29 days before they were snapped up by buyers, according to a recent National Association of Realtors? report. That's the shortest period of time since NAR began tracking these sales in May 2011.
Homes sold the fastest in some of the country's hottest—and most expensive—metros. Silicon Valley's San Jose led the pack, at a median 23 days, followed by San Francisco, at 25 days; Denver, at 27 days; and Seattle, at 28 days.
Homes are selling so quickly because there aren't enough of them to meet demand. So buyers are pouncing on them lest they miss out...
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