Cities where houses sell faster; 15.COVID-19 has brought tremendous volatility to many economic sectors, and one area where the effects have been felt most strongly is real estate. In most areas, the start of the pandemic last spring temporarily paralyzed the housing market. Economic uncertainty was high as businesses closed, making both buyers and sellers hesitant to enter the market, while stay-at-home orders and health and safety fears made it difficult to organize in-person visits, inspections and meetings during the closure process. However, as time goes on, demand in the housing market has rebounded dramatically.
With the transition to work and education from home, families are increasingly looking for homes with more space and comfort. In addition, government efforts to stimulate the economy have kept interest rates low and provided relief to households by expanding unemployment benefits and direct payments. At the same time, changes in consumer behavior have driven up savings rates over the past year. This combination of factors has given more buyers the desire and means to search for housing.
Despite this, increased buyer demand has not been met by an equal willingness of homeowners to sell. Some prospective sellers remain concerned about the risk of exposure to COVID-19 from tours and projections, but economic conditions may be the main reason current owners choose to keep their properties. For example, the same low interest rates that are attracting prospective buyers also make it easier for homeowners to refinance and stay there. Since selling one home often means buying another, sellers can look at a competitive market with many buyers and decide to avoid the hassle.
RelatedAs homes continue to sell faster than in previous years, it's a good time to learn how to start investing in real estate. You can sell your rental property while it is occupied by your tenant. Read our guide to selling a rental property with tenants to learn how. If you want to start learning how to invest in real estate, check out our guide to cash flow properties.
A cash flow property generates a higher level of cash returns than a comparable property. Nashville was the most popular market, with an average trading time of 14 days. Seattle was the second fastest moving, with an average of 17 days. Omaha and Salt Lake City averaged 18 days, and Cincinnati, Birmingham, Charlotte, Denver, Las Vegas, Manchester and San Francisco were also among the busiest.
It may seem that no matter where you look, homes are selling faster than before the COVID-19 pandemic turned the market upside down. But it turns out that not all markets are turbocharged to the same extent. Across the country, homes spent an average of 43 days on the market in April. That's almost three weeks faster than at the same time last year, when the reality of working from home during the pandemic began to settle.
Buyers feel pressured to bid on properties that they have toured briefly, just once, or even online only, sometimes from across the country. But it's not just outdoor activities that attract shoppers from other states, from places like California and Arizona. A strong economy means it's easier for people to find work and potentially relocate. The unemployment rate in the greater Ogden area was only 2.7% in March, according to the U.S.
UU. That's back to the way things were before the pandemic, and significantly lower than the national rate of 6%. The Manchester metropolitan area has been featured in our 20 most popular markets for a few years now, thanks in large part to its proximity to popular Boston (less than an hour's drive). Half of the homes here sold within 10 days in April, as buyers from Massachusetts, Connecticut and New York flock here to find more homes for their hard-earned profit.
This former textile city is now home to three universities, so there are plenty of things to do downtown, including nearly 100 restaurants to choose from. There are also plenty of outdoor activities, whether you're hiking the trails that surround Lake Massabesic or climbing 150 feet of Rock Rimmon for panoramic views of the city. Easy access to the ski slopes and serene Lake Tahoe means outdoor enthusiasts have things to do all year round. And since it's only 3.5 hours by car, weekend trips to the west can be made.
Top 10 Completed Columbus, OH (16 days); Elkhart, IN (16 days); Austin, TX (17 days); Topeka, KS (19 days); and Rochester, NY (19 days). That's taking some pressure off buyers looking to keep their dream home, but that doesn't mean buying a home here is easy. There were 240 new homes that came on the market in April, but that's 15% less than what we saw a year ago. The houses here are also older, about a third were built before 1939, so they may need more work than people are willing to invest, says David A.
Banks, Visiting Assistant Professor in the Department of Geography and Planning, University of Albany. Housing markets are so red hot that Credible decided to take a closer look and compile a list of 20 metropolitan areas where homes sell the fastest. Listed homes are moving so fast in Richmond that a local real estate agent quoted in the media compared the market to a grocery delivery truck that sells food in the parking lot and doesn't even carry its products to store shelves. .