The online real estate marketplace said that nationally homes are selling an average of a week faster than they did a year ago, with a median time on the market of 78 days. The figure for San Diego is 61 days, and it’s only 43 days in Silicon Valley.
“Homes are selling faster than ever as the home shopping season hits its peak,” said Zillow Chief Economist Dr. Svenja Gudell. “If you’re looking for a home, be prepared to move quickly.”
“Adding to this difficult buying environment is low inventory — there simply aren’t many homes to choose from,” she added.
Zillow offered these tips for buyers in a competitive market:
Meet with your lender early and get pre-approved for a loan — even before you begin seriously shopping for your new home.
Work with an agent who has expertise in the local market. Read reviews on local agents and find someone with a successful record in a tough market.
Request to pre-inspect a home before submitting an offer. You risk losing a few hundred dollars if you end up not wanting the house; but if you do, you’ll be able to submit an offer not contingent on home inspections.
The limited supply of homes is also driving up home values. The average U.S. home is worth $187,000, a 5.4 percent increase from June 2015. In San Diego, the average is almost three times higher at $512,900.
While homes are selling fast, Zillow said rents are growing at the slowest pace in nearly two years.
Typical San Diego Home on Market for Just 61 Days was last modified: July 23rd, 2016 by Chris Jennewein
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