Whose cuisine reigns supreme? Wait, wrong competition…
In a recent study by real estate listing website Trulia, the West snagged nine out of the top 10 fastest moving markets across the country, with the Bay Area subsequently holding three of the top four.
Before diving into Bay Area specifics, it’s pertinent to note that Columbus, Ohio was the only city in the East to make the list (it ranked ninth). Fewer than 32.8 percent of homes in Columbus remain on the market after two months. The rest of the top 10 comprised of cities such as Tacoma, Washington at 27.7 percent, San Diego at 28.2 percent, and Colorado Springs at 31.6 percent.
For the Bay Area, we see that the fastest moving market is San Jose at 20 percent, then Oakland at 20.3 percent, and San Francisco at 23.7 percent. Wedged in between Oakland and San Francisco is Seattle, or “Silicon Seattle,” at 21.9 percent.
How can prospective first time homebuyers combat the competition? Trulia suggests talking to lenders, real estate agents and a home inspector even before hunting down that dream home. Essentially, do your homework.
First time buyers also have the benefit of flexibility when settling on a closing date (because they’re not worried about selling their current home simultaneously). Finally, Trulia advises against snubbing homes that need a little (or a lot) of elbow grease. Make sure it’s cost effective, but transforming a not-so-attractive home into your ideal abode could be worth it.