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July 17 (Bloomberg) — Realtor.com’s Leslie Piper discusses the state of the U.S. housing market with Mark Crumpton on Bloomberg Television’s “Bottom Line.” (Source: Bloomberg)
A strong market means homes with more sun and more views—that is, if you are going by real-estate listings.
During strong market cycles, agents tend to reference lifestyle features, including sunshine, entertainment and views, more frequently in their listings than during slow periods, says Kirsten Robertson, senior lecturer in marketing at the University of Otago in Dunedin, New Zealand, who researched language in residential property listings.
About 55% of the listings she studied mentioned sunshine and 42% referenced views during a buoyant market, compared with 41% that referenced sunshine and 26% that referenced views during a slow market.
In hot markets across the country, homes are selling fast.
And that means if you hope to buy a home, you have to be prepared to move quickly.
“I’ve seen all cash offers close in three days,” says Realtor.com’s Consumer Housing Specialist Leslie Piper. “And I’ve seen loans get approved and close within 21-25 days.”
Forty-five percent of all homes sold in May 2013 were on the market for less than a month, according to the National Association of Realtors. It also reports that the median time on market for all homes was 41 days in May. Short sales were on the market for a median of 79 days, while foreclosures typically sold in 43 days and non-distressed homes took 39 days.
Are you thinking about buying or selling a home? Or, are you trying to figure out to make the right home financing decisions? Then please join us at our upcoming Twitter chat event with Realtor.com. Our experts will be there to answer your home buying & financing-related questions & offer advice.
- When: Tuesday, June 25 at 1 p.m. EST
- Where: On Twitter #creditexpertchat
- Experts: Credit.com’s @GerriDetweiler, home financing expert @ScottSheldon, home buying expert @LesliePiper2 and the team at @REALTORdotcom.
Gerri Detweiler is the Director of Education at Credit.com, a leading personal finance website which empowers consumers to take control of their debt. She has devoted her 20+ year career to helping consumers find reliable answers to their credit questions. Gerri is a recognized expert on credit issues, and has been interviewed more than 3,000 times by leading news outlets, including The Today Show,Dateline NBC, The New York Times, USA Today & Reader’s Digest. She also has co-authored five books, including Reduce Debt, Reduce Stress & Debt Collections Answers: How to Use Debt Collection Laws to Protect Your Rights, and is the host of TalkCredit Radio.
Scott Sheldon is a senior loan officer and consumer advocate based in Santa Rosa, CA. His work has appeared in Yahoo! Homes, CNN Money, MarketWatch and the Wall Street Journal.
Leslie Piper is Realtor.com’s Consumer Housing Specialist and thrives on helping connect consumers with the homes of her dreams. As a realtor, with 12 years of experience, she has successfully closed more than 100 transactions.
Click photograph to link to virtual tour
Leslie Piper provides tips on how protect your home during open house showings.
Offered at $1,050,000