MReport January 2018

TheMReport — News and strategies for the evolving mortgage marketplace.

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TH E M R EP O RT | 7 MDWELL A ccording to a Market Recap data study released by, Chicago, Virginia Beach, and Philadelphia have emerged as the best cities for people looking to buy a home. The study revealed the top five buyer and seller metropolitan statistical areas (MSAs). found that within the top five buyer markets, homebuyers can expect to find more affordable options with less competition and an average sales price of $297,794. That is $35,330 below the national average, so properties in these areas may be heading towards foreclosure or short sales, making them a potential market for good deals on homes. With less buyer competition, homes in these markets took an average of two weeks longer to sell than the national average. The analysis also identifies seller markets where there are more buyers than homes for sale. The report says that lack of inventory in these markets drove up prices, with the average sale price at $544,102—over $200,000 above the national average. Homes sold almost a month faster than the national average in these markets. Tug of War Source: 2017 Market Recap A buyer's or seller's market may depend on the MSA you're targeting. The Top 5 Buyer's Markets: 1. Chicago-Naperville-Elgin, IL-IN-WI 2. Virginia Beach-Norfolk-Newport News, VA-NC 3. Philadelphia-Camden-Wilmington, PA-NJ-DE-MD 4. Jacksonville, FL 5. Hartford-West Hartford-East Hartford, CT The Top 5 Seller's Markets: 1. San Francisco-Oakland-Hayward, CA 2. San Jose-Sunnyvale-Santa Clara, CA 3. Seattle-Tacoma-Bellevue, WA 4. Portland-Vancouver-Hillsboro, OR- WA 5. Dallas-Fort Worth-Arlington, TX

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