Homebuyers capitalizing on record-low interest rates are snatching up homes faster than ever before, forcing some to make split-second decisions, according to Realtor.com.
In April, homes sat on the market for just over 40 days on average, which is about three weeks faster than the same time period a year ago, the real estate listings website reported.
The market causing buyers the most stress, however, is Ogden, Utah. Homes in Ogden, which is located north of Salt Lake City, are flying off the market in just over a week. According to Realtor.com, the median number of days property listings spent on the market in the area was eight.
As a result, buyers looking in today’s market need to be prepared to move fast, according to Realtor.com senior economist George Ratiu.
“Having financing lined up, knowing the neighborhood, and sticking to their budget’s upper limit would help to make a stressful experience more manageable,” Ratiu said.
However, some markets are giving buyers more time to think about these hefty purchases compared to others. Realtor.com compiled a list of the top 10 markets where homes are getting scooped up the quickest compacted to markets where homes are lasting a bit longer.
Top 10 markets where homes are flying off the market, according to Realtor.com:
- Ogden, Utah
- Manchester, New Hampshire
- Colorado Springs, Colorado
- Reno, Nevada
- Vallejo, California
- Columbus, Ohio
- Elkhart, Indiana
- Austin, Texas
- Topeka, Kansas
- Rochester, New York
Top 10 markets where homes are taking longer to sell, according to Realtor.com:
- Houma, Louisiana
- Rochester, Minnesota
- Miami, Florida
- Jackson, Mississippi
- Albany, New York
- Bloomington, Illinois
- Hickory, North Carolina
- Huntington, West Virginia
- Terre Haute, Indiana
- Salisbury, Maryland
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To gather the data, the real estate listing website took the median number of days homes stayed on the market in April on Realtor.com. It compared 250 of the largest metropolitan areas in the country.