Sellers, buyers see potential in housing market

December 17th, 2012

Both buyers and sellers are more optimistic in their housing market prospects.

Buyers and sellers in certain regions of the country are seeing gains in their respective markets, which has led to increasing optimism among consumers.

Data from real estate website Zillow shows that sellers in Western areas of the country, including the Bay Area, Las Vegas and Phoenix, are all prepared to see a spike in the local market and a stronger demand for homes. In contrast, buyers in the Midwest and Mid-Atlantic metropolitan areas are in a prime position to take advantage of favorable market conditions. In some of these areas, including Chicago, Cleveland and Philadelphia, price discounts may be higher than 5 percent.

“As most housing markets continue to improve nationwide, the relative position of buyers and sellers continues to vary considerably by geography,” said Zillow chief economist Stan Humphries.

The data represents good news for Americans on either end of the spectrum who may be working with a mortgage service company to relocate or simply find more affordable housing. Analysts agree that in addition to low rates, home prices are expected to continue strengthening over the next year to add more value to homeownership.