Detroit is on Zillow's Top Ten Buyer's Market List

11 Replies

As the spring home shopping season heats up, buyers and sellers nationwide can expect very different experiences when it comes to negotiating power. Zillow took a look at recent data to determine markets where sellers have the power and those where buyers are in control. Our analysis shows many home sellers are thriving in the Bay Area, San Antonio and Los Angeles metro areas, where price cuts are sparse and homes often sell at or near their asking price.

On the other end of the spectrum, the Cleveland, Philadelphia and Tampa metros are buyers’ markets, with homes taking longer to sell, less competition in the marketplace and more room for bargaining on prices. Read more...

I don't trust hardly anything that Zillow prints.

Hi Annette,

Any chance you can direct me toward details on the methodology used by Zillow? What I'm experiencing in Philadelphia is anything but a buyer's market. Granted I'm focused on specific neighborhoods and sub-markets, but I have been seeing a very constrained supply of houses available through traditional means (MLS). Additionally, the supply of REO's/SS's has been no less than flat.

I'll throw Bryan a vote for his comment as well ;)

Thanks.

Yeah, I'm going to take issue with this one too. The market in Cleveland is the tightest since 2007. Inventory is so low that I've resorted to yellow letters, and I've been in many multiple offer situations where I was outbid despite bidding 10k+ above list price. You have to watch the MLS every single day and send a bid out immediately if you want a chance.

Interesting to hear about other markets. I don't know how Zillow get's it's info but thought I'd put it out there anyway.

I can tell you that Detroit metro is experiencing a buying frenzy. Lots of positive changes happening all around. It's challenging keeping turnkey inventory up cause they sell very quickly. We've also experienced a $5-8K price increase on SF 3BD/1BA. Section 8's always go for higher prices.

Originally posted by @Annette Hibbler :
Interesting to hear about other markets. I don't know how Zillow get's it's info but thought I'd put it out there anyway.
I can tell you that Detroit metro is experiencing a buying frenzy. Lots of positive changes happening all around. It's challenging keeping turnkey inventory up cause they sell very quickly. We've also experienced a $5-8K price increase on SF 3BD/1BA. Section 8's always go for higher prices.

Zillow pulls from other public sites. So if its posted inaccurately there then zillow posts it innacurately.

The worst thing about zillow is that i can claim YOUR ad as mine and scam would-be buyers or renters. I know this for a fact as someone has done this with my listings.

Zillow is garbage. Plain and simple.

Originally posted by @Aaron Yates :
Originally posted by @Annette Hibbler :
Interesting to hear about other markets. I don't know how Zillow get's it's info but thought I'd put it out there anyway.
I can tell you that Detroit metro is experiencing a buying frenzy. Lots of positive changes happening all around. It's challenging keeping turnkey inventory up cause they sell very quickly. We've also experienced a $5-8K price increase on SF 3BD/1BA. Section 8's always go for higher prices.

Zillow pulls from other public sites. So if its posted inaccurately there then zillow posts it innacurately.

The worst thing about zillow is that i can claim YOUR ad as mine and scam would-be buyers or renters. I know this for a fact as someone has done this with my listings.

Zillow is garbage. Plain and simple.

I recently had scammers copying my ads on Zillow. I found a site called addtext.com and it's super easy to add your company name and phone number to each photo. The scammers will choose another house to copy.

@Rob K.

Thanks for the tip. I went to addtext.com and tried it. Took me about five seconds to make this:

Really simple and easy to use. The name in the lower corner is a bit annoying, though.

Originally posted by @John Knappmann :
@Rob K

Thanks for the tip. I went to addtext.com and tried it. Took me about five seconds to make this:

Really simple and easy to use. The name in the lower corner is a bit annoying, though.

I played around with several different sites and this one was by far the easiest to use. I like how you can quickly adjust the size of font and move the text anywhere in the pic that you would like.

@John Knappmann nearly any image editing software (Paint, Photoshop, GIMP, etc...) will have the ability to watermark photos for you. You will then not have the annoying "addtext.com" on the image. If you do a search on the internet you key in "batch image watermarking + (your preferred editing software)" you will find a way to automate the process of resizing and watermarking your photos.

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