Philadelphia: Second Best Market for Home Buying in U.S.

Detail from Zillow’s Buyers and Sellers map.

This is good news! Zillow.com has ranked Philadelphia No. 2 in its list of the 10 best buyers’ markets. What does that mean? From Zillow Blog:

In buyers’ markets, homes for sale stay on the market longer, price cuts occur more frequently and homes are sold for less relative to their listing price.

“In the East, housing markets are appreciating a bit more slowly, and homes are staying on the market longer, which helps give buyers the upper hand,” said Zillow Chief Economist Dr. Stan Humphries…

“In general, buyers in sellers’ markets this spring can expect tight inventory, increased competition and a greater sense of urgency. Sellers in buyers’ markets may need to be prepared to lower their asking price, or to wait longer for the perfect buyer to come along.”