The Last Frontier. Home to Mount McKinley, polar bears, and the aurora borealis. It’s also home to some of the best house-selling rates in the country. If we look back at last year, Alaska was just one of two states with an average time on the market (DOM) better than a month for single-family homes.
But what’s the best month to sell in Alaska? After all, with only two states having a DOM under 40 days (Hawaii at 33 and Alaska at 34), there could be a significant difference between the best and worst months to sell.
Colorado has largely been unaffected by the recession; it has seen steady job growth, and yet according to CNN Money, home prices have not suffered from this growth. Colorado also requires neither an escrow nor a title insurance policy on most purchases, which cuts down closing costs that make up a vast amount of house buying costs in other states. In addition, property taxes in Colorado are lower than in many other states. According to WalletHub, the average property tax bill comes out to $1,118 per year–not too shy high, but still lower than in other states.
Colorado also has a 5.9% sales tax rate and no state income tax on any interest or investment gains–a massive difference from New York’s 8.8% state income tax rate or California’s highest-in-the-nation 13.3%. Colorado residents earning more than $40K/year do have to pay federal taxes and those states as mentioned before taxes, but they’re likely to be much better off financially when it comes time to sell their house than people in most other states.
Delaware’s real estate market is red hot. The state was among the ten states with the highest percentage of sales valued at over $1 million in 2013, and it ranked fifth for year-over-year growth on its annual Million Dollar Market Index.
Delaware’s housing market has been going gangbusters since 2009, reaching an all-time high last year with nearly 9 percent of homes sold above the seven-digit mark. Granted, this is still well below California’s 22 percent share of 1 million dollar listings. However, Delaware is setting itself up to test those numbers in the coming years as home values rise and move closer toward their pre-recession peaks.
Hawaii has the best House Selling Rate among 50 states, according to WalletHub’s report. The survey calculated a weighted average of three different metrics: the time it takes for homes to sell; market volatility as indicated by the percentage of houses sold over list price; and turnover rate – which is measured in months from listing date to closing date.
So which factors determine whether a house sells quickly or not? In Honolulu, where real estate prices are so high that there’s no room for negotiation and the competition is fierce, sellers would do well to offer an attractive price. On the other hand, for homes in the Midwest, keeping buyers waiting is one strategy that helps sellers fetch higher asking prices.
Idaho is the best state for selling a house, with a 97.95 percent property sale rate, according to new research by LoanDepot. Maine is the worst state to sell your home in, with an 89.9 percent house sale rate. The difference between Idaho and Maine is not minor — it is very significant considering that every states’ real estate market has faced a downturn since 2007.
According to a study done by RealtyTrac, Maine is one of the best states for house selling rates. The study looked at how long it took to sell a home in the given state and compared that with other states.
The study looked at the percentage of homes sold within 90 days, which was called the “Sale to List Ratio.” The higher the ratio, the better chance you have at selling your home quickly.
This year, Maine had a sale to listing ratio of 95.7%, with an average time of 73 days till closing. Those numbers put it as one of the top 5 states for house selling rates in 2010. The worst state for house selling rates is California, where homes sit on the market 176% longer than in Maine and sell only 48% quicker.
You can ask our home buyers at SnapCashOffers.com for more information on how to sell your house.