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These Are The 10 States Where Homes Are Taking The Longest To Sell

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Considering both how long a home has been on the market and how long it takes to close a deal, a new report found: New York State sales are slower than anywhere else in the US

A report from online bank Tangerine.ca found that New York takes an average of 130.45 days to close a home. This includes an average of 71.64 days in the market to get an offer and an average of 58.81 days from offer acceptance to closing. Within New York State, the town of Hudson (about two hours north of Manhattan) has the longest average time to close at 166.54 days.

This report is based on an analysis of four years of Zillow data. And it serves as a glimpse into the market. shift thrown Fluid housing industry. After booming 2020 and his 2021, the market has slowed significantly this year. Mortgage interest rate rises.

at the same time, Recent social media posts highlighted With New York City’s increasingly brutal rental market, the discovery that homes in the state are selling slowly is somewhat surprising.

After New York, Hawaii was the second slowest-selling property in the nation. In Aloha State, it took an average of 118.82 days for homes to close. This includes an average of 69.66 days for a home to have a pending offer and 49.16 days for the offer to close. The town of Kapaa on Kauai had the longest average days in the state with an average of 130.09 days.

New Jersey came in third, followed by Hawaii, with Garden State homes closing for an average of 117.4 days.

Days on the market is a common statistic that real estate professionals use to determine what is happening in the market. However, it is less common to combine this figure with the average time it takes to close a pending deal, not just how much demand there is in the market, but how motivated buyers actually are. suggests that there is In other words, in a hot market, not only do homes come under contract quickly, but the pending time is also reduced as buyers waive inspection and appraisal contingencies and the like.

In the report, a Tangerine.ca spokesperson noted that New York homes can take an average of two months or more to accept an offer. Not as expensive as some other states. ”

“For those who live in the top 10 states and want to sell their home, this data is a useful guide to when to expect your home to come on the market. Wait significantly longer than expected. We may need to,” the report notes.

Read the full list of the top 10 worst-selling states below.

1. New York

Days to hold: 71.64

closing day: 58.81

total: 130.45

2. Hawaii

Days to hold: 69.66

closing day: 49.16

total: 118.82

3. New Jersey

Days to hold: 67.55

closing day: 49.85

total: 117.4

4. West Virginia

Days to hold: 70.12

closing day: 43.32

total: 113.44

5. North Dakota

Days to hold: 67.22

closing day: 45.71

total: 112.94

6. Maryland

Days to hold: 65.98

closing day: 44.04

total: 110.02

7. Connecticut

Days to hold: 59.56

closing day: 48.4

total: 107.96

8. Mississippi

Days to hold: 68.32

closing day: 37.03

total: 105.35

9. Vermont

Days to hold: 49.67

closing day: 54.15

total: 103.81

10. Delaware

Days to hold: 57.82

closing day: 45.18

total: 103

Email Jim Dalrymple II

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