Selling your home? You’ll get the highest price, fastest sale for one special week
If tax week has you feeling extra anxious, here’s some good news: It’s the best possible time to sell your house, according to Realtor.com.
Historical data shows that April 16-22 offers the most buyers, sentiment is more positive and prices are higher than the average week. April 18 is the deadline for filing taxes this year.
“This week represents a balanced selection of market conditions that favor sellers,” the Realtor said in a statement. “While it doesn’t have the highest price or lowest time on market, this week offers higher than average prices and lower than average time on market, while offering a higher than average number of buyers – measured as viewers of advertisement.’
- Home prices are historically 12.1% higher this week than the average week of the year.
- The homebuyer’s market tends to be tighter, with 16.4% more listing views during these dates than the average week.
- An uptick in homebuyer and homebuilder sentiment could make for strong conditions for the spring.
Realtors have always known that spring is the hottest time for the market because families looking to move know that’s when they’ll have to start working on selling their home, buying a new one, and loading up the moving van if want to move in time for the next school year.
“Many homebuyers begin their search in early spring and often outpace the majority of homesellers,” said the broker’s chief economist, Daniel Hale. “For this reason, sellers who list on the earlier side will attract more buyer attention and are therefore more likely to sell quickly and at a higher price.”
Although housing has soured this year as higher mortgage rates pushed up the cost of buying and homeowners with low-interest mortgages were less likely to sell, resulting in a shortage of homes for sale. Realtor.com sees a ray of sunshine in 2023 The Market.
Conditions improved slightly in January. said the broker. While prices are up 8.1% since January 2022, affordability has improved, meaning the spring market could be a time of opportunity for both buyers and sellers.
Why April 16 – April 22 is the best time to sell
The broker looked at 2018-2019 and 2021-2022, skipping the pandemic year 2020. According to the analysis, homes sold 2.1% more between April 16 and April 22 than the average week and 12.1% more, than at the beginning of the year.
If 2023 follows these trends, the national median listing price could reach $8,400 above the average week and $48,000 more than at the start of the year.
The week typically saw 16.4% more home viewings per listing than the average week, and homes sold 18% faster. Another reason to check the sales outlook soon: Median sales prices for single-family homes fell 0.2% in February to $363,000, snapping a nearly 11-year streak.
The broker still expects high mortgage rates in 2023 as the Federal Reserve tries to contain inflation, so buyers will likely still see high borrowing costs throughout the year.
Inventory improved in 2022 and is growing, although it has not returned to pre-pandemic levels.