If you want to sell your house, list it during this week: report
Thinking about selling your home? Well, you’re in luck. According to a new report from Realtor.com, the best time to list your house is right around the corner: the first week in April. By listing your home during the week of March 31 - April 6, the research shows, you can “take advantage of a sweet spot in the season.”
So what makes this week so desirable?
According to Realtor.com, factors include high buyer demand, less competition, quick home sales, and strong prices.
Homes listed during this first week in April get 14% more views, while also enjoying 5% less competition. They also sell six days faster. According to Zillow, it takes 68 days on average to sell a house, from listing to close.
This is useful news for home sellers: the housing market has taken a beating in recent months. Figures released Thursday from the Commerce Department show that new home sales were 6.9% lower in January than the prior month, and 4.1% lower than January 2018.
"Sellers have to think about the competition in a way they haven’t before," says Danielle Hale, chief economist for Realtor.com. "Getting ahead of other potential sellers could be even more of a bigger advantage this year given market conditions.”
But that isn’t all. On average, houses sell for 6% more during this week compared with the beginning of the year. That could add an extra $17,000 to the list price, the report says. However, home prices aren’t highest in April. House prices hit their peak later in the year, in June. The typical June listing is 7% more expensive than the best week in the report.
“June is often considered the peak of home-buying season, but our analysis found the first week of April is best for sellers looking to maximize list price, and also reduce the risk of price cuts and competition from other sellers,” says Hale. “Given the time it takes from listing to close, putting a home on the market in early April positions sellers to attract buyers seeking to close and move before the beginning of school year.”
Sellers wanting to wait until June to take advantage of peak list prices will also have to contend with a greater risk of price reductions as buyers back out of the market toward the end of the summer. Homes listed at the beginning of April are roughly 1% less likely to face a price cut. In June, homes are 1% more likely to see their list price take a hit. They also see nearly 2% fewer views than other times of the year.
Kristin Myers is a reporter at Yahoo Finance. Follow her on Twitter.
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