Homeowners who list that week will experience
the best combination of market conditions and could get
$48,000 more for their home than the
start of the year
SANTA
CLARA, Calif., March 15,
2023 /PRNewswire/ -- While it's nearly impossible to
time the real estate market, there is one week that is most
likely to get home sellers the best possible outcome, according to
Realtor.com®. Nationally, homeowners who list the week
of April 16-22, 2023 will hit
the sweet spot in terms of the best combination of higher prices,
fewer homes to compete against, faster sales time and strong buyer
demand. A recent survey from Realtor.com® and
HarrisX found that 60% of home sellers took up to 3 months to get
their home ready to list, so for homeowners who have been making
preparations, listing during that crucial April week could get
$48,000 more for their home than they
would have at the start of the year.
"Many home shoppers kick off their search in the early spring
and they often beat the majority of home sellers to the punch,"
said Realtor.com® Chief Economist Danielle Hale. "For this reason, sellers who
list on the earlier side will get more buyer attention and
therefore be more likely to sell quickly and for a higher
price."
Why is April 16-22 the best
time to sell?
While mortgage rates are expected to remain
elevated through 2023, for-sale inventory is still well below
pre-pandemic levels, so sellers can still expect well-priced homes
to be in high demand. Those looking to take advantage of seasonal
market trends should consider getting ready to list April 16-22, which is anticipated to have the
best mix of market conditions for sellers, including:
- Higher prices – Homes listed during this week have
historically had prices 2.1% higher than the average week
throughout the year, and are typically 12.1% higher than the start
of the year. If 2023 follows the typical seasonal trend, the
national median listing price could reach $8,400 higher than the average week, and
$48,000 more than the start of the
year.
- Strong buyer demand – The more buyers looking at a home,
the better, as the home is likely to get more offers and sell
quickly. Historically, this week garnered 16.4% more views per
listing than the typical week, but in 2022 this week got 32.5% more
views per listing than the average week, as buyer demand dropped in
the latter part of the year.
- Fast-selling homes – Thanks to above-average demand,
homes tend to sell more quickly during this week. Historically,
homes actively for sale during this week sold 18.0% faster than the
average week. In the fast-moving 2022 market, this week saw homes
typically on the market for 32 days, 13 days faster than the year's
average, and 37 days faster than was typical in 2019. The 2023
market is not expected to move as quickly as in 2022, but the best
week is still expected to see faster sales than the year's typical
pace.
- Less competition from other sellers – Typically, there
would be 9.3% fewer sellers on the market during this week compared
to the average week throughout the year. Last year saw significant
inventory gains as buyer demand cooled, but sellers responded by
pulling back on listings by the end of the year. Active inventory
was 65.5% higher at the start of 2023 versus 2022, but still 43.2%
lower than pre-pandemic levels. This gap means there continues to
be opportunities for sellers who enter the market this spring.
Tips on prepping a home for sale
According to
Realtor.com®'s survey, it took most recent sellers (80%)
between 2 weeks and 6 months to prepare their home for sale, with
the sweet spot being between 1-3 months (32%). For most (56%) it
took more time than expected to list their home, while 23% said it
was faster than expected and 22% said it took about as long as they
expected. For those considering a home sale this year, it's best to
start preparing now in case it takes longer than anticipated.
For the best chance at a quick sale and high price, homeowners
should make sure that their home looks its best, has been well
cared for and is up-to-date with routine maintenance. To get ready
to list, about a third of recent sellers (35%) made repairs/updates
to the home, did some cleaning and decluttering (33%) and found an
agent to help them (31%). In order to best market their home,
owners and their agents had listing photos taken (34%); created
marketing materials such as flyers (27%); created a 3D/virtual tour
(20%) and staged the home (11%).
Making minor repairs can go a long way during a showing.
Potentially, a buyer who sees leaky faucets and closet doors that
don't close might become concerned about larger potential problems
with the home. The most common repairs made by survey respondents
were:
- Minor cosmetic updates such as replacing light fixtures or
faucets (16%)
- Carpet/floor replacement or refinishing (14%)
- Landscaping such as mulch, vegetation, etc. (13%)
- Full painting of exterior (12%)
- Touch-up paint (12%)
- Full painting of interior (12%)
- Replacing appliances such as kitchen or laundry (11%)
- Replacing the roof (9%)
- Replacing major systems such as HVAC, hot water (8%)
- Caulking (6%)
- Replacing grout (6%)
"In today's market, it's really important to price your home
well and make sure that it looks its best in order to get top
dollar and find a buyer quickly," said Hannah Jones, economic research analyst
Realtor.com®. "There are still buyers in the market, but
due to high prices and interest rates, they're being a bit more
picky than they were the past several years."
Homeowners who are looking to sell their home can visit
Realtor.com® to find a trusted agent in their area
and check out Realtor.com®'s Complete Guide for Selling
Your Home.
Report Methodology
Listing metrics (e.g. list prices)
from 2018-2019 and 2021-2022 were measured on a weekly basis, with
each week compared against a benchmark from the first full week of
the year. Averaging across the years yielded the "typical" seasonal
trend for each metric. Percentile levels for each week were
calculated along each metric (prices, listings, days on market,
etc.), and were then averaged together across metrics to determine
a Best Time to List score for each week. Rankings for each week
were based on these Best Time to List scores.
Survey Methodology
The survey was conducted online
from Feb. 3-10, 2023, among 2,286
adults in the U.S. by HarrisX. The sampling margin of error of this
poll is +/- 2.1 percentage points and larger for subgroups. The
results reflect a nationally representative sample of U.S. adults.
Results were weighted for age by gender, region, race/ethnicity,
and income where necessary to align them with their actual
proportions in the population.
About
Realtor.com®
Realtor.com® is an
open real estate marketplace built for everyone.
Realtor.com® pioneered the world of digital real
estate more than 25 years ago. Today, through its website and
mobile apps, Realtor.com® is a trusted guide for
consumers, empowering more people to find their way home by
breaking down barriers, helping them make the right connections,
and creating confidence through expert insights and guidance. For
professionals, Realtor.com® is a trusted partner
for business growth, offering consumer connections and branding
solutions that help them succeed in today's on-demand world.
Realtor.com® is operated by News Corp [Nasdaq:
NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more
information, visit Realtor.com®.
Media contact: press@realtor.com
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