March 18, 2019
Home sellers expecting the quickest sales may want to make sure the house is in tip-top shape for showings because a big week in the housing market is quickly coming. The best week to put a home on the market is March 31 to April 6, according to a new analysis from realtor.com®. Researchers analyzed the 50 largest real estate markets in the nation over the past three years to determine the best week to sell.
During the week of March 31 to April 6, homes are listed, on average, for 6 percent more than at the beginning of the year—an extra $17,000, according to the study. Homes for sale that week also tend to fetch 14 percent more views on realtor.com® than at other times of the year. Further, listed homes sell about six days faster. The homes also see less competition that week; the highest number of homes tend to go up for sale in late spring, the study notes.
Homes listed for sale don’t tend to get the highest prices in April. Home prices tend to peak around June, according to realtor.com®’s study. However, sellers face less competition and homes sell quickly during the first week of April, the study concludes.
“Sellers have to think about the competition in a way they haven’t before,” says Danielle Hale, realtor.com®’s chief economist. “Getting ahead of other potential sellers could be even more of a bigger advantage this year given market conditions.”
Lower mortgage rates currently may also entice more buyers to jump in the market sooner than wait. Rates are expected to rise later this year. The 30-year fixed-rate mortgage dropped to a 4.31 percent average last week, according to Freddie Mac.
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This article was originally posted online by the National Association of REALTORS, on their REALTOR Magazine site.