Nationally, the week of April 14 will have the best mix of market
conditions for sellers, who could get $34,000 more for their home than at the start of
the year
SANTA
CLARA, Calif., March 21,
2024 /PRNewswire/ -- Those looking to sell their home
this year should start to get ready now, as the best week to
sell a home is April 14-20,
2024, according to a new analysis from
Realtor.com®. Nationwide, sellers listing during that
week are likely to see the best conditions for listing prices,
buyer demand and sales pace, as well as lower chances of price
reductions and competition from other sellers. A recent survey from
Realtor.com® found that the majority (53%) of home
sellers took one month or less to get their home ready to list, so
the time to start prepping is now.
"Spring is generally the high season for home sales, and buyers
tend to be more plentiful earlier in the year," said
Realtor.com® Chief Economist Danielle Hale. "Because listing a home is a
process, sellers should start preparing now so they can list their
home at a time when conditions are likely to be most favorable,
giving them the best chance of selling their home quickly and at a
competitive price."
Why is April 14-20 the best
time to sell in 2024?
While some home buyers
are waiting for mortgage rates to fall further before
entering the housing market, it's still a good time for homeowners
to sell as buyers continue to be in need of more for-sale options,
with inventory still almost 40% below pre-pandemic
levels. Those looking to take advantage of seasonal market
trends should consider getting ready to list April 14-20 for the best mix of market conditions
for sellers, including:
- Above-average prices – The prices of homes listed during
this week have historically been 1.1% higher than the average week,
and are typically 10.4% higher than at the start of the year. If
2024 follows last year's seasonal trend, the national median
listing price could be $7,400 higher
than the average week, and $34,000
more than at the start of the year.
- Above-average buyer demand – The more buyers looking at
homes, the better it is for offers and sales. Historically, this
week saw 18.4% more views per listing than the typical week, but in
2023 this week got 22.8% more views per listing than the average
week during the year. Demand will in part depend on mortgage rates
– falling rates may increase spring demand, while steady or rising
rates may prompt some buyers to hold off.
- Faster market pace – Thanks to above-average demand,
homes tend to sell more quickly during this week. Historically,
homes actively for sale during the week of April 14 sold 17%, or about 9 days, faster than
in the average week. In 2023, this week typically saw homes on the
market for 46 days on average, 6 days faster than the year's
average. With inventory levels remaining low, sales may happen more
quickly as buyers compete for fewer properties.
- Less competition from other sellers – With past seasonal
trends likely to persist, there would be 13.7% fewer sellers in the
market this week compared to the average week during the year.
Active inventory was 14.8% higher in February versus last February,
but still 39.7% lower than pre-pandemic levels. This gap means
there will continue to be opportunities for sellers entering the
market this spring.
- Below-average price reductions – Price reductions
tend to be lowest in late winter and early spring as buyer activity
ramps up. Historically, about 24.6% fewer homes have had a price
decrease this week compared to the average week of the year. In
2023, this week saw about 8,000 fewer listings with price
reductions compared to the average week of the year.
Key factors for the 2024 housing market and tips for getting
ready
The 2024 housing market is
expected to behave according to typical seasonality, but will
likely offer slightly better conditions than in 2023. According
to Realtor.com®'s survey, it
took most recent sellers (72%) between 2 weeks and 3 months to
prepare their home for sale, with the sweet spot being between two
weeks and a month (37%). For almost half (48%), it took less time
than expected to list their home, while 11% said it took more time
than they expected. Here are some market and other factors for
sellers and buyers to keep an eye on as they navigate the spring
housing market and beyond:
- Prices tend to peak later in the year – but so will
competition. By the end of June, prices have historically
reached near-peak levels (+13.8%) compared to the beginning of the
year, while the number of new sellers increased by even more
(+49.3%). By entering the market earlier, sellers can head off that
competition, increasing the odds of a successful close and
favorable terms. Working with an experienced agent can help sellers
prepare for and navigate their local market dynamics.
Realtor.com® RealChoice Selling lets sellers get
proposals from multiple agents in their area to compare and pick
the right professional who can help with their sale, and all
without a commitment.
- Mortgage rates will determine the level of market
activity. Mortgage rates are expected to ease to the mid-6%
range later in the year, and once rates decline, we'll likely see
an increase in potential buyers based on a recent
Realtor.com® survey of Americans looking to buy
this year, welcome news for those on the fence about selling.
Homeowners wondering about whether they can get a good price if
they sell this spring can use the Realtor.com®
RealEstimate tool to see their home's value over time, as well as
the tool's Proceeds Calculator to see how much money they could
make selling.
- Sellers still stand to see favorable buyer
attention. Demand tends to cool in the late summer and
early fall, while by mid-August, the number of sellers with
actively-listed homes typically increases 29% compared to the
beginning of the year, increasing competition from other sellers.
To help sellers keep a pulse on buyer interest in their area, the
Realtor.com® My Home
dashboard gives sellers real-time insights into demand signals from
users searching on Realtor.com® for similar homes with a
price range matching the home's RealEstimate.
Consumers looking to prepare for and maximize their home sale
can find helpful Realtor.com® seller tools and resources
in the app by clicking on My Home
and at realtor.com/sell.
Methodology
Listing metrics (e.g.
list prices) from 2018-2019 and 2021-2023 were measured on a weekly
basis, with each week compared against a benchmark from the first
full week of the year. Due to the onset of the pandemic, 2020 was
an uncharacteristic year and has therefore been excluded from the
analysis. 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.
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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SOURCE Realtor.com