by Liz DominguezSellers are often faced with a difficult question—"When should I list my home for sale?" Each season has its own pros and cons. The winter months, for example, are slower so there is less inventory competition. Spring market, however, is abuzz with new buyers coming out in full force. For the best answer, the question needs to be expanded to "When should I list my home for sale if I live in XXX?", because according to a new Realtor.com® report, location is key.
Here's the best time to list for the top 50 largest U.S. metros, according to 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," said Danielle Hale, chief economist for realtor.com®. "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."
Properties listed this week see about 14 percent more views on average. And compared to last year's weekly average, there's also 5 percent less competition and so homes sell 9 percent (or 6 days) faster, on average. Declining mortgage interest rates may also play a role in April's healthy buyer demand. Compared to the near 5 percent rates of November 2018, rates today are much lower, trending below 4.5 percent.
Sale values may also increase this week. Homes listed between March 31 and April 6 are typically priced 6 percent higher than at the beginning of the year, states the report. While June brings even higher list prices, the chance for a reduction also increases toward the end of summer as buyers retreat.
Sellers, list your home in April, enjoy a quick market time and save those pennies for a rainy day!
For more information and to read the entire report, visit. www.realtor.com.
Nancy M. Alexander - Stone Harbor and Avalon NJ Real Estate NancyAlexander.com
