Is spring the BEST Time to List My Home for Sale?
Have you noticed that there’s a study for just about anything you can think of?
In 2004, for instance, a Swedish study determined that “Chickens Prefer Beautiful Humans.” A study out of the UK let us know that yawning isn’t contagious among red-footed tortoises.
And, an online real estate portal swears that the best months to list a home for sale are from the middle of March to the middle of April.
But they dug deeper into the data and added a caveat: in regions where it remains chilly into early spring, “waiting until mid-to late-April is your best bet.”
Then, along came a super-hot sellers’ market and upended that study’s findings. The truth is, at least right now, there should be plenty of buyers for your home in this spring and summer real estate market.
That’s not all
According to a Wall Street Journal study, the day of the week you list your home can have an impact on not only the eventual selling price but the time your home spends on the market as well.
The best day? Friday. Not surprising when one considers that homes that hit the market on Friday show up as fresh MLS listings for eager weekend homebuyers to view.
Friday listings sell for more than 99% of the original list price, while those listed on Sunday garner only 98.4%, on average, at least according to that study.
In other words, if you listed your home at $375,000 on Friday instead of Sunday, the statistics say you’ll have a good chance of walking away with an additional $2,625.
People must be in a hurry on Fridays as well because homes listed then sold faster than homes listed on other days.
Coming in right behind Friday, however, is Tuesday – a head-scratcher for sure. Why Tuesday?
According to the report, Tuesday-listed homes are the most attractive for home tours, getting almost 2.5 requests for a tour, on average, on that day.
Remember, all real estate is hyper-local and this was a nationwide study, so our mileage may vary.
I personally prefer Thursday to capture the eager buyers on Thursday and Friday before the weekend.
What to expect when you list your home in this market
As mentioned earlier, the market is red-hot for sellers right now. With schools expected to reopen nationwide in the fall, folks are trying to get settled into their new homes before then, so there are lots of buyers in the market.
In fact, now may be the only time in the foreseeable future when you may have a chance to receive multiple offers on your home.
Homes are selling quickly as well. According to the National Association of REALTORS®, the nationwide average amount of time that a home is on the market (from listing to accepting an offer) is currently 20 days.
Furthermore, the median home price has increased more than 14% over this time last year. Homeowners are sitting on an amazing amount of equity right now.
Now, all of this good news for sellers will vanish if mortgage rates rise significantly or if there is a sudden downturn in the housing market, as we, unfortunately, learned during the housing crisis.
These are all good reasons to consider selling your home this spring or summer. Questions? Reach out to us. Advice is always free.