Mortgage News March 29, 2023
If you’re thinking about selling your home in 2023, you might be wondering when the best time to list your property is. While timing the real estate market perfectly is challenging, there is one week that is expected to be optimal for home sellers in the coming year. According to Realtor.com, the week of April 16-22, 2023, is projected to offer the best combination of factors that can lead to a higher sale price, faster selling time, and increased buyer demand.
Several factors make the week of April 16-22 the sweet spot for home sellers. It has been historically observed that homes listed during this week sell for 2.1% higher than the average weekly price throughout the year. Additionally, they typically sell faster than homes listed at other times of the year, with active listings selling 18% faster than the average week. This week is also projected to have strong buyer demand, with homes getting 16.4% more views per listing than the typical week. Moreover, there is less competition from other sellers during this week, with 9.3% fewer sellers on the market compared to the average week throughout the year.
Another factor to consider is the preparation time needed before listing your home. It takes 60% of home sellers up to three months to prepare their property for sale, according to a recent survey conducted by Realtor.com and HarrisX. Thus, if you’ve been preparing your home for sale, listing during the April 16-22 week could lead to a $48,000 higher sale price than if you listed at the start of the year.
The national housing market conditions are also likely to support sellers in 2023. While mortgage rates are expected to remain high throughout the year, for-sale inventory is still lower than pre-pandemic levels. Thus, well-priced homes can still be in high demand. National median listing prices could reach $8,400 higher than the average week and $48,000 higher than those at the beginning of the year if the market follows the typical seasonal trend in 2023.
In conclusion, the week of April 16-22, 2023, is projected to offer the best mix of market conditions for home sellers. With higher prices, faster selling times, increased buyer demand, and less competition from other sellers, this week presents an opportunity for sellers to maximize their profits. If you’ve been preparing your home for sale, now might be the perfect time to list your property and take advantage of these favorable market conditions.
For any questions OR a sample of the records please submit the following form.