The Best Week to Put Your Home on the Market Is Fast Approaching

The Best Week to Put Your Home on the Market Is Fast Approaching

U.S. homeowners who are looking to sell should prepare to put their homes on the market between April 14-20, which Realtor.com has deemed the best week to list this year. 

During that week, sellers are likely to experience the best combination of higher listing prices, buyer demand and sales pace, while there will also be a lower chance of price cuts and competition from other sellers, according to an analysis from Realtor.com on Thursday. 

As it takes a majority, or 53%, of home sellers a month or less to prep their home to hit the market, according to a Realtor.com survey, so now is the time to get ready for that mid-April list date. 

“Spring is generally the high season for home sales, and buyers tend to be more plentiful earlier in the year,” Realtor.com’s chief economist Danielle Hale said in the report. “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.”

During the week of April 14, the prices of homes listed have historically been 1.1% higher than the average week and 10.4% higher than at the beginning of the year. For 2024, that means $7,400 more than the average week and $34,000 higher than the start of the year, according to the report.

Demand is historically higher during that week, too, with 18.4% more views per listing than the usual week. Last year, the week of April 14 actually brought 22.8% more listings views, but this year, demand will heavily depend on mortgage rates, as steady or rising rates could sideline buyers. 

Because of this higher demand, homes also tend to close more quickly, selling 17%, or about nine days, faster than the average week. Last year, homes listed during this week spent an average of 46 days on the market, which was six fewer days than the 2023 average. High demand coupled with low inventory could lead to homes spending even less time on the market.

Though inventory increased 14.8% annually in February, the number of active listings is still a drastic 39.7% lower than pre-pandemic levels, creating more opportunity for sellers with less competition between each other. In the past, there were 13.7% fewer sellers during the week of April 14 compared with the average week. Additionally, sellers can expect to get more for their homes, as the number of homes with price reductions tends to be 24.6% lower than normal. 

Mansion Global is owned by Dow Jones. Both Dow Jones and Realtor.com are owned by News Corp.

 

By: Casey Farmer| Mansion Global I March 21, 2024


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