Remodeling can be serious business, especially if you’ve got several pet projects on your list and a limited budget with which to work. It can be tempting to go straight to the items that you
The Best Week Of The Year To Put Your House On The Market Is
So sellers angling to unload their abodes fast—and for a boatload of cash—might pin their hopes on the first week of April. The week of March 31 to April 6 was deemed the best time to put a home on the market, according to a recent realtor.com® report. (The report looked at the 50 largest real estate markets in the nation over the past three years.)
In that week, homes are listed for an average 6% more than at the beginning of the year, totaling an extra average $17,000. They also receive 14% more views on realtor.com than at other times of the year. And they get 5% less competition (the most homes go up for sale in late spring) and sell about six days faster. Plus, they're 1% less likely to experience a price drop.
"Sellers have to think about the competition in a way they haven’t before," says Chief Economist Danielle Hale of realtor.com. "Getting ahead of other potential sellers could be even more of a bigger advantage this year given market conditions.”
To be clear: Prices aren't the highest in April. They typically peak around June, as buyers flood the market, hoping to close on a new property before their children go back to school. But sellers face less competition and homes sell quickly during the first week of April.
Low mortgage interest rates may also incentivize more buyers to get into the market rather than risk getting stuck with a higher rate later on. (Even a single percentage point increase can add more than $100 to a monthly mortgage payment.) Rates were expected to shoot up this year, but instead have hovered around 4.4% for 30-year, fixed-rate loans. They fell to 4.31% on Thursday, according to Freddie Mac.
"Home buyer demand is really sensitive to [mortgage interest] rates right now," says Hale.
By Clare Trapasso | Mar 14, 2019 Clare Trapasso is the senior news editor of realtor.com and an adjunct journalism professor at St. John's University. She previously wrote for a Financial Times publication, the New York Daily News, and the Associated Press. She is also a licensed real estate agent with R New York.
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Article originally posted on: https://www.realtor.com/news/trends/best-time-year-to-list-a-home/
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