The real estate market in the United States has been facing a lot of instability due to high mortgage rates and shifts in people’s work and lifestyle. Both buyers and sellers are uncertain about the timing of property transactions. When is the best time to sell a house? Industry professionals have analyzed this question.
In the years before the pandemic, early May has always been considered an ideal time to list properties for sale. However, this changed in 2023. In March of this year, online real estate trading company Zillow analyzed the housing market in 2023 and found that the best time to list properties for sale in the United States last year was the first two weeks of June. This change may be related to mortgage interest rates.
Specific data shows that houses listed in the first two weeks of June 2023 saw a price increase of 2.3%, which is $7,700 higher on average than the median price for housing sales in the United States. Of course, timings vary in different metropolitan areas. So, what is the situation this year?
Peter Kam, CEO of Qiao Fu Real Estate Company, which has over 350 real estate agents, told a reporter from Dajiyuan this Friday (May 3) that traditionally, spring and early summer are often popular times for selling houses in the housing market trends.
“With better weather, longer daylight hours, and families looking to move before the start of a new school year, buyer activity tends to increase during this period,” he said. Especially in areas like California, where spring brings blooming gardens and brighter natural light, showcasing properties in the best possible way.
However, the demand for housing is not limited only to May and June. Kam said, “We typically see a surge in home buying and selling transactions from June to October.”
Kam stated, “I believe now is the best time to sell a house.” His reasons include good weather for open houses, many buyers in the market, and shorter time frames for completing sales. Currently, it remains a seller’s market, allowing homeowners to negotiate better terms with buyers.
Based on sales reports from their agents, Kam concluded, “Every house listing now attracts multiple buyers, sometimes over 10 buyers competing for a single property, leading to offers exceeding the listing price by 10% to 20%. It is definitely a seller’s market now.”
Although it is a good time to sell houses, Kam reminded homeowners to carefully consider if it is worth listing their property.
He explained that the lack of available housing inventory is currently a major issue. “With over 75% of residential mortgage rates locked in below 3%, most homeowners are reluctant to sell because they cannot buy alternative properties at around 3% interest rates anymore.” This means that many current property owners are locked into their homes.
According to Freddie Mac data, in the week ending May 2, the average 30-year fixed mortgage rate was 7.22%, while the average 15-year fixed mortgage rate was 6.47%.
“This is why you need to consider if you have the ability to afford a new property after selling your current one, as the mortgage for an alternative property will be more expensive,” Kam advised. “You should have a convincing reason to sell your property, whether it’s due to relocating or significant life changes prompting the sale.”