If you are preparing to sell a house in the United States, now is the best time to put your property on the market. A recent real estate report shows that listing your house for sale this week might allow you to fetch the best price.
According to a recent report from the real estate website Realtor.com, April 14th to 20th is considered the prime time for selling homes nationwide. By analyzing various factors, including past price patterns, inventory levels, and buyer activity, researchers believe that this early spring week is the ideal time to make a move.
Danielle Hale, Chief Economist at Realtor.com, stated, “The best week has arrived, and conditions will remain favorable for sellers from now until summer.”
Positive factors contributing to this prime selling period include above-average house prices in mid-April, which are 1% higher than usual for the week and 10.4% higher than at the beginning of the year. In terms of the national median home price, this means an increase of $7,400 compared to the average weekly price and $34,000 higher than at the start of 2024.
Market demand is also strong, with a 22.8% increase in home listing views in mid-April compared to usual levels. Homes are selling faster during this golden week, with a 17% increase in sales velocity.
Furthermore, there has been a decrease of nearly a quarter in price reductions in mid-April compared to usual levels, indicating that sellers typically have the upper hand at this time of year.
Of course, higher interest rates complicate the real estate landscape. However, if your house is poised to hit the market, it’s essential to act swiftly.
Here are some suggestions for sellers to ensure you get the best price:
For sellers, seizing the opportunity in the spring is a wise move.
Hale mentioned that as May and June approach, “we will see more and more listings hitting the market, and the competition will intensify.” He advised, “There were plenty of buyers earlier in the year, but as they find homes to purchase, those numbers will drop.”
You may have heard about the recent lawsuit settlement with the National Association of Realtors (NAR), which could disrupt the traditional 6% agent fee. Since this fee typically comes from the seller, it’s almost like a “tax” on home sales.
This settlement might increase competition among agents and put downward pressure on the 6% agent fee. However, the new regulations will not take effect until July.
While nationally, April 14th to 20th is considered an ideal selling week, this is just a general overview. Real estate is inherently localized, so it’s crucial to understand the specifics of your local market.
For instance, in cities like New York and Los Angeles, the optimal time to list actually starts in late March. However, in other cities like Memphis and Indianapolis, the prime selling period may not begin until May.
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