Published by FOX Business | March 21, 2024
Every year, one week stands out from the rest as that perfect stretch of time when it’s great to be a home seller.
This year, the week of April 14–20 is the best time to sell—that is, if sellers want to see lots of interest in their homes, sell quickly, and pocket some extra cash, according to Realtor.com® data.
“The third week of April brings the best combination of housing market factors for sellers,” says Hannah Jones, Realtor.com® senior economic research analyst. “The best week offers higher buyer demand, lower competition [from other sellers], and fewer price reductions than the typical week of the year.”
What makes the third week of April a golden opportunity? Historically, median home prices are about 1.1% higher than the typical week. Homes also cost about 10.4% more than they did earlier in the year. This price bump translates into big bucks. A seller who takes advantage of the best week to list could collect about $7,400 more at the closing table than if they put their home on the market during a typical week. Plus, homes are expected to list for a median of $34,000 more than they did at the beginning of this year.
In addition to the extra cash, sellers can expect more buyers to see their homes on Realtor.com. Listings generally receive 18.4% more views during the best week to list than in the rest of the year. More competition might drive up prices as well, through bidding wars and offers over the asking price.
Homebuyers aren’t simply window shopping during this week either. Data suggests for-sale homes will fly off the market in nine days, or about 17%, faster than an average week.
Last year, the housing market faced significant challenges, keeping many buyers—and sellers—waiting in the real estate market wings. As the snow melts, the flowers bloom, and the open houses are being scheduled in earnest, buyers might be eager to emerge.
That’s because home list prices have come down from the peak of $449,000 in June 2022 and $445,000 in June 2023. The median home list price was a median of $415,500 in February, according to the most recent Realtor.com. While prices are usually highest in the summer, prices are expected to come down a little overall this year by about 1.7%, according to the Realtor.com 2024 forecast.
Mortgage rates have also fallen to the high 6% range from almost 8% last fall. This has freed up some sorely needed housing inventory.
