SANTA CLARA, California
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March 15, 2023
(press release)
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Homeowners who list that week will experience the best combination of market conditions and could get $48,000 more for their home than the start of the year While it's nearly impossible to time the real estate market, there is one week that is most likely to get home sellers the best possible outcome, according to Realtor.com®. Nationally, homeowners who list the week of April 16-22, 2023 will hit the sweet spot in terms of the best combination of higher prices, fewer homes to compete against, faster sales time and strong buyer demand. A recent survey from Realtor.com® and HarrisX found that 60% of home sellers took up to 3 months to get their home ready to list, so for homeowners who have been making preparations, listing during that crucial April week could get $48,000 more for their home than they would have at the start of the year. "Many home shoppers kick off their search in the early spring and they often beat the majority of home sellers to the punch," said Realtor.com® Chief Economist Danielle Hale. "For this reason, sellers who list on the earlier side will get more buyer attention and therefore be more likely to sell quickly and for a higher price." Why is April 16-22 the best time to sell? Tips on prepping a home for sale For the best chance at a quick sale and high price, homeowners should make sure that their home looks its best, has been well cared for and is up-to-date with routine maintenance. To get ready to list, about a third of recent sellers (35%) made repairs/updates to the home, did some cleaning and decluttering (33%) and found an agent to help them (31%). In order to best market their home, owners and their agents had listing photos taken (34%); created marketing materials such as flyers (27%); created a 3D/virtual tour (20%) and staged the home (11%). Making minor repairs can go a long way during a showing. Potentially, a buyer who sees leaky faucets and closet doors that don't close might become concerned about larger potential problems with the home. The most common repairs made by survey respondents were: "In today's market, it's really important to price your home well and make sure that it looks its best in order to get top dollar and find a buyer quickly," said Hannah Jones, economic research analyst Realtor.com®. "There are still buyers in the market, but due to high prices and interest rates, they're being a bit more picky than they were the past several years." Homeowners who are looking to sell their home can visit Realtor.com® to find a trusted agent in their area and check out Realtor.com®'s Complete Guide for Selling Your Home. Report Methodology Survey Methodology About Realtor.com® Media contact: press@realtor.com SOURCE Realtor.com
While mortgage rates are expected to remain elevated through 2023, for-sale inventory is still well below pre-pandemic levels, so sellers can still expect well-priced homes to be in high demand. Those looking to take advantage of seasonal market trends should consider getting ready to list April 16-22, which is anticipated to have the best mix of market conditions for sellers, including:
According to Realtor.com®'s survey, it took most recent sellers (80%) between 2 weeks and 6 months to prepare their home for sale, with the sweet spot being between 1-3 months (32%). For most (56%) it took more time than expected to list their home, while 23% said it was faster than expected and 22% said it took about as long as they expected. For those considering a home sale this year, it's best to start preparing now in case it takes longer than anticipated.
Listing metrics (e.g. list prices) from 2018-2019 and 2021-2022 were measured on a weekly basis, with each week compared against a benchmark from the first full week of the year. Averaging across the years yielded the "typical" seasonal trend for each metric. Percentile levels for each week were calculated along each metric (prices, listings, days on market, etc.), and were then averaged together across metrics to determine a Best Time to List score for each week. Rankings for each week were based on these Best Time to List scores.
The survey was conducted online from Feb. 3-10, 2023, among 2,286 adults in the U.S. by HarrisX. The sampling margin of error of this poll is +/- 2.1 percentage points and larger for subgroups. The results reflect a nationally representative sample of U.S. adults. Results were weighted for age by gender, region, race/ethnicity, and income where necessary to align them with their actual proportions in the population.
Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.
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