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Listing agents have less than a month to prepare homesellers for the peak spring selling season, according to Realtor.com’s annual “Best Day to Sell” analysis, published on Thursday.
This year, the portal says the week of April 14 is the best time to close a deal as fluctuating mortgage rates have a dual effect on the market. A slight drop in rates throughout March has encouraged more buyers to test their luck, while homesellers — 88.5 percent of whom have rates below six percent — are still waiting for a more significant decline.
Danielle Hale | Realtor.com chief economist
Historically, listings posted during the week of April 14 get 18.4 percent more views than the typical week. However, in 2023, the increase in views per listing jumped to 22.8 percent — a 23.9 percent increase from the historical average.
However, there’s a chance this April will fail to match 2023’s performance, as the rate for a 30-year fixed mortgage hovers around 7.6 percent. “Demand will in part depend on mortgage rates — falling rates may increase spring demand, while steady or rising rates may prompt some buyers to hold off,” the report read.
While buyer demand is up in the air, the report said homesellers can still look forward to a pricing premium and quicker list-to-sale timelines due to a smaller pool of sellers in the market.
The price of homes listed during the week of April 14 has been 1.1 percent higher than the average week, and 10.4 percent higher than January. Homes listed this week also tend to sell nine days faster than the average week and, in 2023, homes listed the week of April 14 sold even faster, in 46 days — six days less than the year’s average of 52 days.
If the trends for both metrics hold, homesellers could see their homes sell even quicker than 2023’s 46-day average and for $34,000 more than a home listed at the beginning of the year.
“Spring is generally the high season for home sales, and buyers tend to be more plentiful earlier in the year,” Realtor.com Chief Economist Danielle Hale said in a prepared statement. “Because listing a home is a process, sellers should start preparing now so they can list their home at a time when conditions are likely to be most favorable, giving them the best chance of selling their home quickly and at a competitive price.”
If your client can’t pull off a four-week turnaround, Realtor.com said there’s another prime selling window at the end of June when listing price growth reaches a near-peak of 13.8 percent compared to the beginning of the year. However, that mid-summer pricing jump pulls more sellers out of the shadows, with the number of new sellers jumping 49.3 percent compared to January.
“By entering the market earlier, sellers can head off that competition, increasing the odds of a successful close and favorable terms,” the report read. “Working with an experienced agent can help sellers prepare for and navigate their local market dynamics.”
