Best Week to Sell Your Property in 2023…
Do you hope to sell your house quickly and for a higher price, despite the current condition of the real estate market? Next, please turn to the month of April, unscrew the lid from a large, brilliant yellow marker, and circle the dates April 16-22. According to data compiled by Realtor.com®, this best week in 2023 is optimal for posting a property for sale.
A home’s list price in the best week to list is likely to be $8,400 higher than in a normal week, and a whopping $48,000 higher than in early 2023. There will be 16.4 percent more interest in real estate ads than in a normal week.
Even though the spring is traditionally the best time to sell a house, the third week of April is expected to see an increase in demand that will cause homes to sell 18% more quickly than usual.
According to Realtor.com’s economic research expert Hannah Jones, “the greatest week reflects a delicate equilibrium” between low levels of rivalry from other buyers (i.e., fewer postings), high possible selling prices, and a short period on the market.
Through extensive analysis of market trends from 2018 to 2022, the Realtor.com economics team has pinpointed the optimal sale week. (Remember that 2020 was left out because of the abnormal state of the market during the height of the COVID-19 epidemic.) The number of competing sellers, the average number of days a house was on the market, the number of views per property, the asking price, and the probability of price reductions were all taken into consideration.
Buyers today are being kept on the margins by a trifecta of factors: a dearth of available properties, high prices for those that are, and increasing mortgage rates that have driven up monthly mortgage payments by roughly 50% in the past year. (Freddie Mac reports that the average rate for a 30-year fixed mortgage was 6.73% in the week concluding March 9).
Buyers who have been stymied by price concerns may be able to overcome them in time to be among the first in line at the open houses if more properties were added to the market.
How low can sellers go? For the 35th week in a row, the number of new postings has decreased, with a 26% drop for the week concluding March 4. Overall stock levels are still 50% below what they were before the epidemic.
Many of the people who are selling their homes are also in the market for a new one, but are having a hard time doing so because of rising prices and mortgage rates. Because of that, a lot of people have been hesitant to sign up.
As a result, house vendors who are ready to meet this pent-up demand will likely see a rise in their asking price, as savvy buyers will act quickly to secure a desirable listing.
Buyers enjoy new listings—those who have been watching the market know that these excellent younger listings get sold rather quickly,” says Candice Krasovec, a real estate representative and licensed house assessor in Washington and Texas at Pierce County Appraisals.
Increasing your Best Week listing’s visibility
A hesitant homeowner may fret that the housing market will become even more competitive if every seller is aware of the best week to put their house up for sale.
But sellers who are hesitant to put a “For Sale” sign in the yard during the best week should take into account an important real estate fact: the market is about to enter ideal time for purchasers with families, who typically want to relocate long before the start of the new school year.
Late spring and summer are when you see a rise in new postings, says Jones. Therefore, sellers have a great chance to attract buyers’ notice before listing activity is at its peak by joining the market during the best week.
Turnkey houses in sought-after areas, Jones says, continue to sell quickly and attract “substantial notice” despite the market’s recent slowdown.
The most important thing for buyers to remember, though, is to set a reasonable asking price. And Jones recommends that retailers conduct study on a hyperlocal level.
Those looking to sell a home “need to become acquainted with their local market and work closely with a local agent to make sure their offering is appealing to buyers,” she advises. Affordability is causing buyers to be more selective, so a reasonably cost, well-kept house is the key to generating strong interest.