According to an analysis from Realtor.com, the best week to put a home on the market is coming up. This research is from the 50 largest markets in the United States, analyzed from the past 3 years to determine the best week. So when is it?
It is: the week of March 31 to April 6. Homes are listed, on average, for 6 percent more than at the beginning of the year—an extra $17,000. Also, the listing will get 14 percent more views on Realtor.com® than at other times of the year. They also sell 6 days faster (Days On the Market). And lastly, they also face less competition since more homes go on the market in late Spring, not early spring as in March 31 to April 6.
Since the market is tending to flatten out a bit in our area, seller’s should think about competition, other sellers selling, some having to sell for sure, and thus lowering their listing prices or contributing to the buyer in some way.
What about the mortgage rates? Since rates are expected to rise later this year, this will also help those buyers on the fence, an uptick in interest rates will make it harder for buyers to qualify for what they are currently qualify for. Rising interest rates may mean you qualify for less. Currently the 30 year fixed rate is at 4.31 percent, still low compared to historical data.
Let me know if you know someone who is thinking of buying or selling real estate. Remember, the best week to list a home is coming up quickly! 650-483-4932