Home selling goes hand in hand with March Madness. That’s right, March Madness does not only pertain to basketball. Home selling is now the hottest ticket outside of the sports arena.
Home sellers are gearing up for one of the best times of year to sell a home. (So, get pre-approved for your mortgage, and get out there and house hunt with joy.) This blog tells you why: “…a big week in the housing market is quickly coming.”
That’s why home sellers are scurrying to get their houses in perfect shape for showings.
Proven With Statistics: March Madness Works to Sell Homes
Again, we are not talking about basketball, but in the housing market, it is common knowledge that the “best week to put a home on the market is March 31 to April 6. This is according to a new analysis from realtor.com®.” How on earth did home selling experts figure that out? Researchers in the real estate industry have analyzed 50 of the largest US real estate markets for 3 years. Then they extrapolated the best week to sell.
Sparkling Wins for the Home Sales Teams Mar. 31 to April 6
It’s all about a window in time. The weather is nice. The buyers are looking at homes. Spring has finally come. We call it the Window of Wonder of home selling. Let’s take a look at some hot numbers:
For Home Sellers: March 31-April 6 is All About that Home Selling Price Tag
Whatever the reason for this magic window of home sales, it is not bargain hunting. You see, during the week of March 31 to April 6, realtors list homes for about 6 percent more than in January. That might not sound like much, but it can add up to about an extra $17,000.
Likewise, we have learned that homes for sale that week can attract 14 percent more views on the popular website realtor.com. Home sellers who get more views have a better chance at finding that magical buyer, obviously.
And it Just Gets Better. Shoot for Your Spring Time Home Selling –and Score!
During that time period, homes sell an average of six days faster. Plus, you won’t have as much competition to make the sale. Think about it; most folks are scrambling to get their homes fixed up and ready for sale in late spring. Earlier home sellers do not have all that competition.
It’s All About Time
The study revealed some other interesting points of note:
- Homes listed for sale don’t tend to get the highest prices after the first week of April.
- In many areas, home prices tend to peak around June, according to realtor.com®’s study. But the price is not the whole story. Sometimes a speedy sale is equally important or more so.
- However, sellers face less competition and homes sell quickly during the first week of April, the study concludes.
“Sellers have to think about the competition in a way they haven’t before,” says Danielle Hale, realtor.com®’s chief economist. “Getting ahead of other potential sellers could be even more of a bigger advantage this year given market conditions.”
The above comments are based on typical and average statistics. Now, keep in mind the commentary comes with a grain of salt. It’s no surprise that the next big window comes in May, and in certain parts of the country, the housing market gets hottest in June and July. We’ll be bringing you more about the separate markets and dates in metro areas, next week, in Part 2.
A Special Bonus for Home Sellers in this Early Spring Magic Window
We all know that mortgage rates will probably rise later in the year. So, that gives home sellers another reason to be ready for this special time. Obviously, “Lower mortgage rates currently may also entice more buyers to jump in the market sooner rather than wait.”
Right now, the typical 30-year fixed-rate mortgage dropped to a 4.31 percent average last week, according to Freddie Mac. However, Palm State Mortgage Company reminds you that this percent is not the sum total of the best deal for every typical buyer. Your ultimate percentage will match your current financial situation.
Like a Champion, the Metro area of Orlando Made the Cut
Again, it has nothing to do with basketball, but Zillow recently released the best home selling and buying Markets for Big Cities. Yes, Orlando made the top 10! Our area is in the top ten of the best markets for home buyers. That also means it’s good for home sellers.
Our Next Best Magic Window of Time for Home Selling Might Be Early May.
Zillow just announced that “U.S. homes listed for sale in early May sell for $1,600 more than the average listing throughout the year.
But we’ll bring you more about that phenomenon next week. Thank you for reading our Palm State blog today, and Happy Home Selling or House Hunting! Be a Champion in March Madness–or just feel like one!