Spring is upon us! With this said, there is a reason why in real estate this time of the year is referred to as the “spring home buying season“. For many parts of the country, the spring season means more sunshine and warmer weather overall. Interestingly, we tend to see more prospective home buyers enter the housing market this time of the year. So when is the ideal timing to list your home for sale? We discuss below.
The best week to list your home for sale
Nationally, the best week for sellers to list their homes for sale is April 16 – 22, 2023 this year. It is thought that by listing during this week of this year, sellers will be able to capitalize on a combination of higher prices, fewer homes to compete against, faster sales time and strong buyer demand. According to a recent survey from Realtor.com® and HarrisX, 60% of home sellers took up to 3 months to get their home ready to list. Therefore, it is best to begin preparing your home to list in the January or February time frame in order to capitalize on your timing for the spring home buying season. As for listing your home during this critical time in mid-April, the recent report from Realtor.com® states that this could result in selling your home for $48,000 more as compared to selling it earlier in the year.
Why is this the best week to sell?
There are various factors contributing to this time of the year as being ideal for sellers:
- Higher prices: Historically, homes listed during this time of the year had prices 2.1% higher than the average week throughout the year, and are typically 12.1% higher than the start of the year.
- Low inventory of homes for sale: Overall, we continue to see a low inventory of homes for sale throughout the market. In addition, there are typically 9.3% fewer sellers on the market during this week as compared to the average week throughout the year. This results in less competition for you as a seller.
- Strong demand: Historically, this week garnered 16.4% more views per listing than the typical week. Needless to say, low supply + strong demand = a higher sales price.
- Homes sell faster: Historically, homes actively for sale during this week sold 18% faster than the average week.
Summary
South Florida continues to exceed the national average when it comes to demand for housing. As the fastest growing state in the country, we are seeing many Americans from all over the country opting to relocate to paradise. With this said, the spring season is also a popular time of the year for many young families to purchase a home. The reason for this is because buying a home now typically allows for a summertime move into a new home, while the children may be on summer vacation from school. Of course, the type of home will also dictate the best time of year to sell. For example, an oceanfront condo that is often sought-after by retirees may likely garner more attention during the seasonal months in the winter throughout South Florida.
Are you thinking about selling your home? Contact Natasha at Live South Florida Realty, Inc. for a free consultation today! Also, don’t forget to download the free Florida Home Search app for your mobile device.
