Spring has sprung, and with it, homebuyers come out of the woodwork. A study by ATTOM Data Solutions recently revealed May is statistically the best time to sell a home. How will this affect real estate trends?
At a Premium
Homes listed in May from 2011 to 2017 reaped the largest premiums above market value, at 5.9% above any other month. Though sales in earlier months reap less of a reward, however, those willing to list earlier enjoy less competition.
May sales don’t take the cake, however. The highest premiums are on a single day of the year, June 28th, where market values an average of 9.1% higher. Other top days include February 15th, May 29thand 31st, and June 21st, with premiums between 8.1-9%. Keep timing in mind, however. Homes selling during these times are typically listed prior to sale.
Timing is Everything
Though April, May, June, and July are peak listing times for most markets, real estate trends vary from market to market, with some cities bucking the national trend. To ensure a faster selling time and fewer lowball offers and price cutting requests from potential buyers, listing in April is a strong alternative to May. This timing also allows for a May sale and escrow closing in June. If you waited slightly longer, you might make more, but it may also take longer to sell.
Realtor.com statistics show 29 out of the 50 top metros nationwide hold a peak listing date of April. As buyers come out of hibernation in the spring, April listing leading to May sales garner:
> 14% more views.
> 5% less competition, as most buyers wait until still is out to list.
> Sales 6-days faster.
> 6% higher sales price ($17k on average).
Don’t let peak sales times pass you by. Prepare yourself, potential sellers, and buyers to make the most of upcoming real estate trends with the help of Properties Online today.