According to a recent analysis, spring is a fantastic time to clean your house and sell it.
About 51 million single-family and condo house sales during the previous 12 years were studied by researchers at real estate data supplier ATTOM, and it was discovered that those homes sold for the highest price in April, May, and June. Of those three months, sellers typically receive a return in May that is 13% higher than the median price in their neighborhood.
Now might be the ideal time to list your house, according to ATTOM analysts.
According to ATTOM, homeowners who sell their homes between April and June typically receive an 11% premium, but between October and January, the amount lowers to about 7%. According to ATTOM, Americans typically purchase more homes during the summer than any other season, with an average of 5.1 million homes sold in June, 5 million in August, and 4.9 million in July.
Given that economists anticipate difficult sledding for both buyers and sellers this year, knowing exactly when to post the for-sale sign may be even more important. However, sellers have been reluctant to list their property because they are concerned about having to obtain a more expensive mortgage following the Federal Reserve’s ten consecutive interest rate increases. Real estate professionals anticipate that house searchers will increase their efforts over the coming months. Additionally, buyers have had to deal with rising borrowing rates and costs.
According to figures from the St. Louis Federal Reserve, the average 30-year fixed rate mortgage reached 6.4% in April, up from roughly 5% the year before.
Additionally, the demand for homes increased in 2022 and builders were unable to keep up, pushing the price of existing homes even higher. According to the most recent information from the National Association of Realtors, the median house sale price nationwide increased to $424,000 in March from $415,000 in February.
According to Andy Walden, vice president of enterprise research strategy at Black Knight, the housing market currently slightly favors sellers, in part because supply has fallen to its lowest levels since last April.
Additionally, 90% of the major markets experienced a decline in supply in March, according to a recent research by Walden. Additionally, 30% fewer properties reached the market in March compared to pre-pandemic standards, so new listings aren’t filling the gap.