If you’re feeling extra-anxious during tax week, here’s some good news: according to Realtor.com, it’s the optimal time to sell your home.
Historical data suggests that between April 16-22, there are more shoppers, a more positive sentiment, and higher prices compared to an average week. This year, April 18 is the deadline to file taxes. Realtor.com states that “this week represents a balanced selection of market conditions that favor sellers,” offering higher than average prices and lower than average time on the market while also providing a higher than average number of buyers, measured as viewers per listing.
Spring has always been a hot time for the housing market, as families wanting to relocate aim to sell their homes, purchase new ones, and move before the next school year starts. “For this reason, sellers who list on the earlier side will get more buyer attention and therefore be more likely to sell quickly and for a higher price,” said Realtor Chief Economist Danielle Hale. While higher mortgage rates have made buying a home more expensive this year, Realtor.com sees a glimmer of hope for the market in 2023, as conditions improved slightly in January. Prices rose 8.1% from January 2022, but affordability improved, indicating that the spring market could be an opportunity for both buyers and sellers.
Why April 16-April 22 Is the Optimal Time for Selling Your Home
According to Realtor.com’s analysis of 2018-2019 and 2021-2022 (excluding the pandemic year of 2020), the week of April 16-22 is the most advantageous time for selling homes in the United States. Historical data reveals that during this week, homes were sold for 2.1% more than the average week and 12.1% higher than at the start of the year.
If the market trends continue in 2023, the national median listing price could rise by $8,400 above the average week and $48,000 above the year’s beginning.
The week of April 16-22 also boasts 16.4% more home viewings per listing than the average week, and homes sell 18% faster. Therefore, it is advisable to check out the sales prospects during this time. In February, the median sales prices for single-family homes fell by 0.2% to $363,000, breaking an 11-year streak.
Despite the slight improvement in inventory in 2022, it has not yet reached pre-pandemic levels. Realtor.com predicts that high mortgage rates will continue throughout 2023 as the Federal Reserve attempts to restrain inflation, resulting in high borrowing costs for buyers throughout the year.