If you're considering selling your home, you're probably pondering the perfect time to put it on the market to fetch the best price. Well, guess what? The time is now - meaning this week!
According to Realtor.com, the week of April 14-20 is prime time for home sales across the nation, where we see the highest prices reached and the fewest days on market. Danielle Hale, chief economist at Realtor.com , said, "The best week is here, and conditions will remain favorable from now into the summer."
So, why this week? Picture this: prices in mid-April are flying high, a whole 1% higher than your average week, and a whopping 10.4% higher than when we popped the champagne for the New Year. That means, on average, homes are selling for $7,400 more than usual, or a jaw-dropping $34,000 compared to January. Plus, listings in mid-April are getting almost 23% more eyeballs, and homes are flying off the market 17% faster.
And there's more good news: In mid-April, there are almost 25% fewer price reductions happening, which translates to sellers having the upper hand, with few, if any, contingencies in offers.
Now, let's address the elephant in the room: interest rates. With inflation refusing to take a hike, the Federal Reserve is holding off on any rate cuts, keeping mortgage rates on the higher end of the spectrum. We're talking around 7% for a thirty-year fixed mortgage, according to Bankrate.com. Still, though, with low inventory levels, buyer demand is still high across our region.
If your home is ready to hit the market, don't drag your feet. Get it listed! And if it's not quite there yet, no worries. Take your time fixing it up. The homes that are selling fastest are the ones that are move-in ready and modernized.
As we edge into May and June, the market gets crowded with listings, and sellers, you don't want to get lost in the shuffle. Trust me, you'll thank yourself later for getting in on the action now.
And buyers, with the right guidance from your local realtor and some perseverance, you will find the perfect home. More inventory on the market in the spring means more options for you.
As we look toward fall, the hope is that mortgage rates will tick down. Greg McBride from Bankrate.com predicts we might see rates around 6.25-6.4% by the end of 2024. Remember, though, that a decline in mortgage interest rates means a surge in buyer competition, leading to home prices rising.
Now, let's talk fees. You may have read about changes in agent fees thanks to a recent lawsuit settlement with the National Association of Realtors. While it's shaking things up, don't expect any big fireworks just yet. The new rules won't kick in until July, so for now, it's business as usual.
And remember, while April 14-20 might be the golden selling week on a national scale, real estate is all about location, location, location. Dive into the nitty-gritty of your local market to find your own sweet spot. I'd be happy to help you find just the right location for your family.
Bottom line: sellers, rejoice! Prices are looking great for you right now. According to the National Association of Realtors, the median sales price for existing homes in February was $384,500, up 5.7% from last year. But hey, for buyers, it's a bit of a wild ride trying to find your dream home within budget. I'm here to assist and bring my expertise to your home buying journey.
So, whether you're ready to sell or still browsing Zillow for your dream home, remember: the real estate game is ever-changing, but with a little know-how, and a great agent on your side, you can come out on top. Happy house hunting!
Greer Uptegraft
Realtor | Pearson Smith Realty
