The Best Month and Day to Put a Home on the Market, According to Zillow.
Listing a home toward the end of spring significantly increases a seller’s chances of selling their home faster and for more money, according to new analysis from Zillow. Nationally, homes listed from May 1 through May 15, sell around nine days faster and for nearly 1 percent more than the average listing. In 20 of the 25 largest metro areas, the best month to list is late spring, in either April or May.
Housing market dynamics, including low inventory, make the buying season more pronounced in some parts of the country. Sellers in the highly competitive Seattle, Portland, Ore., and Denver markets saw between a 1.5 and 2.5 percent boost to final sale prices when they listed in early May. The lack of new homes for sale in these markets elongates the home-buying season as many buyers are forced to consider several homes and make multiple offers. Less than half of buyers got the first home on which they made an offer, according to Zillow’s latest Report on Consumer Housing Trends. You may want to hide during the ides of March, but the ides of May are the perfect time to put a home on the market, says a new study by Zillow.
In 20 of the 25 metro areas studied, homes listed anywhere between May 1 and May 15 sold nine days faster and for up to 1 percent more.
“With 3 percent fewer homes on the market than last year, 2017 is shaping up to be another competitive buying season,” said Zillow Chief Economist Dr. Svenja Gudell in a statement.
He also says “Many homebuyers who started looking for homes in the early spring will still be searching for their dream home months later. By May, some buyers may be anxious to get settled into a new home — and will be more willing to pay a premium to close the deal.”
Mark your calendar for a Saturday in May
Moreover, Zillow’s research revealed the best day to place a home on the market is Saturday — listings that appear on Zillow’s site on this day garner 20 percent more views than early-in-the-week listings. The second best day to list is Friday, when properties receive 14 percent more views. Lastly, Gudell says sellers have to be cognizant of other factors, such as weather. Sellers in Texas, California, and Florida have more leeway in when to list their home due to warmer weather patterns. Also, sellers who live in areas without distinct seasonal weather tend to have little variation in sales price based on the month.