Spring Could Offer The Perfect Time To Sell Your Home

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I am often asked, "When is the best time of year to sell my home?" That answer can be somewhat complicated, but typically my answer is the same. In the Eugene and Springfield market area, I have always found that late winter and early spring may be the prime time for home sales. In our area, the days are becoming longer, the weather is improving from winter storms, trees are getting leaves again, and flowers are beginning to bloom. This is typically when homebuyer interest begins to spark. Another important thing to remember is that this time period typically has a lower inventory of homes for buyers to choose from. Later in spring and summer, the inventory of homes for sale will typically increase. Higher demand and lower inventory are a good combination for home sellers. The following is an article from "Realtor.com" that also suggests spring as the best time to sell your home.

A new realtor.com® analysis looks at historical listing metrics to pinpoint when sellers have the biggest advantage this spring.

Mark your calendar: The week of April 14 could offer the perfect mix of market conditions for home sellers, according to a new realtor.com® study.

 The study, an analysis of trends in home sales, finds that sellers could potentially fetch as much as $34,000 more for their home if they list between April 14 and 20 when compared to the start of this year. Researchers are betting on a powerful combo of high buyer demand, low seller competition and fewer price reductions that week—all working in sellers’ favor.

“Spring is generally the high season for home sales, and buyers tend to be more plentiful earlier in the year,” says Danielle Hale, realtor.com®’s chief economist. “Because listing a home is a process, sellers should start preparing now so they can list their home at a time when conditions are likely to be most favorable, giving them the best chance of selling their home quickly and at a competitive price.”

Realtor.com®’s analysis identified the “best time to list” by analyzing week-to-week listing metrics, including home prices, days on market and number of listings, from 2018 to 2019 and 2021 to 2023. (The study excludes 2020 due to the COVID-19 pandemic’s outsized impact on the housing market).

What Makes April So Great for Sellers?

National housing inventory is down nearly 40% compared to pre-pandemic levels, which offers opportunities for sellers this spring, realtor.com® notes. But mortgage rates are rising—hovering near 7%—and some home buyers, having hit their affordability threshold, are leery of jumping in the market.

Still, researchers remain bullish that the week of April 14 to 20 is the right moment for sellers to make a move. Here’s why:

  • Higher home prices: Historically, home prices during that week are typically 10.4% higher than the start of the year, according to researchers. “If 2024 follows last year's seasonal trend, the national median listing price could be $7,400 higher than the average week, and $34,000 more than at the start of the year,” the study notes.
  • Increased buyer demand: The week of April 14 also tends to offer 18.4% more online views per listing than the typical week. In 2023, listing views surged even higher—up 22.8%—when compared to weekly averages during the rest of the year, realtor.com® notes. Still, the wild card is mortgage rates: Falling rates likely will increase buyer demand while mostly steady or climbing rates could make buyers more skittish. Buyer demand typically tends to cool in the late summer and early fall.
  • Fast sales pace: Homes tend to sell more quickly during the week of April 14, selling about nine days faster than other weekly averages. Housing inventory is rising but remains historically low, forcing buyers to continue to compete for fewer properties, realtor.com® notes.
  • Less competition from other sellers: Typically, there are nearly 14% fewer homes on the market during the week of April 14 compared to other weekly averages. Home sellers stand to benefit from the least amount of competition from other sellers of the year.
  • Fewer price reductions: Sellers tend to lower their asking prices least frequently in late winter and early spring, realtor.com®’s data shows. Historically, about 24% fewer homes have had a price decrease during the week of April 14 compared to the average week of the year.

Have An Awesome Week!

Stay Healthy! Stay Safe! Remain Positive! Trust in God!

Sincerely,
Galand



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Galand Haas, Keller Williams Realty Eugene and Springfield
2645 Suzanne Way Suite 2A, Eugene OR 97408
Direct: (541) 349-2620

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