Americans hoping to sell their homes this year may want to start early.
A new report from Realtor.com looks at the best time to list a home for sale in 2022. To produce the report, the researchers examined current trends in 2018 and 2019, as well as housing data for 2021 – 2020 due to the impact of the Covid-19 pandemic in that year.
The best week is determined by comparing a variety of factors, including competition among sellers, list prices, how long homes have been on the market before selling, homebuyer demand and price reductions.
Overall, the best week to list a home for sale nationwide was the week of April 10 through 16, which is more than a month. That week was notable for several reasons:
Homes typically sell for 1.4% more than the average week, which means the national median list price could be up to $5,000 above average based on prices seen this year.
In the year In 2021, this same week saw a 20.9% increase in the number of views each listing received, compared to the average week throughout the year.
Historically, homes listed in that week sell 13.2 percent faster than average.
Additionally, against the backdrop of a national shortage of homes for sale in 2021, there were significantly fewer people listing a comparable home last year. Therefore, homes that were on the market at that time were much less likely to experience price reductions.
(Realtor.com is operated by News Corp. Move Inc., and MarketWatch is a division of Dow Jones, which is a subsidiary of News Corp.).
Sellers should not be patient
Although it is still a seller’s market due to strong home buying demand and a shortage of properties for sale, the report warns that time is of the essence.
“The seller position appears to be continuing to improve,” Realtor.com economic research analyst Hannah Jones said in a report. But there are some ongoing changes to be aware of and potential changes in the market.
Mortgage rates are expected to increase throughout the year, making buyers more conservative in their bids and potentially dampening demand. As the fall shopping season progresses, more sellers may enter the market, increasing competition. Homebuilders may also choose to accelerate construction, especially if supply chain and labor issues eventually improve, creating more competition for sellers of existing homes.
Buyers should also take note, Jones wrote. “The typical seasonal volatility of the housing market, developer sentiment and seller sentiment suggest improvement,” she wrote. “We don’t expect a lot of inventory, but as more sellers come into the housing market, we expect there will be fewer buyers checking and competing for each individual home.”
Whether one is a buyer or a seller, one must pay attention to the local dynamics of the real estate market. Although the best week to list a home nationally isn’t until April, the best time to list a property for sale in many markets across the country is in March. Such markets include Richmond, Va. Orlando, Seattle and San Francisco, among others.
In markets such as Tucson, Ariz.; Miami or Raleigh, NC, the best time to list is not until late May or June.