With the Spring home selling season approaching, when might be the best month to sell a home? According to a report from realtor.comreport from realtor.com [1], i 2019, April may be the best time to sell a home. Specifically, Realtor.com states that between March 31 and April 6, sellers will be in the perfect "sweet spot" to have their home sold.
"June is often considered the peak of home buying season, but our analysis found the first week of April is best for sellers looking to maximize list price, and also reduce the risk of price cuts and competition from other sellers," said Danielle Hale, Chief Economist for realtor.com. "Given the time it takes from listing to close, putting a home on the market in early April positions sellers to attract buyers seeking to close and move before the beginning of school year."
According to the report, the first week of April sees the most home viewings, 14 percent more on average, and five percent less competition. Homes are likely to sell 6 days, or nearly 9 percent, faster on average.
Additionally, sellers may find that they are able to sell their homes for more during this time: homes on the market between March 31 and April 6 typically sell for six percent higher than they would at the beginning of the year. However, as Hale said, June is typically the peak of homebuying season, and the average June listing is normally seven percent more expensive than average. What make the first week of April special is that buyers are less likely to back out for other homes, forcing a price reduction on a seller's home. Homes sold in June are one percent more likely to take a price cut, while homes sold in April are one percent less likely to cut their price back.
April sales may also be boosted by the lower mortgage rates, which have been slipping since November 2018. According to realtor.com, mortgage rates are now 4.5 percent or lower compared to November 2018's 5.0 percent. Buyers may take advantage of these lower rates before they climb back up again.