By Utah Association of Realtors
If you’re thinking about selling your home, now may be the perfect time. In fact, a new study says the ideal time to list a home is only a few days away.
The week of April 10-16 will be the best time to list a home in 2022, says Realtor.com, which has named the week “Listapalooza.” The company, which analyzed recent market conditions across the U.S., says sellers who list during this week will take advantage of strong demand, high asking prices, quick home sales, less competition from other sellers and fewer price reductions.
“Every year, to help sellers better navigate the spring buying season, we take a look at recent market conditions to determine the optimal week to put a home on the market,” said Realtor.com Chief Economist Danielle Hale in a press release about the report. “And that perfect moment is just [days] away for 2022 sellers, with data indicating that home prices and demand are rising earlier than in a typical year.”
The Realtor.com team looked at seasonal trends in 2018, 2019 and 2021 data, and scored each week based on favorability toward sellers. (2020 was excluded from the analysis because of the pandemic.) They looked at competition from other sellers, listing prices, days on market, likelihood of price reductions and homebuyer demand based on Realtor.com property views.
The researchers say they expect 2022 to behave similarly to the market in 2021; however, the effect of rising mortgage rates and increased supply from builders could cause sellers to lose some leverage later in the year. “Preparation is especially important this year, since market dynamics could shift quickly along with factors like rising mortgage rates, inflation and the ongoing conflict in Ukraine,” Hale said. Here are some of the benefits of listing April 10-16:
•Above-average demand: In 2021, this week got 29% more views per listing than the average week in 2021 and 18.6% more interest than the average home listed in 2018-2021.
•Above-average prices: Historically, homes reached prices 1.4% (+$5,000) higher than the average week throughout the year and 10.9% (+$39,000) higher than the start of the year.
•Faster market pace: Because of the above-average demand, homes sell more quickly. Historically, homes sold this week sell 13.2% faster than the average week. In 2021, homes sold six days faster than the year’s average.
•Fewer sellers: In 2021, there were 12.9% fewer sellers with houses on the market compared to the average week in 2021.
•Fewer price reductions: Typically, there are 13.8% fewer price reductions during this week compared to the average week.
Later this year, there may also be some shifting market dynamics, including rising interest rates. With the increased cost to borrow, buyers may have less flexibility to afford the higher home prices and may leave the market, leading to a slower rate of price increases.
As builders help fill the housing gap with newly constructed homes, buyers may have more housing choices later in the year, and consequently, sellers will have more competition — although supply is still expected to remain low relative to demand.
Even though conditions are favorable to sellers right now, Realtor.com warns that it still takes work to sell a home.
“We all know that homes are selling lightning-fast right now. But that doesn’t necessarily mean your house will sell itself,” said Rachel Stults, managing editor at Realtor.com. “Before you list your home this spring — or any other time this year — make sure you’ve taken steps to get ready, including cleaning and decluttering, getting cost estimates on repairs you might need to make, and talking to agents to see who would be a good fit for your needs. No matter when you decide to list, whipping your home into shape beforehand will help you sell faster and for more money.”
To find a local Realtor who can help you stage your home, analyze market conditions and help you through the process, visit UtahRealtors.com.