Home prices are not rising as rapidly as they did last year. According to the carefully followed S&P Case-Shiller home price index, home prices rose by about 6% in December. Earlier last year, the figure was closer to 17%. The major culprit has been mortgage prices, which rose from 3% in 2021 to 6% late last year. However, for the next year, there will be some weeks that are better for selling a home than others. Realtor.com says that the week in 2023 will be April 16 to 22.
Realtor.com recently issued a study titled “The Best Time to Sell: The Week of April 16-22.” According to the authors, “this week offers higher than average prices and lower than average time on markets while also offering a higher than the average number of buyers.”
This week’s prices will be $4,800 higher than the average weekly price throughout the year. Compared to the first part of the year, they will be $48,000 higher. The week also has higher buyer demand based on the expected time it takes to sell a home, The pace the week of April 16 to 22 is 13 days faster than the expected 2023 average. Inventory is another issue. From April 16 to 22, inventory will be 9.3% lower than the average throughout the year. So there will be less competition.
Despite the advantages of selling a home this week, Realtor.com has some additional advice for sellers. “While we’ve identified April 16-22 as the best week to list for sellers, the housing market remains undersupplied, so a seller listing a well-priced, move-in ready home is likely to find success.”
The best week varies when viewed across the 50 largest metros in America. For most, the week is in April or May. Only one city breaks this pattern. The best week to sell a house in San Jose started on 2/12. San Jose is also the most expensive metro in America.
So, if you plan to sell your house, you have only a few weeks to get ready.
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