People buy homes year-round, but when it comes to putting your home up for sale, is there an optimal time to list? Last year, the “magic window” to list your home was between mid-March and mid-April, according to Zillow Talk: The New Rules of Real Estate
That timing has shifted now, mostly due to low inventory holding down sales nationwide. The previous study showed that homes sold in the U.S. from mid-March to mid-April sold approximately 15% faster and for 2% more than the average listing.
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Now new Zillow data has found that homes sold in late spring (May 1 – May 15), sell around 18.5 days faster and for 1 percent more than the average listing. So why the change in month, speed and profit?
According to Zillow chief economist Dr. Svenja Gudell via PRNewsire, low inventory has caused many homebuyers to face competitive markets, which has elongated the process overall. Gudell theorizes that sellers who enter the market toward the tail-end of the spring season may find homebuyers who are “eager to purchase and may be more willing to pay a premium for the home”.
So what should you be doing now if you want to sell in that “magic window” and maximize your home sale profit? Here are a few tasks to get you started:
- Enlist a great real estate agent
- Get a home inspection
- Make the necessary improvements and repairs
- Paint your home’s interior (and exterior, if necessary)
- Replace or deep-clean your flooring
- Consult with a home staging expert or check out some of our DIY tips
- De-clutter and de-personalize
To see our expanded 2016 home seller’s checklist, click here.