The Best Time To List A Home
According to research released by realtor.com This Week in Real Estate, the best time to list a home for sale in the top 50 largest U.S. Metro areas is the first week of April. The research suggests the best week to go live for the Seattle-Tacoma-Bellevue area is April 7, 2019 and for the Portland-Vancouver area is April 14, 2019, respectively. Below are a few highlights from the fourth week of March that influence our business:
New Home Sales Rise to 11-Month High in February. Sales of new U.S. single-family homes increased to an 11-month high in February and sales for January were revised higher. The Commerce Department said on Friday new home sales rose 4.9 percent to a seasonally adjusted annual rate of 667,000 units last month, the highest level since March 2018. January’s sales pace was revised up to 636,000 units from the previously reported 607,000 units. The 30-year fixed mortgage rate tumbled to a more than one-year low of 4.06 percent last week from an average of 4.28 percent in the previous week, according to data from mortgage finance agency Freddie Mac. Mortgage rates have been declining since the Federal Reserve signaled a long pause in interest rates increases this year. Lower borrowing costs, slowing house price inflation and rising wages have improved housing affordability.
The First Week of April is The Best Time to List a Home For Sale. The first week of April is the best time to list a home on the market in 2019. By listing during the week of March 31 – April 6, sellers are able to take advantage of a sweet spot in the season that offers high buyer demand, less competition, quick home sales, and strong prices. 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. 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. The analysis is based on trends in median listing prices, views per property on realtor.com, home price drops, median days on market, and number of listings on the market over the last three years. The market is bustling with buyers, but the number of homes hasn’t peaked yet, which means more demand for every listing. In fact, homes listed the first week of April see 14 percent more views, on average, and 5 percent less competition compared to the rest of the year’s weekly average. As a result, homes are likely to sell 6 days, or nearly 9 percent, faster on average. Another factor that’s likely to boost April buyer demand this year, is the surprising decline in mortgage rates that started in November 2018. Rates are now below 4.5 percent vs. nearly 5.0 percent in November 2018. These lower rates could entice demand earlier than usual and April sellers could see even more buyers trying to take advantage of this temporary window of affordability.
HPI for Largest Metro Areas: Growth Continues, But at a Slower Pace. CoreLogic Home Price Index appreciation slowed in recent months, with an annual appreciation of 4.4 percent in January 2019 compared with 6.1 percent in January 2018. This slowdown in home price growth comes after stellar appreciation when prices started increasing again after the housing market crash. National home prices through January were 6 percent above the pre-crisis peak hit in April 2006 and two-thirds of the 50 largest metros now have prices at or above their pre-housing-crisis peaks. While the 17 metros that have yet to regain home price losses are dispersed across the U.S., six of them are located in Florida. What does the future hold for home price growth? The CoreLogic HPI forecast predicts home price appreciation will continue to slow, with National appreciation over the next 12 months averaging 3.2 percent.