The Best Time to Sell: The Week of April 16-22

“Home sellers on the fence waiting for that perfect moment to sell should start preparations, because the best time to list a home in 2023 is approaching quickly. The week of April 16-22 is expected to have the ideal balance of housing market conditions that favor home sellers, more so than any other week in the year.”

According to a recent article by Hannah Jones of Realtor.com, the best week to list a home for sale in 2023 will be April 16-22. The analysis is based on 2018-2019 and 2021-2022 data and takes into account factors such as competition from other sellers, listing prices, market pace, likelihood of price reductions, and homebuyer demand. During this week, homes typically sell for 2.1% more than the average week throughout the year, and there is 16.4% more buyer demand, resulting in a faster market pace. Additionally, there is typically 9.3% less competition from other sellers during this week. While the 2023 market is not expected to be as fast-moving as in 2022, this week is still expected to be advantageous for both buyers and sellers.

Benefits of Listing April 16-22, 2023

This week presents favorable market conditions for home sellers at a national level, offering higher than average prices, lower than average time on the market, and a higher than average number of buyers viewing listings. While buyers have previously outnumbered sellers, it is expected that 2023 will bring more balance between buyers and sellers in the housing market. During these more balanced market conditions, strategically listing during the most seasonally advantageous week is expected to yield even greater benefits for sellers.

Above-average prices

According to historical data, homes listed during this week typically sell at prices that are 2.1% higher than the average week throughout the year, and are 12.1% higher than at the start of the year. If the housing market follows its typical seasonal trend in 2023, we can expect the national median listing price to be $8,400 higher than the average week and $48,000 higher than the start of the year. This suggests that listing a home during this week could result in a higher sale price for sellers.

Above-average buyer demand

The number of buyers looking at a listing is important in determining the speed of a sale and the number of offers a home gets. The more buyers viewing a home, the better it is for the seller. Typically, buyers start their search earlier than sellers, and this week has historically seen 16.4% more views per listing than the average week. However, in 2022, this week saw 32.5% more views per listing than the average week due to a drop in buyer demand and an increase in homes for sale towards the end of the year.

Fast market pace

During the best week for home sales, homes sell more quickly due to above-average demand. In the past, homes for sale during this week sold 18.0% faster than the average week, and in 2022, homes typically stayed on the market for 32 days, which was 13 days faster than the year’s average and 37 days faster than in 2019. Although the 2023 market is not expected to be as fast-moving as 2022, the best week is still predicted to have a more rapid market pace than the year’s typical pace.

Lower competition from other sellers

During this week, there are typically 9.3% fewer sellers compared to the average week throughout the year, as the number of sellers tends to increase from the beginning of the year until November. While inventory was 65.5% higher at the start of 2023 versus 2022, it is still 43.2% lower than pre-pandemic levels, creating opportunities for sellers who enter the market this spring.

Market Dynamics Shift – Pent-Up Buyer Demand

Last year, sellers had a good market until mortgage rates increased, leading to slower price growth. However, for-sale inventory is still lower than pre-pandemic levels, meaning that demand is likely to increase as affordability improves.

Mortgage rates are expected to remain elevated

Mortgage rates are expected to remain high in 2023 as the Federal Reserve continues to raise rates to bring inflation down. Despite a slight slowdown in rate increases, the Fed remains committed to its tightening cycle. This will result in higher borrowing costs for buyers, potentially impacting their home budget.

Supply does not match up to demand.

Despite a surge in home construction in 2021, the gap between housing supply and demand remains due to declining buyer demand caused by affordability issues. However, sellers can still benefit from high home equity and may have more flexibility in closing a sale and a purchase.

Competition tends to peak later.

Sellers should consider that peak competition tends to occur later in the season. By the end of June, competition reach near-peak levels compared to the start of the year. New sellers surge, increasing to nearly 1.5 times higher than at the start of the year. Early entry into the market raises the odds of a successful close and likely negotiating favorable terms.

Strong Demand for Well-maintained, Fairly-Priced Homes.

What does this mean for sellers?

What does this mean for home buyers?

Buyers can take away that despite relatively high home prices and increased mortgage rates, the housing market is expected to improve due to the usual seasonal dynamics, builder sentiment, and seller sentiment. Inventory has improved in 2022 and continues to grow year-over-year, and seller, builder, and buyer sentiment have all improved in 2023. Buyers can expect more options to choose from as the number of actively-listed homes tends to increase by mid-August, signaling more competition among sellers.

Getting Ready.

Preparing a home for sale can take anywhere from two weeks to six months, with the sweet spot being between one to three months. Most sellers (56%) found that preparing their homes for sale took longer than they expected. Therefore, it is recommended that homeowners start preparing as early as possible. The most common actions taken by recent sellers to prepare their homes for listing were making repairs/updates, cleaning and decluttering, and finding an agent to help them. To effectively market their homes, sellers and their agents typically had listing photos taken, created marketing materials such as flyers, and created a 3D/virtual home tour. Minor repairs and updates, such as updating light fixtures, faucets, and drawer pulls, are crucial in ensuring a home looks well cared for and up-to-date. Additionally, common repairs made by sellers included cosmetic updates, carpet/floor replacement, landscaping, and full painting of the interior and exterior of the home.