Spring has officially sprung, but the spring housing market
started about a month ago, according to most real estate agents. With the
supply of homes for sale not even close to demand, competition has been fierce,
and that is changing the rules of the real estate road. Yes, it's a seller's
market, but not all homes sell quickly, especially if they're not priced right
and if the timing isn't right.
When is the best time to sell? That depends on whom you ask.
"It's
early May, and the reason is because inventory being so tight, a lot of
homebuyers are having to put in multiple offers. That is extending the length
of the homebuying season, such that a lot of times later on in the season
people are more eager to buy the house because they have been frustrated with
earlier offers, and they are paying a little bit more money," said Stan
Humphries, chief economist at Zillow Group.
There are 9 percent fewer homes this buying
season compared with a year ago, so listing in early May
results in you selling your house about 18 days faster and for about 1 percent
more than you would get otherwise, according to Zillow.
In other words, Zillow expects a buyer-desperation factor come
May that will result in buyers paying more. Back in 2011 and 2012, when there
was less buyer competition, March was best for sellers. Zillow then looked at the last two years, when
competition was hotter and found May was better in 18 of the largest 25
metropolitan housing markets.
"In most markets right now we are seeing the conventional way of buying to have shifted really to staging for multiple offers, which is a huge shift from where we were just three-four years ago," Humphries said.
No comments:
Post a Comment