Numerous factors impact the sale of a home—including timing.
The ideal time to list a home for sale this year is between May 1-15, according to a recent analysis by Zillow. Homes listed within the two-week window sell for 1 percent more than the average home for sale, and also nine days sooner.
The window varies, however. In Baltimore, Md., homes listed at the market’s ideal time—April 1-15—sell 21.5 days sooner, the fastest of the top 25 metro areas; homes in San Francisco, Calif., listed at its ideal time, May 16-31, sell only 5.5 days sooner.
Home sellers in Portland, Ore., Sacramento, Calif., and Seattle, Wash., gain the highest average premiums by percentage when listing at their market’s ideal time, at 2 percent in Portland and Sacramento and 2.5 percent in Seattle. Sellers in the New York-Northern New Jersey metro area, Miami-Fort Lauderdale, Fla., and Phoenix, Ariz., gain the lowest, at 0.7 percent in New York and Northern New Jersey and Miami-Fort Lauderdale and 0.8 percent in Phoenix. The premium, naturally, is relative to the market. A 1.3 percent premium in San Francisco equates to $10,200, while the same premium equates to $2,500 in Chicago, Ill., and $1,800 in St. Louis, Mo.
The analysis also identified ideal days of the week for listing a home based on Zillow data. Homes new to Zillow on Saturdays are viewed 20 percent more in their first week on-market than those new to Zillow earlier in the week.
“With 3 percent fewer homes on the market than last year, 2017 is shaping up to be another competitive buying season,” says Dr. Svenja Gudell, chief economist at Zillow. “Many homebuyers who started looking for homes in the early spring will still be searching for their dream home months later. By May, some buyers may be anxious to get settled into a new home—and will be more willing to pay a premium to close the deal.”
Ideal times and premiums for the top 20 metros:
For more information, please visit www.zillow.com.
For the latest real estate news and trends, bookmark RISMedia.com.
