If you’re a homeowner waiting on the sidelines for the perfect time to sell your home, this week could be your time to shine.
Despite mortgage rates inching closer to 7%, a recent research from Realtor.com indicated the week of April 14-20 might be the ideal week for potential sellers to list, as spring historically brings with it higher buyer demand and a market with low inventory, setting the stage for bigger bids.
Some homeowners have been on the sidelines for two years, waiting for mortgage rates to fall, additional survey data from the site showed.
However, while 50% say they’re willing to hold out longer in hopes of rate drops, nearly 30% say they need to sell soon for “personal reasons,” including profits, need for more space, or plans to rent, to name a few.
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Survey data also showed that sellers are adjusting their expectations to meet the current market, with 8 in 10 settling in on the expectation that the mortgage for a newer home will be higher than their current home.
“With the market cooling in many areas, 12% expect a bidding war to take place (vs 27% in 2023), and only 15% expect to get more than their asking price (vs 31% last year),” the report continued.
The separate analysis from last month pointed to the April 14-20 listing timeframe by taking into account the number of buyers, listing prices and seasonal trends, to determine the period for the most favorable for home selling conditions.
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“We’ve got the most favorable balance of all of these factors for sellers. It suggests they will be able to sell quickly at a good price and be happy with the outcome,” said Realtor.com chief economist Danielle Hale.
The report indicated that this week offers a higher-than-average number of buyers along with a lower-than-average time on the market and higher-than-average prices, coming in at 1.1% higher than the average for other weeks throughout the year.
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FOX Business’ Gerri Willis, speaking on “Varney & Co.,” on Monday said “sellers are getting more realistic,” noting that they have to “embrace” current rates.
Rates for 30-year mortgages averaged 6.88% last week, according to Freddie Mac’s latest survey.
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