When is the ideal time to put your house on the market? If you're thinking late spring, around May 1 to 15, you would be correct, according to new analysis from Zillow. The real estate expert reported that homes across the country, on average, sell nine days faster and for 1 percent higher than the average listing during this timeframe. For most of America, home sellers who listed in April or May were the most successful.
Late spring is ideal for sellers
The research found that weather patterns and regions of the country impacted the ideal selling time. Sellers in warmer areas of the U.S., such as California or Florida, have more flexibility than those in Massachusetts or Colorado. In Baltimore, Maryland, for example, the ideal selling timeframe is April 1 through 15. These homes sell 21.5 days faster during this time at 0.9 percent above the average premium. The report also found the idea day of the week to list Maryland homes is on a Saturday.
"In Maryland, the ideal selling timeframe is April 1 through 15."
"With 3 percent fewer homes on the market than last year, 2017 is shaping up to be another competitive buying season," Zillow Chief Economist Dr. Svenja Gudell explained in a company press release. "Many home buyers 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."
What do these home buyers want?
According to the 2016 Zillow Group Report on Consumer Housing Trends, typical buyers spend just over four months shopping for a home. When broken down by generation, millennials — who represent 42 percent of homebuyers — shop for four months, while Baby Boomers —16 percent of the home buying population—spend 18 percent more time than millennials.
The report also found that affordability and safety are still the most important factors for potential home buyers. These individuals want their homes to be in a safe neighborhood and the price tag to not range past their set budget. Meanwhile, they prefer usability and square footage in regards to interior features. Other desires home buyers may look for include close proximity to work, schools or shopping, along with being move-in ready. Here are a few strategies to help your home stand out from the pack this spring:
- De-clutter and professionally clean your house before inviting over potential buyers.
- Tour other model homes to get an idea of what buyers are looking at.
- Pay attention to the exterior of your home and boost your curb appeal.
- Hire a home inspector to check for problems or issues.
Contact someone from Alban Inspections today if you want to get your home ready to sell this spring season.