If you’re a homeowner patiently awaiting the opportune moment to sell your home, this week might just be your time to shine.
Despite mortgage rates edging closer to 7%, recent research from Realtor.com suggests that the week of April 14-20 could be the prime time for potential sellers to make their move. Historically, spring brings an upswing in buyer demand, coupled with a market characterized by low inventory, setting the stage for potentially higher bids.
Survey data from the site indicates that some homeowners have been biding their time on the sidelines for up to two years, anticipating a drop in mortgage rates.
However, while half of them express a willingness to hold out longer in hopes of favorable rate changes, nearly 30% find themselves in a position where they need to sell soon due to personal reasons such as financial gains, the need for more space, or plans to transition to renting.
Also, sellers are adjusting their expectations to align with the current market conditions. Approximately 8 in 10 sellers are bracing themselves for the realization that the mortgage for a new home may exceed that of their current one.
The report highlights a shift in seller expectations compared to previous years. With the market showing signs of cooling in many areas, only 12% of sellers anticipate a bidding war (down from 27% in 2023), and just 15% expect to fetch more than their asking price (compared to 31% last year).
An analysis conducted last month corroborates the potential advantage of listing between April 14-20. This conclusion was drawn by considering factors such as buyer activity, listing prices, and seasonal trends, all pointing towards this timeframe as offering the most favorable conditions for selling a home.
