ByKelly Leighton | March 22, 2023 | 2 min. read
The best time to sell this year will be the week of April 16-22, Realtor.com® predicts.
What makes this week in mid-April so great is that sellers can expect there to be less inventory on the market, making homes listed more in-demand. The report forecasts that there will be 9.3% fewer sellers that week. Inventory remains below pre-pandemic levels still, so while inventory was up 65.5% at the start of 2023 compared to 2022, it is still 43.2% lower than 2019.
Additionally, sellers can expect to get to get a higher price, with the site predicting they will get $48,000 higher asking price, or 12.1% higher, compared to earlier in the year. Home prices are expected to be 2.1% higher compared to the average price throughout the year and be up $8,400 compared to the typical week throughout the year.
Homes will also move 18% faster off of the market compared to the average week. In this same week in 2022, homes were off of the market in 32 days, 13 days less than the weekly average throughout the year. While homes aren’t expected to move as quickly as 2022, it is still anticipated they will move faster compared to the average week this year.
And the percentage of buyers browsing Realtor.com® will also jump, with the site predicting traffic will go up 16.4% that week. In 2022, views in the week of April 16-22 rose 32.5% compared to the average week throughout the year.
In Pennsylvania, right now, next week, the week of March 26 will be best for those sellers in the Philadelphia region, while Pittsburgh follows the national trend and sellers should expect to see their best week be that of April 16.
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As an enthusiast in real estate trends and market dynamics, my extensive knowledge in the field allows me to analyze and interpret the information provided in the article dated March 22, 2023, authored by Kelly Leighton. The article, published on Realtor.com, discusses the optimal time for sellers to list their homes, particularly emphasizing the week of April 16-22.
The evidence presented in the article revolves around various key indicators and forecasts, providing a comprehensive understanding of the market conditions during this specific time frame. Let's delve into the concepts mentioned in the article:
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Optimal Selling Time:
- According to Realtor.com's prediction, the best time to sell in 2023 is anticipated to be the week of April 16-22.
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Inventory Trends:
- The attractiveness of this particular week stems from a projected 9.3% decrease in the number of sellers, leading to less inventory on the market. This scarcity is highlighted by the fact that inventory levels remain 43.2% lower than in 2019, despite a 65.5% increase at the start of 2023 compared to 2022.
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Price Expectations:
- Sellers listing their homes during this optimal week are forecasted to receive a higher asking price. The article mentions a predicted increase of $48,000 or 12.1% compared to earlier in the year. Home prices are expected to be 2.1% higher than the average throughout the year.
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Speed of Sale:
- Homes listed during this week are expected to move 18% faster off the market compared to the average week. In 2022, homes were off the market in 32 days during this week, 13 days less than the weekly average throughout the year.
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Buyer Engagement:
- Realtor.com predicts a 16.4% increase in traffic during the week of April 16-22, indicating higher buyer interest. In 2022, views during this week rose by 32.5% compared to the average week throughout the year.
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Regional Variances:
- The article provides insights into regional variations, citing that in Pennsylvania, the optimal week for sellers in the Philadelphia region is the week of March 26, while Pittsburgh follows the national trend with the best week being April 16.
Understanding these concepts is crucial for sellers and real estate professionals, as it allows them to strategically time their listings for maximum benefits in terms of price, speed of sale, and buyer engagement. This knowledge also underscores the importance of staying informed about regional trends, as evidenced by the specific recommendations for different cities in Pennsylvania.
