This Is the Best Time to Sell Your Home in 2023 (2024)
Spring has long been known as the busiest time of year for the housing market: Many people choose to move during springtime, and the housing market historically picks up after a slower winter as people list their current homes and start searching for their next one. But for those wanting to make a great sale—getting as much money for their home as possible in the least amount of time—knowing that spring is a good time to list isn’t enough.
Spring is several months long, after all, and in a market where a house can linger on the market just as easily as it sparks a bidding war, savvy sellers will want to do everything possible to give themselves (and their home) an advantage.
A new report from Realtor.com has pinpointed the best time to sell your house even more precisely. According to Realtor.com’s research, listing your home the week of April 16 through April 22, 2023, is the best timing for a successful sale. Realtor.com even predicts that listing your home between April 16 and April 22 could get you $48,000 more for your home than you’d get if you listed it at the start of the year.
Why April 16 through April 22 Is the Best Time to Sell Your Home
So what makes April 16 through April 22 the best time to list your home for sale? That week is the perfect window in which many different market conditions that affect the selling process overlap in ways that benefit sellers. A combination of higher home prices, lower competition, quicker-moving sales, and high buyer demand make this week a sweet spot, if you can time it right.
“Many home shoppers kick off their search in the early spring and they often beat the majority of home sellers to the punch,” said Danielle Hale, chief economist at Realtor.com, in a statement accompanying the report. “For this reason, sellers who list on the earlier side will get more buyer attention and therefore be more likely to sell quickly and for a higher price.”
Homes listed the week of April 16 have historically had prices 2.1% higher than average, Realtor.com’s data shows. If this year follows seasonal trends, the national median listing price could be $8,400 higher than average weeks, and $48,000 higher than prices at the start of the year.
There’s also less competition from other homes: Typically, there have been 9.3% fewer sellers on the market during this week compared to other weeks, Realtor.com’s data shows. Inventory has been higher as the market has cooled from 2020 and 2021, but it’s still much lower than it was pre-2020, meaning there’s still plenty of opportunity for sellers.
Homes are also expected to sell more quickly between April 16 and April 22. The 2023 housing market may have slowed down, particularly in comparison to the lightning-quick markets of 2020 and 2021, but homes actively for sale the week of April 16 have historically sold 18% faster than homes for sale in other weeks.
In terms of buyer demand, historical trends show that there are as much as 16.4% more views per listing the week of April 16 than the typical week. Because more views can mean more interested buyers (and more offers), taking advantage of these views can be key to a quick sale.
With buyer demand dropping and uncertain financing because of current market conditions, hopeful sellers will want to make the most of any advantage they have to make a quick, profitable sale. Listing during the best time to sell this year, April 16 through April 22, 2023, might just give you the edge you need to get the most amount of money for your home in the least amount of time—the ultimate goal of any smart home seller.
A recent survey from Realtor.com with HarrisX found that it takes the majority of home sellers (60%) as long as three months to get their home ready to list, so if you think you’ll be selling this spring, start preparing as soon as possible so you can try to hit that April 16 through April 22 window. (These spring projects that set you up to sell a home are a good place to start.) Make sure your home looks its best, is well cared-for, and is up-to-date with routine maintenance, Realtor.com’s experts suggest.
“In today’s market, it’s really important to price your home well and make sure that it looks its best in order to get top dollar and find a buyer quickly,” said Hannah Jones, an economic research analyst at Realtor.com, in the report. “There are still buyers in the market, but due to high prices and interest rates, they’re being a bit more picky than they were the past several years.”
And if you miss that prime selling window, don’t stress too much: All of spring is generally a good time to try to sell or buy a home, and home sales occur year-round anyway. Plus, regional differences might mean that the best time to sell a home in your area is different than the national timing calculated by Realtor.com. If rushing to list your home by April 16 means you’ll be overly stressed or your home won’t be in tip-top shape, it’s better to wait until you and your home are ready to list it. First impressions are everything in real estate, after all.
You can read more about the methodology Realtor.com used to determine the best time to list a house for sale, plus more info on what makes it the best time to sell and how to make the most of that selling window, at the Realtor.com website.
According to Realtor.com's research, listing your home the week of April 16 through April 22, 2023, is the best timing for a successful sale. Realtor.com even predicts that listing your home between April 16 and April 22 could get you $48,000 more for your home than you'd get if you listed it at the start of the year.
Although home prices are expected to improve in the second half of the year, the California median home price is projected to decrease by 5.6 percent to $776,600 in 2023, down from the median price of $822,300 recorded in 2022.
They expect home prices to improve in Q3 & Q4 this year, over in 2023 they expect the medium home will delince 5.6% compared to 2022, to $776,600 in 2023 ($822,300 in 2022). They had predicted a median 2023 price of $758,600 forecast last October.
Redfin deputy chief economist Taylor Marr expects about 16% fewer existing home sales in 2023 vs 2022. Marr believes potential buyers are still grappling with affordability, high mortgage rates, high home prices, inflation, and a potential recession. “People will only move if they need to,” Marr says.
Best Price – Home prices are typically at their highest during a time of economic expansion which is the opposite of a recession. If you want to get the highest price for your home, aim to sell the home at a time of economic exuberance.
While a housing price correction is expected, we aren't in a housing bubble. Demand for homes remains high, and there are fewer home sellers than there were in 2022. And while the market is cooling, experts don't expect an actual housing crash or a housing bubble burst in 2023.
Fannie Mae, Mortgage Bankers Association and National Association of Realtors expect mortgage rates to drop through the first quarter of 2024, by half a percentage point to about nine-tenths of a percentage point. Figures are the predicted quarterly average rates for the 30-year fixed-rate mortgage.
In my opinion, real estate is one intelligent option to consider in 2023, as it often has excellent returns, tax advantages and provides diversification even in the face of a challenging economic climate. Real estate also has the potential to compound your investment.
CoreLogic: The real estate research firm expects U.S. home prices, as measured by the CoreLogic HPI, to rise 4.6% between March 2023 to March 2024. If CoreLogic is right, then U.S. home prices would end 2023 back at price levels achieved at the height of the boom in June 2022.
After falling in 2023 and 2024, home prices are predicted to plateau in 2025 before rising again at just above the rate of inflation. However, due to the spike in home values from 2020 through 2022 due to record-low mortgage rates, median sales prices will take at least until 2027 to regain the highs of mid-2022.
Specifically, the end of May and June typically see the most home sales. However, summer is often cited as the most expensive time to buy a house — with prices potentially as much as 10% higher. This is partly because many families want to purchase a house before their children start a new school year.
So far in 2023, the Fed raised rates 0.25 percentage points twice. If they hike rates at the May meeting, it is likely to be another 0.25% jump, meaning interest rates will have increased by 0.75% in 2023, up to 5.25%.
If you need to be occupying your home by a certain date to save on rent, it's a much better deal to close at the end of the previous month (for example, January 30) instead of the beginning of the current month (February 1).
According to Realtor.com's research, listing your home the week of April 16 through April 22, 2023, is the best timing for a successful sale. Realtor.com even predicts that listing your home between April 16 and April 22 could get you $48,000 more for your home than you'd get if you listed it at the start of the year.
Will house prices go down in a recession? While the cost of financing a home typically increases when interest rates are on the rise, home prices themselves may actually decline. “Usually, during a recession or periods of higher interest rates, demand slows and values of homes come down,” says Miller.
During a recession, there are usually less buyers, so houses stay on the market longer. This makes sellers more likely to lower their listing prices, so that their home is easier to sell. You might even get lucky with a home at an auction.
Overall, the Florida housing market is likely to remain strong in 2023, with continued demand for homes and steady price growth. However, the market may begin to stabilize as the growth rate slows down, which may lead to more balanced conditions between buyers and sellers.
The housing market crash of 2008 remains one of the most significant events in the history of the United States housing market. It was caused by a combination of factors, including the subprime mortgage crisis, high levels of debt, and a lack of regulation in the financial sector.
The Georgia housing market continues to be robust in 2023 by a combination of high demand, limited supply, and steadily increasing house selling prices. A study finds that Georgia has the most overpriced housing market in America.
With mortgage rates declining faster than expected, home prices are likely to remain mostly flat throughout 2024. This will be good news for buyers who have been waiting on the sidelines for a good time to enter the market.
Fannie Mae expects the 30-year fixed to ease to around 6.1% in the second quarter of 2023, before falling to 5.9% in the third quarter and 5.7% in Q4. And it gets even better than that. By the end of 2024, they expect the 30-year fixed to average 5.2%.
The predictions made by the various analysts and banks provide insight into what the financial markets anticipate for interest rates over the next few years. Based on recent data, Trading Economics predicts a rise to 5% in 2023 before falling back down to 4.25% in 2024 and 3.25% in 2025.
Despite what some may think, 2023 is still a good year to invest in real estate, thanks to advantages like long-term appreciation, steady rental income, and the opportunity to hedge against inflation. Mortgage rates are expected to decline, but the housing market is likely to remain competitive due to low supply.
Stick to the 28/36 Rule. No matter how you finance your home purchase, most experts agree that people should not spend more than 28% of their gross income on housing expenses, and no more than 36% on debt. For example, if you earn $5,000 each month, your ideal mortgage payment should be no more than $1,400 per month.
There's generally an inverse relationship between mortgage interest rates and the housing market. When mortgage rates are low, the price of real estate typically goes up. When rates go up, home prices tend to fall.
Median sale price: In April 2023, the state's median sale price was $410,000. That's the same figure as the year before and slightly above the national median. Sale-to-list price: Back in April 2022, buyers typically paid the full 100 percent of a home's list price.
The cost of buying a home is drifting further out of financial reach for the average American, according to a report from Redfin. The real estate website analyzed homes that went on sale last year and found that only 21% of them were affordable, meaning that nearly 80% of homes were outside the typical buyer's budget.
Strained affordability has seen many homebuilders turn to smaller units. The Pandemic Housing Boom, which pushed national home prices up over 40%, coupled with last year's mortgage rate shock, has resulted in a deterioration of housing affordability.
Homebuying activity typically comes to a near-standstill in December, when people tend to travel and are busy with holiday celebrations. Of course, if you're a buyer, the opposite holds true: The cooler months can actually be a hot time to house-hunt.
Nationwide, the best time of year to sell a house is usually considered the beginning of May. Homes that are listed at the end of spring and the beginning of summer tend to sell faster, resulting in higher sale prices.
Winter is usually the cheapest time of year to purchase a home. Sellers are often motivated, which automatically translates into an advantage to you. Most people suspend their listings from around Thanksgiving to the New Year because they assume buyers are scarce.
Along those lines, organizations like Fannie Mae and the Mortgage Bankers Association forecast that the average rate on 30-year fixed-rate mortgages will decline throughout 2023, continuing into the first quarter of 2024.
When it becomes more attractive to save money, consumers tend to spend less of it. But the Fed isn't done fighting inflation. And because of that, consumers should not expect interest rates to drop in 2023. However, rates may also not climb much from where they are today.
'I believe by the end of 2023 we will see rates start to fall with a target of between 2.5 to 3 per cent in 2024. 'I believe if the base rate can get back to circa 2.5 per cent, then we will see rates hovering around that mark with a return to products that have not been seen in the mortgage industry for some time.'
Then in 2023, he expects the Federal Reserve's actions to fight inflation will cause a mild recession, and the combination of job losses and higher rates will cause the statewide median price to fall 7.1% compared with this year, with similar declines in Southern California housing market specifically.
Average Home Prices: The average median home price in Texas is $349,600, down by 3.5% YoY. In 2023, experts predict the median sale price growth to drop by roughly 4%, the first annual drop since 2012. Currently, the sale-to-list price ratio is at 97.8%, with a decline of 4.6 pt YoY as of April 2023.
But a smidge of good news could be coming Californian home-buyers way. The average house price has dropped in the last year, falling 1.7% since April 2022 to stand at $728,134. Home prices are likely to continue falling.
Introduction: My name is Trent Wehner, I am a talented, brainy, zealous, light, funny, gleaming, attractive person who loves writing and wants to share my knowledge and understanding with you.
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