According to recent research from Realtor.com, the week of April 14-20 might be the optimal time for homeowners looking to sell their properties. Despite mortgage rates creeping towards 7%, the spring season typically brings higher buyer demand and a market with limited inventory, potentially leading to more lucrative offers for sellers.
The data also revealed that some homeowners have been waiting on the sidelines for up to two years, hoping for a decrease in mortgage rates. However, while 50% are willing to continue holding out for rate drops, nearly 30% feel the need to sell soon due to personal reasons such as profit goals, the need for more space, or plans to rent.
Survey data indicated that sellers are adjusting their expectations to align with the current market conditions. The report noted that 8 in 10 sellers anticipate that the mortgage for a new home will be higher than their current one. Additionally, fewer sellers expect bidding wars or to receive more than their asking price compared to the previous year.
Realtor.com's chief economist, Danielle Hale, highlighted the favorable conditions for sellers this week, with an above-average number of buyers, shorter time on the market, and higher prices. The analysis considered factors such as buyer demand, listing prices, and seasonal trends to pinpoint the most advantageous time for selling a home.