Attempting to identify the very best time to sell your house in this volatile market can be challenging.
Some individuals will go off the historical best weeks, and others may try to time their first open house based upon when mortgage rates appear to be most reasonable. But considering that serious home buyers already have pre-approved their applications, they are ready to pull the trigger if the home is one that checks all the boxes.
2023 is clearly going to be a transitional year as compared to the last 3 years since mortgage rates have doubled in the last year, and inventory continues to trend lower than most markets have been accustomed to.
According to realtor.com, they are redlining April 16th to April 22nd as the best 7-day stretch to sell a home. But considering the recent market sell-offs and the trepidation about bank stability, none of these traditional benchmarks are going to be the best barometer for listing your home.
According to the article, during the best week to sell your home, sellers may expect to receive approximately $8,400 more than their typical week. And due to the crisis in inventory, there appears to be more buyer interest than in the last few months.
Some things never change, and spring is always a good time to shop for a home when it involves a family and identifying neighborhoods that have good schools for children. The article also indicated that during this redline week, listings can expect to move off the market approximately 18% faster than the usual weeks.
Over the last few months many properties that had been on the market had significantly reduced their listing price; some have dropped their price by up to 20%. But some markets are still very strong, and in certain shore communities as in Ocean and Monmouth County, the sparsity of homes for sale has given sellers a bit more confidence during this 2023 spring selling season.
But here are some of the stats:
The asking price typically is $48,000 higher than at the beginning of the year
There are 9.3% fewer sellers during that week
There are 16.4% more buyers
There was concern that mortgage payments are 50% higher this year than they were a year ago, making owning a home much more expensive, but the shortage of homes is forcing individuals to bite the bullet and pay what they have to in order to get what they want.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single-family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
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